NEW YORK, June 04, 2020 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. or DigitalAMN (OTCMKTS: DATI), a Public Accelerator-Incubator (PAI), announced today that management has completed the restructuring of its contractor obligations, further reducing the Companys cap table by just over 3,000,000 common shares and eliminating a little over $550k from its cash payable liabilities.
As noted in the March 18, 2020 Coffee Talk, management anticipated its negotiations with contractors would result in only a two million common share reduction from the cap table. However, after the negotiations were complete, a total of 3,348,879 common shares were agreed to be exchanged for Preferred BB shares. Furthermore, contractors agreed to settle accumulated cash liabilities which amounted to $557,910 freeing up the companys balance sheet.
We are looking to use every single tool at our disposal to strengthen shareholder confidence and value, stated Ajene Watson, CEO of DigitalAMN. Since 2017 we have worked diligently to streamline the cap table and now in 2020, were beginning to address payables, liabilities and other debt. I am pleased to find that our contractors, much like with a large shareholder previously, felt encouraged enough to offer DigitalAMN a vote of confidence through this stock and debt restructuring.
We are grateful to our stakeholders for their support and will continue to remain focused on creating an environment conducive to the success of our Public Accelerator-Incubator (PAI) ecosystem, added Watson.
As noted in a recent shareholder update, the Issued and Outstanding has been reduced from over 120M shares.
Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) is the first company to utilize the Public Accelerator-Incubator (PAI) model, with the intent to follow the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
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