EP Global Communications, Inc
(Pink Sheets: EPGL)
), the parent company of
) magazine, has announced that, in a positive development, the Company has reached agreement in principle with its major debt holders to convert more than half of its outstanding debt to shareholder equity.
"We believe that we have had many positive developments and this restructure agreement is just the beginning," said Joseph M. Valenzano, CEO of EPGL. "Our main goal now is to build shareholder equity to a level befitting the positive developments to be announced shortly.”
The agreement also includes the proposed issuance of non-voting and voting preferred shares, which will put ultimate control of the company in the hands of management and the board of directors.
Further details on the debt restructure agreement, which will require shareholder approval, will be made available shortly online.
About EP Global Communications, Inc.
EP Global Communications, Inc., parent company of
) magazine, is a 40-year-old, award-winning, multi-media publishing and communications company, providing timely and indispensable resources and information to families and professionals caring for the needs of children and adults with disabilities and special health care needs, including families in the U.S. Military.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.