DENVER, CO, United States, via ETELIGIS INC., 03/05/2015 – – Hangover Joe’s Holding Corporation (OTC Pink: HJOE) (PINKSHEETS: HJOE), the maker of “The Hangover” Recovery Shot and developers of an innovative state of the art proprietary Git-R-Done-Energy Shot with Git-R-Done Productions, Inc. and Larry the Cable Guy, is pleased to announce that it is implementing settlements with several creditors including the final provisions of its dispute with TCA Global Master Credit Fund, L.P.
The original $513,000 Settlement Agreement with TCA Global Master Credit Fund, L.P., includes GEL Properties LLC and Union Capital LLC, who each entered into Assignment and Assumption Agreements with TCA in the amount of $230,000 payable in four equal monthly installments and the Company agreed to pay TCA $53,000 sixty days after the final installments are paid under the Assignment and Assumption Agreements.
The Company simultaneously entered into Replacement Notes from TCA with GEL Properties LLC and Union Capital for the sale of 8% convertible redeemable notes in the principal amount of $57,500 each for their first installments.
All interest and principal under these notes was to be repaid on July 12, 2015 and are convertible into common stock, at the note holder’s option, at a 45% discount to the average of the three lowest closing prices of the common stock during the 20 trading day period prior to conversion. Both Union Capital and GEL Properties paid their first two installments; under the most recent arrangement Magna Equities has agreed to pay the remaining amounts owed in $25,000 biweekly installments subject to certain conditions.
Additionally the Company has recently settled several convertible obligations in full and is proceeding to settle other convertible obligations.
“I’ve been asked about how the Company can offset the pressures on our stock from conversion. Of course, these are mostly due to difficulties with our Japan contract we signed in 2013, which had they been fulfilled timely, would have more than likely had less total pressure on our stock price,” said Matthew Veal, CEO. “We are continuing to pursue the Japanese arrangement using a different representative and are going through the final process in Asia in a few countries of doing the changes required to the formula to gain access to these markets. We believe our new arrangement will ultimately bring the relationship to its full potential, and that several other items in process will result in even greater gains in 2015, although there are still a few remaining steps towards achieving these ends. We are planning on being able to launch in Japan and also in a few others countries in Asia based on this new relationship and we hope to be releasing news on this as soon as we cross some of the last hurdles via the Asian requirements. We are very close to having this all wrapped up. These deals are very real in Asia and we soon believe that Hangover Joe’s will be leading the way to helping millions in Asia experience hangover relief.”
“We have accomplished a number of things recently for our Company,” said Michael Jaynes, Chairman and Cofounder of Hangover Joe’s. “With the payment of the final minimum guaranteed royalty payment to Larry the Cable Guy, we are in good standing for the remainder of the contract, subject to the maintenance of the normal daily obligations of course. Also we completed a large production run of our products and look forward to building on last year’s soft launch. We have added quite a few new brokers over the last few months and the push is on to gain more distribution and to reach our sales goals for 2015.”
“We have seen an increasing number of opportunities to pursue in the coming year,” added Shawn Adamson, Co-Founder and Vice President of Sales and Marketing of Hangover Joe’s. “The default that had occurred on the TCA debt slowed our momentum. This settlement puts us in a stronger position going forward than we have seen in quite a while,” added Adamson. “We look forward to adding even more new relationships that can Git-R-Done for Hangover Joe’s. We have some big things that are moving forward including the Git R Done Energy Shot being featured on a national TV program and once we have an airing date an official announcement on this will be released. Also we are in the process of staging a planogram launch of a very large national retailer. Once everything is completed, we will be providing details on all of this information in the forms of official press releases. We just had one of our brokers present at the ADS show in Las Vegas this week, so we have a lot of positive things developing as the company moves forward in 2015.”
Hangover Joe’s is the exclusive producer of “The Hangover” Recovery Shot, and one of the nation’s top selling anti-hangover recover drink & hangover recovery shot. Git-R-Done-Energy is an officially licensed product of Git-R-Done Productions, Inc. and Larry the Cable Guy and is a healthy energy drink. Visit our website at www.GitRDoneEnergy.com and www.hangoverjoes.com https://www.facebook.com/GitRDoneEnergy https://www.facebook.com/hangoverrecovery and on twitter @GitRDoneEnergy. @TheHangoverShot
On July 25th 2012, Hangover Joe’s became a publicly traded company and is trading on the OTCBB as HJOE. For more information, visit www.hangoverjoes.com, or check us out on Facebook and YouTube.
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on its reports filed at www.sec.gov.
Hangover Joe’s Inc
SOURCE: Hangover Joe’s Inc