GLEN ALLEN, Va., March 07, 2019 (GLOBE NEWSWIRE) -- Exactus Inc. (OTCQB: EXDI), a healthcare company pursuing opportunities in Hemp derived Cannabidiol (CBD) products, today announced that it has retired the last of its outstanding convertible notes. Each note was exchanged for shares of a new series of preferred stock designated as Series A Convertible Preferred Stock.
As a result, the Company's convertible notes, which were convertible at variable prices reflecting a predetermined discount to market prices, have been retired and the Company has eliminated this form of indebtedness. Each share of Series A Convertible Preferred Stock, stated value $1.00 per share, is convertible into the Company's Common Stock at a fixed conversion price of $0.025 per share. Upon full conversion, the Series A Convertible Preferred Stock outstanding represents a total of approximately 33.2 million shares of Common Stock.
Philip Young, CEO, commented, ''We have completed the process of restructuring the capital table, strengthened our balance sheet, and are now free of convertible debt and are focusing on building our company that will be the most trusted name in developing and commercializing hemp derived Cannabidiol (CBD) products.''
For information about Exactus, their products and availability, please call 804-205-5036 or email, firstname.lastname@example.org.
Exactus, Inc., is a healthcare company pursuing opportunities in two distinct business segments, Hemp derived Cannabidiol, which is more commonly referred to as CBD. Industrial hemp is a type of cannabis, defined by the federal government as having THC (tetrahydrocannabinol) content of 0.3 percent or less. That amount has not been shown to make a person feel "high." THC is the psychoactive compound found in cannabis. The company is also developing point of care diagnostics. For more information about Exactus: www.exactusinc.com.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission (the "SEC") on April 2, 2018 and under the heading “Risk Factors” in our Current Report on Form 8-K filed with the SEC on January 14, 2019, and in other periodic and current reports we file with the SEC. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor" below.
Safe Harbor - Forward Looking Statements
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic and current filings with the SEC, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this press release.
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Released March 7, 2019