Elev8 Brands, Inc. Eliminates Over Eighty-Three Thousand in Debt
The Company is in negotiations with two new distributors
ORLANDO, Fla., Nov. 26, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Elev8 Brands, Inc. (OTCQB: VATE), a holding company focused on the commercial development of hemp and CBD-based products, is pleased to announce it has eliminated eighty-three thousand four hundred and twenty dollars ($83,420.32) in debt, reducing the Company’s liabilities to nineteen thousand five hundred and forty-five dollars ($19,545.87).
Elev8’s management team negotiated with a debt holder to pay off its remaining liabilities by issuing preferred stock with a one year vesting period. The Company is working to remove its remaining liabilities of nineteen thousand five hundred and forty-five dollars ($19,545.87) which would remove all notes from the balance sheet.
Elev8 Brands, Inc. CEO, Ryan Medico, stated, “I am thrilled to announce the retirement of this debt. Elev8 Hemp is already showing the strongest month in revenue it has ever seen and now we are much closer to being cash flow positive. By the end of the week we hope to have an additional sales role filled here in Orlando.”
The Company, in addition to adding its new product lines, is focusing efforts on new revenues. Chris Risi has shown to be an amazing asset to the team and has numerous sales opportunities in the pipeline. In addition to several small grocers interested in Elev8 Hemp products, the Company is currently in the negotiation stage with two new distributors.
Medico concluded, “I am so excited to see the way things are coming together. All the individuals I have interviewed for this sales position have a strong sales background as well as distribution background. We are looking to hire an individual who will be able to take over all of our current sales accounts and have the ability to expand our brick and mortar business through retail outlets and distributors. This person will also have experience bringing new product to market, as we are in the final stages in developing our new ready to drink CBD Coffee and Tea.”