ReelTime
Begins
Massive Debt Restructuring Initiative to Dramatically Reduce
Potential Dilution and Debt in Preparation of Completing NASDAQ
Listing Requirements – Receives Approval from Majority of Debt
Holders
Seattle, WA -- March 10, 2021 --
InvestorsHub NewsWire -- ReelTime
VR/ReelTime
Media
(OTC:RLTR):
announced
that it has begun an initiative to restructure its debt resulting
in a dramatic reduction of potential dilution
from
convertible notes.
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 with
an anticipated effect of:
Potential
Dilution
is
expected to be reduced from nearly 3 Billion shares to less than
100 million.
All
notes will have strict guidelines restricting any conversions prior
to RLTR becoming fully reporting and trading on the NASDAQ Capital
Markets.
The
restructuring is expected to be substantially completed in the next
two weeks and is anticipated to be reflected in the upcoming
financial reports. 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.
Barry
Henthorn CEO stated: "The
restructuring of the debt has been in the works for some
time.
This
is not only a dramatically positive move for the shareholders but
will aid significantly in RLTRs' ability to meet the listing
requirements set forth by NASDAQ. This
is among the most significant and potentially impactful
developments from a corporate structure standpoint to date.
Personally,
as one
of the largest holders or control persons
of
the debt I completely support this initiative and fully expect it
to increase shareholder value in both the short and long
term."
ReelTime has formally
submitted an
application as a Seasoned Company Seeking
to Transfer Equity and/or Debt Securities from Another U.S.
Exchange to be listed on the NASDAQ Capital Market Exchange. The
application has been logged in the NASDAQ Listing Center, all
applicable fees have been paid, and a listing analyst has been
assigned to ReelTime to assist throughout the
process. In addition, the request for a new symbol
(NASDAQ:RT) to be reserved for
ReelTime
to trade under once
the Company has met all quantitative and qualitative criteria,
including certain corporate governance requirements has been
approved. ReelTime will continue to submit
additional information and documentation as it is required based on
comments from its assigned Listing Analyst and others at NASDAQ who
will be assisting ReelTime, assuring that they satisfy
all the required qualifications for NASDAQ Capital Markets
securities in Rule 4300 and or any other applicable regulatory
requirements. ReelTime will also need to adhere to the
corporate governance standards set by NASDAQ. In addition,
ReelTime
must comply with
NASDAQ's requirements relating to audit committees, the director
nomination process, the compensation of officers, board
composition, executive sessions, quorum, and code of
conduct
among
others.
ReelTime will continue to trade on the
OTC Markets under the symbol (OTC:RLTR)
throughout the process and up until the move to the NASDAQ Capital
Market becomes effective at which time the ticker symbol will
become (NASDAQ:RT).
The NASDAQ Capital Market
provides companies the required capital in order to grow their
business. The NASDAQ Capital Market also provides a listing venue
that promises to accommodate the different stages of corporate
lives of the companies. All companies that are listed on NASDAQ
Capital Market need to satisfy all the required qualifications for
NASDAQ securities in Rule 4300. The companies also need to adhere
to the corporate governance standards set by NASDAQ.
Other recent
news:
ReelTimes Discount Ad Brokers (DAB)
a 15 year
old discount
media company that ReelTime acquired effective 1-1-2021
booked approximately $364,702.17 of revenue in February from
media placements on TV, Radio, and other media led by clients in
the travel and hospitality business. ReelTime
also
announces that DABs final January 2021 revenue numbers previously
reported as $249,873 from media placements specific to the travel
industry, were $314,741.71 in total revenues from all sources.
These do not include any revenues from the parent Company
ReelTime
Rentals,
Inc whose financials are available at and will be consolidated in
future reports.
ReelTime has engaged Pinnacle
Accountancy Group of Utah ("Pinnacle" a dba of the PCAOB-registered
audit firm Heaton & Company, PLLC) to perform an independent
audit of the Company's financial statements. The audit will be performed
according to the guidelines set forth by the NASDAQ Listing
Requirements and the Public Company Accounting Oversight Board
auditing standards. Pinnacle is one of the leading firms in and
throughout the United States and abroad. Its partners and staff
have provided audit services for SEC registrants since 2001 and are
highly experienced dealing with the complex auditing and accounting
challenges facing public companies.
ReelTime Media reached a
technology/software license and development agreement with Baristas
(OTC:BCCI) "Munchie Magic". The
licensing agreement secures Munchie Magic global perpetual
exclusive access to use the technology and methodologies developed
by ReelTime that allow the virtual
restaurants to integrate with its partners, onboarding, marketing,
and administrative functions for use with the Munchie Magic Virtual
Restaurant or other convenience store delivery concepts. The
agreement also allows for Munchie Magic to develop in concert
with ReelTime or independently, derivatives
and/or stand-alone methodologies. In exchange for the global
perpetual exclusive license from ReelTime for the Munchie Magic concept
and convenience store derivative Virtual Restaurants,
ReelTime
will receive a per
transaction license fee of $.35 in perpetuity in conjunction with
the terms of the agreement beginning on Jan. 1st, 2021.Baristas
"Munchie Magic" has opened more than 50 locations in the past nine
months delivering Ben & Jerry's ice cream, snacks, and hot
foods to customers via delivery partners DoorDash, GrubHub, and Uber
Eats. www.baristas.tv www.munchiemagic.com in
WA State and has now expanded into Oregon, California, Illinois,
and Arizona as well.
ReelTime VR (OTC PINK:RLTR) confirmed that the patent
application number 15/654,613, titled Simultaneous Spherical
Panorama Image and Video Capturing System, has officially been
issued as U.S. Patent Number 10,761,303 September 1, 2020.The term
of the patent is 20 years and 247 days from the earliest filing
date of the patent application, calculated to be March
23, 2038. Although
the original technology allows any cell phone or other camera to
instantaneously capture 360 X 360 Virtual Reality Video or pictures
without any need for stitching, the patent provides protection from
infringement from any capturing of a plurality of images utilizing
at least one mirror. This spans a wide range of industries and
uses.
About NASDAQ
Capital Markets: Nasdaq
is a global technology company serving the capital markets and
other industries. Its diverse offering of data, analytics, software
and services enables clients to optimize and execute their business
vision with confidence. A diverse selection of over 4,000 companies
choose to list on Nasdaq's U.S., Nordic and Baltic exchanges,
representing industries such as retail, health care, finance, and
technology. In the U.S., Nasdaq is the listing venue of choice for
many of the world's most exciting companies. The Nasdaq Stock
Market has three distinctive tiers: The Nasdaq Global Select
Market®
, The Nasdaq
Global Market® and The Nasdaq Capital Market® . Applicants must
satisfy certain financial, liquidity and corporate governance
requirements to be approved for listing on any of these market
tiers.
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
