Spooz Successfully Reduces Debt and Retires 320 Million Shares to Treasury Spooz, Inc.(OTC:SPZI) announced today that it has successfully restructured a significant portion of the Company's debt effectively eliminating in excess of $500,000 in liabilities. The restructuring also pre-paid two existing convertible debentures resulting in the return of over 320 million common shares to the treasury.
CEO, Paul Strickland, stated, "From the very beginning we knew that we needed a debt free company in order to successfully transition from a development stage company to revenue-generating growth company. Through a combination of cash and shares we have been able to significantly reduce our liabilities exposure with over 98% of the debts paid belonging to external creditors." Strickland went on to add, "This is an enormous milestone for the financial health of the Company and can now increase our focus on a successful product launch and forward revenues and earnings maximization."
About Spooz, Inc.
Spooz, Inc., a publicly traded company based in Chicago, provides a suite of solutions designed to simplify financial trading for traders and hedgers alike. SpoozToolz(TM) and its modules, the Company's flagship products, add built-in trading capabilities to the popular Microsoft(R) (NASDAQ:MSFT) Excel software application, combining a customizable interface, streaming quotes, charts, technical analysis, a comprehensive historical database, and electronic trade execution into a simple add-in that becomes part of the Excel tool bar.
Forward-Looking Statements: This news release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements.
Topic Closed
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
