LOS ANGELES, CA / ACCESSWIRE / December 1, 2020 / Sanwire Corporation, ("Sanwire" or the "Company") (OTC PINK:SNWR), a diversified company with a focus on technologies for the entertainment industry, is pleased to announce that it has reached agreements with multiple stakeholders (the "Stakeholders") to reduce the Company's outstanding debt by approximately $750,000 in principal and interest (the "Debt"). The Stakeholders represent founding members, management team, and early investors of Intercept Music, Inc. ("Intercept"), a 100% wholly-owned subsidiary of Sanwire. The Stakeholders have agreed to exchange their Debt for equity in the Company. This transaction will be booked in the Company's fourth quarter 2020 financial statement and will be posted in the Company's year-end disclosure statement filing.
This is Sanwire's second debt retirement in 2020. In a press release dated August 19, 2020, Sanwire announced its first debt retirement of approximately $415,000 in principal and interest. This brings the total debt retired in fiscal year 2020 to approximately $1,165,000 in principal and interest.
The debt reduction coupled with an attractive share capital structure comprised of 90,291,482 Unrestricted/public float shares, of which 51,119,975 shares are held in DTC (actual tradable float by the public) and 611,403,898 Restricted shares (mostly held by insiders). Sanwire is well-positioned to execute on its growth strategy through strategic partnerships, alliances, mergers and acquisitions, and senior investments.
"We continue to explore ways to enhance our balance sheet to attract strategic capital infusion that will expedite market penetration, expanded product/service offerings, and a broader distribution network which already includes Amazon Music, Walmart, Target iTunes, Spotify, Apple Music, Tik Tok, and many more," said Mr. Chris Whitcomb, CEO of Sanwire. "This debt reduction is a testament of the Stakeholders' faith in Sanwire‘s vision, business plan execution, and the growth we attained since March 2020."
Intercept's online platform is dedicated to helping independent artists and bands effectively distribute, promote, and earn income from their music. Intercept's platform gives artists immediate access to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. In addition to powerful DIY social media marketing and promotional tools available on a monthly subscription model, the invitation-only Intercept Plus program offers fully managed promotional services, including the opportunity to sell merchandise through branded online stores.
About Intercept Music, Inc.
Intercept Music, Inc. is an entertainment technology company dedicated to helping independent artists effectively distribute, market, and monetize their music. Sold through a Software as a Service (Saas) model, Intercept's online platform delivers an unsurpassed combination of marketing, promotion, and distribution to hundreds of stores worldwide and every major streaming service, including Apple Music, Google Music, Pandora and Spotify. Intercept's options include full-service, concierge-style support and even one-on-one coaching from award-winning music industry professionals. Intercept focuses exclusively on the independent music market, which is estimated at 12 million artists, and is the fastest-growing sector of the music industry. For more information, visit interceptmusic.com.
About Sanwire Corporation
Sanwire Corporation (OTC PINK:SNWR), a diversified company with a focus on technologies for the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.
For further inquiries, contact [email protected], [email protected], or (424) 835-0833.
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SOURCE: Sanwire Corporation