Jacksonville, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Everything Blockchain Inc. (OTCMKTS: EBZT), a company bridging traditional markets and emerging technologies through strategic investments in AI and blockchain innovation, announced today the successful resolution of all toxic convertible notes previously held by 1800 Diagonal Lending, LLC.
The outstanding debt of over $200,000 presented a significant risk of shareholder dilution, potentially leading to the issuance of millions of additional shares. Through weeks of strategic negotiation, the company reached a settlement to acquire the notes, an effort made possible with key support from former Chairman Mike Hawkins.
This resolution eliminates the immediate threat of dilution, stabilizing EBZT's stock structure and providing a foundation for the new management team to focus on rebuilding the company and executing its growth strategy.
Arthur Rozenberg, CEO of Everything Blockchain, stated:
"From the moment I stepped into the CEO role, resolving the issue of toxic convertible notes was my top priority. These notes were a persistent challenge, creating downward pressure on EBZT's stock price and raising concerns among our shareholders. Thanks to the invaluable support of Mike Hawkins, we have successfully closed this chapter, preventing further dilution and aligning the company's financial structure with our vision for sustainable growth.
"With this critical milestone achieved, we are now positioned to turn our full attention to the future-expanding operations, pursuing high-growth opportunities in AI and blockchain, and driving long-term shareholder value."
The resolution of this debt is a cornerstone in Everything Blockchain's broader strategy to strengthen its financial position and refocus on key growth initiatives. As part of its forward-looking plan, the company aims to:
Drive Innovation: Invest in early-stage companies at the intersection of AI and blockchain.
Enhance Transparency: Strengthen financial reporting and corporate governance practices.
Expand Operations: Pursue strategic partnerships to scale the company's presence in high-potential markets.
This proactive step reflects the company's commitment to rebuilding trust, delivering results, and creating lasting value for its shareholders.
About Everything Blockchain Inc.
Everything Blockchain, Inc. (OTCMKTS: EBZT) is identifying the most critical challenges and opportunities within the AI, blockchain, and cryptocurrency sectors. We invest in, innovate, and develop cutting-edge solutions that empower investors and drive the evolution of global industries., please visit https://www.ebzt.info/
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan" or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of blockchain and zero trust- based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Sincerely,
Arthur Rozenberg
CEO, Everything Blockchain, Inc.
arthur.rozenberg@everythingblockchain.io
