Hangover Joe’s Holding Corp (OTCBB:HJOE) the manufacturer of “The Hangover” Recovery Shot is pleased to inform that it is executing settlement deals with several creditors. The debt settlements include the final terms of its ongoing problems with TCA Global Master Credit Fund, L.P.
The settlement agreement worth $513,000 with TCA Global includes Union Capital LLC and GEL Properties LLC, who each finalized assumption and assignment deals with TCA Global in the amount of $230,000 that will be payable in four monthly installments. Hangover promised to pay TCA Global $53,000 within sixty days after the final amount is paid under the agreement.
Hangover also finalized Replacement Notes deal for the sale of 8% ’Note’ in the principal value of $57,500 each as first installments. The principal and interest was to be repaid on July 12 and are convertible at the holder’s option. They can be converted into common stock at a 45% discount to the average of three lowest closing prices of HJOE’s common stock in the twenty trading day duration prior to conversion. GEL Properties and Union Capital paid first two installments. In the recent deal with Magna Equities, they confirmed to pay remaining amount in biweekly installments. Hangover has settled several debt obligations in past few days and is in the process of settling other convertible obligations.
The management view
Matthew Veal, the CEO of Hangover Joe’s Holding Corp (OTCBB:HJOE) said that he is questioned about how Hangover can deal with the pressures on stock from note conversion. There are problems linked to Japan contract signed in 2013. However, the company has taken steps to pursue the deal using a different representative. The final process in Asia is underway, and the changes are implemented to gain access to these regions. The deals in new regions are promising, and the company believes that it will lead the way to assist millions of people experience hangover relief.