Dallas, TX, March 08, 2018 (GLOBE NEWSWIRE) -- Zenergy Brands, Inc. (OTCQB: ZNGY), the nation's leading next-generation utility operating in the emerging smart energy and energy conservation industries, announced today $313,000.00 in debt forgiveness. This latest balance sheet cleanup achievement comes as a courtesy of Chairman Byron Young and one of the Company’s former founding members, Mr. Doug McKinnon.
Earlier this year, the Company announced plans to clean up its balance sheet during the first quarter of 2018, an effort that began with their paying off over $130,000.00 of convertible debt before it could convert into shares of common stock. Today, the Company is pleased to announce that, as a follow-up to that transaction, its founders are also making a significant contribution to this mission-critical business objective.
Neither Byron Young nor Doug McKinnon has taken a salary since commencing work for the Company; instead, they have deferred their wages, which have accrued on the Company’s balance sheet as debt. Today, they have both forgiven their accumulated salaries, and the debt is no longer a liability to the Company.
Zenergy’s Chairman, Byron Young, said, “It is my pleasure to make this contribution to the Company at this time. I know that every bit helps toward accomplishing our goal and this effort is required as we are now moving into the revenue and growth phase of the business.”
While Chairman Young has had accruals in loans, credit card expenses for meals and entertainment since the Company’s founding that remain owed to him, he has elected to forgive all accrued payroll from inception to date.
CEO, Alex Rodriguez added, “Few people truly understand what it takes to build a new business—the sacrifices, the tough decisions, etc. In the case of our Chairman, Byron Young, he not only thoroughly understands this, but he has repeatedly gone above and beyond his call of duty as a chairman, all while never taking a single dollar from the Company. That is a reflection of his integrity, belief in our business and resolve to see it succeed. We are privileged to have him.”
ABOUT ZENERGY BRANDS, INC.
Zenergy Brands, Inc. (OTCQB: ZNGY), is a next-generation energy and technology company operating in the emerging smart energy/utility industry. The Company provides energy conservation, smart controls, and efficiency-based products and services as a fully-integrated energy company. Zenergy is a public company, fully reporting to the SEC and currently trading on the OTCQB, a venture market designed for early-stage and developing U.S. and international companies. To learn more, visit www.zenergybrands.com.
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FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. The words “believe,” “expect,” “should,” “intend,” “estimate,” “projects,” variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to some risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the critical factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks detailed in the Company's filings, which are on file at www.OTCmarkets.com.