POMPANO BEACH, FL / ACCESSWIRE / January 22, 2020 / Global Boatworks Holdings, Inc. (OTC:GBBT) a builder of floating luxury vessels, announces the December 3, 2019 completion of a Note Settlement Agreement (the 'Agreement') pertaining to a convertible note previously due to Tonaquint, Inc. and the non-convertible note previously due to St. George Investments LLC (the 'Note Holders') in the amount of $72,500. The balance of the Agreement was paid by a long-time Company investor. Under the Agreement the Note Holders, upon payment of the $72,500, agreed to forgive the $273,675 balance.
The investor paid the Note Settlement Agreement amount of $72,500 and entered into a new agreement with the Company utilizing a traditional, non-convertible note. As a result of the payment of the convertible portion of the Note and the forgiveness of the balance of the two notes, Global Boatworks will record a Q4 gain on debt settlement of $273,675 plus a gain on the embedded derivative value of approximately $414,000 for a net gain of $690,000 in Q4.
'We are excited to announce the repayment of our convertible debt,' said Global Boatworks CEO Robert Rowe. 'With the sale of the Luxuria in April and this note repayment, we continue to improve our capital structure to support our long-term timeline and goals, and we believe Global is well-positioned for growth in 2020.'
The Company is further involved in negotiations with the holder of one final convertible note totaling $45,000. If successful, the CEO says this would eliminate all convertible debt from the Company's balance sheet.
'Paying off and restructuring the convertible debt on our balance sheet is not only fiscally responsible, it strengthens our balance sheet and enables us to explore new initiatives to help Global Boatworks increase shareholder value in 2020, and beyond,' said Rowe
About Global Boatworks, LLC:
Global Boatworks, LLC is a multifaceted boat-building and vacation-rental company that operates out of Pompano Beach, Florida. The Company has previously built and sold a highly successful rental houseboat in Boston, and has designed a state-of-the-art luxury floating vessel, the Luxuria. The Luxuria series of floating vessels feature: Floor-to-ceiling windows; a chef-quality kitchen; spacious bedrooms; spa-like bathrooms; big-screen TV; two large decks; and two outboard engines
Forward Looking Statements
Statements regarding financial matters in this press release other than historical facts are 'forward-looking statements' within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE: Global Boatworks Holdings, Inc.
View source version on accesswire.com: