HUNTINGTON, NY / ACCESSWIRE / March 28, 2016 / In response to numerous shareholders requests, SeanieMac has had discussions with it’s noteholders to determine a reasonable solution that addresses concerns that uncontrolled conversions could have a negative effect on share price. This is done with the understanding that the convertible lender can realize their contractual return in exchange for providing capital that has enabled us to get current and help us achieve substantial developments (soon to be announced ) to position this Company to rapidly grow and increase Shareholder value.
We believe that the announcements we make this week and in the weeks ahead will demonstrate just how effectively we have deployed this capital plus the support of our founding investors. The recent closing of our acquisition which was funded by debt is just the first phase of our 2016 business plan. We borrowed 100k for the initial deposit on the Apollo Acquisition which we project will add over 1.5 million in gross profit in 2016 on over $20 million in revenue.
Finally, and of immediate concern, we are negotiating a leek-out agreement that will restrict and control the timing and pace of conversion and give shareholders greater comfort that the conversions can be absorbed over time and as we provide ongoing updates on out progress. We hope to conclude these discussion and update shareholders by the end of this week. We take the concerns of shareholders seriously, and all of our actions are consistent with our goal of delivering shareholder value.
Safe Harbor Statement
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Seaniemac International, Ltd. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements regarding our expectations regarding amounts staked and gross profits and our marketing initiatives. Such risks and uncertainties include, among other things, the uncertainty regarding consumer preferences, a decline in the popularity of our website and competition in the online gambling industry. Seaniemac assumes no obligation and does not intend to update these forward-looking statements.
A further description of risks and uncertainties can be found in Seaniemac International, Ltd.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in its reports on Form 10-Q and Form 8-K.
SOURCE: Seaniemac International, Ltd.