NEW YORK, New York, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Hispanica International, Inc. (OTCQB: HISP), a brand accelerator company focused on exotic brands in the alternative beverage and snack industry, announced today that it has repaid and satisfied its obligations under its convertible promissory notes to two of its institutional investors, Anson Funds and Black Bridge Capital. Hispanica issued the Notes last year in the original principal amount of $605,000, which provided the holders of the Notes with the right to convert the Notes into shares of Hispanica common stock at a price(s) that would have been determined based upon the trading price of the Company’s stock during the period immediately prior to conversion. Pursuant to the terms of the Notes, the Company had the right, at its option, to repay all outstanding obligations under the Notes. On October 5, 2017 and November 6, 2017 respectively, the Company made payments to the holders of the Notes equal to $698,747.26. As a result, the Notes have been satisfied in full along with the Company canceling 1,100,000 shares of the Company’s common stock that were issued to one of the funds in conjunction with a Note that was purchased last year.
“We are very pleased to announce that we have repaid these convertible debt obligations, which avoids additional dilution to our stockholders that would have occurred if these Notes had been allowed to be converted into the Company’s common shares,” said Fernando Oswaldo Leonzo, Chairman and Chief Executive Officer of Hispanica. “We have made great strides in growing our business and brands, and our revenues bear this out. Repaying these convertible debt obligations is a substantial step forward for Hispanica, and it represents our ability to control the dilutive effect of our financing arrangements.”
Additional Information can be found in the Company’s SEC Filings.
About Hispanica International, Inc.
Hispanic is a public company founded in 2013. Formed as an ethnic food and beverage company, Hispanica has leveraged innovation to re-shift its focus into a brand accelerator with the goal of expanding it all-natural exotic flavor portfolio of companies. The Hispanica accelerator company backs beverage/snack companies, which it can acquire, by building a proprietary distribution platform to enhance its own brands and position them for mass market entry. Hispanica is headquartered in New York and currently has distribution operations in New York City Tri-State Region, Washington DC Metro Area, as well as in Los Angeles and the Northern California Region.
