PLEASANT HILL, CA / ACCESSWIRE / May 30, 2017 / Textmunication Holdings, Inc. (OTC PINK: TXHD) announces that it has entered into a settlement agreement with JSJ Investments Inc. with respect to litigation related to the conversion terms of a Note Payable.
To resolve the dispute, JSJ Investments has agreed to modify their note and remove the variable conversion price feature in exchange for a fixed conversion price. Under the terms of the amended note, Textmunication will honor the previously disputed conversion notice over-time subject to JSJ drawdown requests. Following the satisfaction of the disputed conversion, TXHD will issue an additional 138,939,277 shares in satisfaction of the remaining balance of the note - effectively removing the variable conversion of the note. Textmunication management feels this is beneficial to the company's share structure over the previous note which contained a variable conversion price.
"We are happy to put this litigation behind us, and we look forward working with all of our partners to maximize the value for our shareholders. We believe it's in the best interests of all parties and our shareholders to remove the variable rate component from the JSJ Note," said Textmunication CEO, Wais Asefi.
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Textmunication is an online mobile SMS marketing platform service provider helping salons and fitness clubs communicate more effectively. Textmunication uses a non-intrusive, FCC-compliant text messaging medium to build loyalty, engage and retain members and generate new business. Salons and fitness centers across North America rely on the easy-to-use Textmunication dashboard to customize and automate text messages to select member groups and individuals so that they immediately receive the latest promotional offers, discounts, service alerts, events, training schedules and any other tailored content right to the palm of their hand.
Textmunication Holdings, Inc.
Wais Asefi, CEO
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Textmunication Holdings' current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Textmunication Holdings' filings with the Securities and Exchange Commission. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
SOURCE: Textmunication Holdings, Inc.