Debt conversion provides enhanced working capital results
LEWES, DELAWARE / ACCESSWIRE / February 10, 2022 / NuVim Inc. (OTC PINK:NUVM) today announces it has agreed to a debt-reduction and conversion strategy to assist in the financing of its acquisition of The Two Drunken Goats LLC.
NuVim will convert $148,070 in short-term debt into nearly 3 million restricted common shares, with an effective price per share price of $0.05. The maturity of the remaining $30,000 of NuVim's debt has been extended to April 1, 2024. Additionally, $18,182 that the Company has carried on its Balance Sheet since 2001, following a prior stock offering, has been resolved by converting this prior debt into 18,182 shares of common stock.
As a result of these actions, NuVim enjoys a positive working capital balance.
"We appreciate that our lenders and investors recognize that NuVim is potentially on a more sustainable pathway as a company," stated NuVim CEO Rick Kundrat. "As we secure capital to consummate the purchase of the Two Drunken Goats, this debt relief - which is not highly dilutive - along with the pending acquisition may contribute to executing on a strategy for sustainable growth and the Company's stability as an ongoing profitable business."
The Company also announces that attorney Michael Maizes of Maizes & Maizes LLP, licensed in New York, New Jersey, and Florida, has agreed to serve as the secretary and as a director of NuVim.
About NuVim®
NuVim® (OTC PINK:NUVM) was founded in 1999 and is a provider of dietary supplements, marketing consumer health benefit products that provide energy cell rejuvenation, enhanced immune function, muscle and bone health with vitamins and minerals that are deficient in many American diets.
About Two Drunken Goats®
The Two Drunken Goats restaurant is located on Singer Island, Florida and faces the Atlantic Ocean. The beachfront restaurant has total seating capacity of 250. For the prior two years the restaurant had revenues of approximately $2.5 million, and for 2021, the year to date (YTD) 10 months period through Oct. 31, 2021, reported sales revenues that were on pace to recover from the pandemic, being approximately $2.8 million with positive net profits reported, exceeding the national restaurant averages.
For more information, visit https://TwoDrunkenGoats.net/
Safe Harbor Statement
This release may contain forward looking statements within the meaning of section 27A of the Securities Act of 1933, as amended and Section 21E of 1934. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward- looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including among other things, its ability to finance operations and inventory on terms acceptable to it, new and increased competition, and changes in market demand and customer preferences.
NuVim® Contact:
Rick Kundrat, CEO
https://NuVim.com/
302-827-4052
RPKundrat@yahoo.com
SOURCE: NuVim, Inc.
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https://www.accesswire.com/688159/NuVim-Announces-Financing-Strategy-to-Advance-Pending-Acquisition
