WEST PALM BEACH, FL, March 21, 2019 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (OTCQB: ALLM) Alliance BioEnergy Plus, Inc. (“Alliance”) is pleased to report that it has settled the final $458,759 of disputed toxic debt creditor claims for $100,000 to be paid out of 5% of future revenue, with no interest and no possibility of converting into equity.
With the settlement of these claims, Alliance has settled a total of nearly $900,000 of disputed toxic debt plus interest for a future payment of $100,000, which is only to be paid when the company begins recognizing revenue. Of significance, by eliminating the conversion feature in this debt, Alliance is also freed of the potential dilutive impact of any conversion. The original debt will no longer be reflected on the Company’s balance sheet.
Alliance is continuing to renegotiate other liabilities as a part of the Chapter 11 Bankruptcy process. We expect to report more news in the near future.
In the meantime, Alliance has successfully raised additional working capital to continue the commercialization of the CTS 2.0 process.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Contact:
Ben Slager, CEO
ben.slager@alliancebioe.com
or Anthony Santelli, COO
Anthony@alliancebioe.com
SOURCE: Alliance Bioenergy Plus, Inc.