CASPER, Wyoming, July 30, 2018 /PRNewswire/ -- Imagination TV, Inc. ("IMTV, "we" or "us"), is pleased to announce that it has successfully completed its second event, LIT Up Music Festival and is hard at work planning its next event. The company has recently reported its first revenues of $130,013 (Q2 2018 financials available at otcmarkets.com). Additionally, we have controlled operating costs, and we successfully re-worked and retired toxic debt that otherwise could have resulted in as much as 13 billion shares coming into the market.
Shareholders have expressed concern regarding an increase in our issued and outstanding share count, by roughly 600 million shares, between July 20, 2018 and July 25, 2018. These shares were part of a note negotiated by prior management in 2014. As part of our continued effort to clean up the cap structure and debt of IMTV, we arranged for the original note holder to sell their note to another investor, which other investor then sold 3 pieces of the 2014 note they acquired to three other companies. All 4 companies holding a piece of the original note have expressed a strong vested interest in seeing IMTV succeed.
Additionally, management is pleased to announce that IMTV has reached written agreements with its existing convertible note holders holding free trading shares, negotiating terms of stock sales for a period of 1-year, effective immediately that now prohibit stock sales of less than $.004 and further prohibit stock sales of more than $30,000 in any single month without prior written approval from Management, during the 1-year term. Management wants to thank IMTV debt holders for working with the Company and assisting its efforts to clean up the Company's cap structure.
About Imagination TV Inc.
Imagination TV Inc. is a publicly traded online media and entertainment company with a focus on the Music & Live Event industries. http://www.ImaginationTV.co
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
SOURCE Imagination TV, Inc.