SEATTLE, WA / ACCESSWIRE / August 26, 2021 / Reeltime Media./ (OTC PINK:RLTR) reported that it is moving forward with its plans to dramatically decrease the number of shares that could potentially be converted from old notes. As part of the Plan ReelTimes CEO Barry Henthorn has agreed to modify all of the notes he has personally or that he controls to much higher rates of conversion.
Modifications to the notes vary based on the individual notes but the impact of this alone is expected to reduce the number of shares potentially diluted by more than 1.5 billion. Additional note modifications with other note holders are also planned along with the Company paying off other notes entirely.
Barry Henthorn stated: "Now that the Company has met all of its financial reporting requirements in accordance with the new stricter guidelines, we are now continuing with our debt reduction initiative. I have pledged to modify all of the notes in my control as part of this initiative along with the majority of the other note holders. It is in the bedt interest of the shareholders and the Company to clean up its share structure and balance sheet as part of our plans to move to a senior exchange."
Although currently all convertible notes contain a provision that at no time can the notes be converted that would result in any note holder owning greater than 4.99 percent of the issued and outstanding shares, if all notes were to be converted at face value the number of shares would exceed the authorized amount. The restructuring plan utilizes a combination of paying off certain notes in full and a dramatically re-negotiated conversion price of all notes.
All notes will have strict guidelines restricting any conversions prior to RLTR becoming fully reporting and trading on the NASDAQ Capital Markets. This is not only a dramatically positive move for the shareholders but will aid significantly in RLTR's ability to meet the listing requirements set forth by NASDAQ.
RLTR has received approval from note holders representing the majority of the debt to be restructured and/or has made plans to pay off the remaining notes.
All recently filed financials incorporate an enhanced level of disclosure that is intended to meet the criteria of the highest levels of the OTC Markets and beyond.
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About ReelTime Rentals, Inc. d/b/a ReelTime Media: www.reeltime.com is a publicly-traded company based in Seattle, WA (OTCPK:RLTR). ReelTime Media provides end-to-end production capabilities and discount media purchasing that is redefining how companies are evaluating and purchasing their TV, radio, print, and other new media. ReelTime is also is in the business of developing, producing and distributing Virtual Reality Content and technologies. We have an end to end production, editing, and distribution capabilities for internal and external projects. ReelTime Currently produces three ongoing series for the Samsung Gear VR platform and distributes them over numerous VR delivery portals, including Gear VR, Oculus, Veer VR, HTC Vive, YouTube 360, Facebook, and others. ReelTime Media also publishes the book 'It Was Always Me! Edward Edwards, the Most Prolific Serial Killer of All Time,' which has been the subject of a cover story on People Magazine, Rolling Stone, In Touch, and a six-part series on Paramount network, www.itwasalwaysme.com.
CONTACT:
Barry Henthorn
ceo@reeltime.com
SOURCE: ReelTime Rentals Inc.
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