This conversion will alleviate a
significant portion of our financial obligations, allowing us to
redirect resources toward growth and innovation.
IRVINE, CA -- May 30, 2024 -- InvestorsHub NewsWire
-- ECGI Holdings,
Inc. (OTC:
ECGI) (ECGI or the Company), a diversified holding company, is
pleased to announce a significant milestone in our ongoing efforts
to enhance financial stability and maximize shareholder value. The
creators of the 3(a)(10) have agreed to convert $2 million of debt
into equity. This strategic move is targeted to take place in
ECGI's fiscal fourth quarter.
Strategic Debt Reduction
The 3(a)(10) debt-to-equity conversion represents a pivotal step
in our financial optimization strategy. By converting $2 million of
debt into equity, we are not only reducing our liabilities but also
strengthening our balance sheet. This conversion will alleviate a
significant portion of our financial obligations, allowing us to
redirect resources toward growth and innovation.
Financial Improvements
Highlights from the first two fiscal quarters of 2024:
- Over $1.5 million reduction in accounts payable and accrued
liabilities.
- Over $350,000 reduction in convertible notes payable and
accrued interest.
- Over $1 million improvement in total stockholders'
deficit.
By reducing the strain of past debts, we are creating a firmer
foundation for pursuing new strategic ventures and growth
opportunities. We expect these financial maneuvers to bolster
investor confidence and attract further investments, enhancing
shareholder value and solidifying our market position.
Continued Commitment to Financial Health
ECGI Holdings remains steadfast in our commitment to financial
prudence and operational efficiency. This conversion aligns with
our long-term strategy of improving financial flexibility and
unlocking future growth potential. We are confident that these
efforts will contribute significantly to long-term shareholder
value and the company’s overall economic vitality.
Looking Forward
ECGI Holdings is dedicated to executing our strategic plan and
focused on identifying and capitalizing on growth opportunities
that align with our business objectives. This proactive approach
reinforces our market position, ensuring enhanced value to our
shareholders.
We extend gratitude to our shareholders for their continued
support and confidence in ECGI Holdings. Their trust drives us to
achieve our ambitious strategic goals.
About ECGI
ECGI is a diversified holding company with a distinctive
portfolio encompassing viticulture and luxury fashion. The Company
owns and manages a five-acre vineyard in Lake County, California,
specializing in cultivating Petite Sirah, known for its bold and
rich character, which aligns with the growing demand for unique and
high-quality wine experiences. In the fashion sector, ECGI has
strategically invested in Pacific Saddlery, a premier manufacturer
and retailer of luxury equestrian tack, apparel and accessories.
This unique blend of wine and fashion investments reflects ECGI
Holdings' commitment to delivering sophistication and innovation
across diverse markets, positioning the Company as a distinctive
player in the intersection of technology, viticulture and luxury
lifestyle.
For additional information, please contact us at info@ecgiholdings.com.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements also may be included in other publicly available
documents issued by the Company and in oral statements made by our
officers and representatives from time to time. These
forward-looking statements are intended to provide management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. They can be identified by the use of words such as
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "would," "could," "will" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Examples of forward-looking statements
include, among others, statements relating to future sales,
earnings, cash flows, results of operations, uses of cash and other
measures of financial performance.
Because forward-looking statements relate to the future, they
are subject to inherent risks, uncertainties and other factors that
may cause the Company's actual results and financial condition to
differ materially from those expressed or implied in the
forward-looking statements. Such risks, uncertainties and other
factors include, among others such as, but not limited to, economic
conditions, changes in the laws or regulations, demand for products
and services of the Company, the effects of competition and other
factors that could cause actual results to differ materially from
those projected or represented in the forward-looking statements.
Any forward-looking information provided in this release should be
considered with these factors in mind. We assume no obligation to
update any forward-looking statements contained in this report.
For more information, please contact:
Jamie Steigerwald
jamie@ecgiholdings.com
SOURCE: ECGI HOLDINGS, INC.
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