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Ems Find Completes Name Change & Provides Interim Convertible Debt Schedule
By: PR Newswire
Jun. 19, 2017 11:23 AM
PHILADELPHIA, June 19, 2017 /PRNewswire/ -- Ems Find, Inc. (OTC QB: EMSF) is pleased to announce that the Company officially has completed the change of its corporate name to Integrated Ventures, Inc, consistent with all-new business strategy to expand its operations into different sectors through a holding company structure.
On June 12, 2017, our Board approved changing the Company's name to Integrated Ventures, and authorized the filing by the Company in Nevada on June 14, 2017, of Articles of Merger, providing for the merger of the Company's wholly-owned subsidiary, Interactive Ventures, Inc., into the Company, and in the merger changing the Company's name to Interactive Ventures, Inc. The merger of the Company's subsidiary into the Company and the Company's assumption of a new name in the merger requires only approval of the parent company's Board of Directors under Nevada Private Corporations Law; stockholder approval of the parent company's stockholders is not required. The change of our name from Ems Find, Inc. to Interactive Ventures, Inc will be effective for trading purposes when we receive approval from the Financial Industry Regulatory Authority. We plan to file shortly for such approval.
In addition, the Company is pleased to provide this update in regards to the Interim Convertible Debt Schedule: during the period from March 31, 2017 through June 15, 2017, the Company's liquidity has improved through a $113,443 net reduction in the total principal balance of convertible notes payable. The convertible notes payable were reduced by $123,443 through the conversion of debt principal into shares of the Company's common stock and favorable debt extinguishment agreements. The net decrease in debt principal was partially offset by the issuance of a new convertible note payable for cash of $20,000 for corporate filings and working capital.
One of the convertible notes payable with a principal balance of $18,150 and 605,000 warrants to purchase common stock of the Company were exchanged by a Note Holder for approximately $53,000 of a convertible note receivable from the April 6, 2016 sale by the Company of Viva Entertainment Group, Inc. ("OTTV"), a former wholly-owned subsidiary of the Company. The remaining approximately $53,000 convertible note receivable from the sale of OTTV is being converted by the Company into shares of OTTV common stock, which shares will be sold to provide operating capital. Initial conversions and sales of the OTTV shares have provided the Company with approximately $53,000 in cash. The Company plans to convert the remaining balance of the convertible note and sell the shares of the OTTV stock. The Company estimates to execute two additional conversions with estimated cash proceeds to the Company totaling $70,000.
The following table is unaudited and has not been reviewed by the Company's registered independent accounting firm. The table shows the reduction in the principal amount of debt of the Company, as of June 15, 2017, as compared with the principal amount of such debt outstanding as of March 31, 2017, as reported in the Company's quarterly report on Form 10-Q, for the period ended March 31, 2017.
Potential investors are cautioned that, since the above changes in outstanding debt and the respective amounts of such debt shown in the table are unaudited, and include in the covered period a partial month, there can be no assurance that the assumptions in preparation of amounts shown in the table will prove to be accurate. In light of the significant uncertainties inherent in the assumptions underlying preparation of the above table, and the lack of review by the Company's independent audit firm, the amounts shown in the table shall not be regarded as a representation by the Company or any other person that the financial results shown will prove to be accurate. The debt principal amount changes for the period shown in the above table are not necessarily indicative of the results for the fourth quarter of the Company's June 30, 2017 fiscal year, the Company's entire June 30, 2017 fiscal year or for any other period.
About Integrated Ventures, Inc (formerly Ems Find, Inc.) is a diversified holding company that acquires, invests and operates revenue generating companies (subsidiaries), primarily in the healthcare, e-commerce, mobile technologies, transportation and consumer goods markets that have a seasoned management team, solid operating histories, minimum debt, high growth potential and tangible assets, designed to mitigate investor risk. The Company is focused on implementing unique business strategies, creating liquidity through asset based infrastructure, supporting and improving operations, infusing an additional growth capital, maintaining and expanding a market presence in their niche sectors, while constantly enhancing this process by a multitude of initiatives.
Forward Looking Statements: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof. See Ems Find, Inc.'s filings with the Securities and Exchange Commission, which identify specific factors that may cause actual results or events to differ materially from those described in forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ems-find-completes-name-change--provides-interim-convertible-debt-schedule-300475869.html
SOURCE Ems Find, Inc.
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