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A service for banking industry professionals · Monday, December 17, 2018 · 471,330,088 Articles · 3+ Million Readers

Friendable Announces Exclusive Shareholder Stock Offering

/EIN News/ -- Available Only to Shareholders of Record

CAMPBELL, CA, Dec. 06, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Friendable, Inc. (OTC PINK: FDBL) is pleased to announce the Company’s financing opportunity designed for and exclusively limited to existing shareholders of record. Offsetting dilution for the Company’s shareholders, based on shares owned in Friendable, Inc. and offering a larger, direct ownership stake in Fan Pass, Inc. The Company believes a direct financing achieved through the existing shareholder base is the best solution in preparing for the future and finalizing its debt restructuring agreement.

“We must collectively focus on the Company’s capital raise in order to make these efforts a reality. Together, we are a group of approximately 8,600 shareholders and with a shareholder base of this size; we have huge strength in numbers. We essentially have a built-in opportunity, offering shares exclusively to our existing shareholder base. Raising smaller amounts of capital from a very large base of shareholders like ours, leverages this power of many and creates our very own "Crowd Funding" type of offering, providing Friendable with the financial strength to build our future success,” said Robert A. Rositano, Jr., CEO, Friendable, Inc.

“We have structured this exclusive shareholder offering to allow a minimum investment of $500, with a goal of receiving maximum participation in our offering. For example, if we can only achieve a 50% participation rate from our 8,600 shareholders, but on  average, receive an investment of $1,000 per shareholder, the Company will  have raised over $4,000,000. Resulting in each shareholder adding shares to their Friendable holdings and receiving a much larger and direct stake in Fan Pass, Inc., in addition to a future distribution of Fan Pass, Inc. shares, following a spin off. This structure creates an all-inclusive funding round that satisfies the required $50,000 complete our debt restructuring, as well as the necessary capital for Friendable’s future. Capital raised will immediately be deployed to achieve the release of the new Friendable app, complete and release the Fan Pass app and generally preserve our existence as a publicly traded company in the near term, while accelerating all facets of our future plans at the same time,” said Rositano

“The debt restructuring terms will remove a total of $6,314,443 in combined Convertible Debt from the Company’s books in exchange for approximately 5,000,000 common shares, on a post reverse split basis. Once completed, these common shares also carry limitations on liquidation, which controls dilution over time, allowing value creation by the Company and future protection for all shareholders. In addition, management and vendor debt totaling $1,000,000 will also be written off the Company's books, as agreed by management. I am happy to report, the combined debt being removed from the Company books upon completion, will total $7,314,443,” stated Rositano.

“We believe these tactical efforts, along with the terms of the debt restructuring agreement have created an entirely new value proposition for Friendable and our shareholders. Focusing on a capital raise, the new business operations, partnerships and generally revenue generating opportunities, will allow Friendable to reinvent its future and build great value in both Friendable and Fan Pass moving forward,” said Rositano.

“Please find below, a LINK to the “EXCLUSIVE OFFERING TERMS”, use of proceeds and the action plan for 2019. Additionally, please SEE PRESENTATION LINKS for both Friendable, Inc. and Fan Pass, Inc. We thank all of our shareholders once again for their continued support as the Company continues to break down barriers as we find new ways forward and create better communities, together,” concluded Rositano.  

CLICK BELOW FOR DETAILS OF THE FOLLOWING:

EXCLUSIVE SHAREHOLDER OFFERING

FRIENDABLE, INC. – PRESENTATION

FAN PASS, INC. – PRESENTATION

DEBT RESTRUCTURING TERMS

LINK: http://www.friendable.com/shareholder-offering-docs/


About Friendable, Inc.

Friendable, Inc. is a mobile technology company that develops, acquires, and invests in mobile applications with a social focus. In 2013, the Company released its flagship product Friendable, a mobile social application where users can create one-on-one or group-style meetups for food, drinks, live music, or any occasion. Friendable, Inc. has been developing and plans to release its brand new mobile app platform “Fan Pass Live", a live streaming video application for both iPhone and Android designed to allow music artists, athletes and celebrities to offer their fans and social followers a backstage or VIP experience right from their smart phone. Through the Friendable and Fan Pass applications, Friendable, Inc. aims to become the premier brand for mobile platforms that is dedicated to connecting and engaging users beyond today’s limitations.


Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

Contact:
                    Friendable
                     Phone: (855) 473-7473
                    Email: Info@friendable.com
                    www.friendable.com

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