Forwardly, Inc. Raises $1.5 Million in Private Equity Funding
February 09, 2021 at 09:17 AM EST
Boulder City, NV, Feb. 09, 2021 (GLOBE NEWSWIRE) -- George Sharp, President and CEO of Forwardly, Inc. (OTCMKT: FORW), announced today that the company has raised a total of $1.5 million in equity funding.
All but $50,000 of these funds were raised in a new fixed convertible debenture that was negotiated on January 15, 2021 and closed on January 29, 2021. That debenture was intended to raise an aggregate $1 million but was oversubscribed due to a demand for the company’s securities. The decision was made to extend the total to $1.45 million. The remaining funds were raised through a debenture announced by the company on August 31, 2020, but subsequently canceled before all but $50,000 of the committed funds were received. All of the funds referenced here have now been received by the company.
Mr. Sharp also announced that the shareholder video conference call, previously scheduled for February 16, 2021 will once again be rescheduled to 4:30 p.m. EST on March 5, 2021 to accommodate the discussion of pending material events anticipated by the company, as well as the release of the company’s annual financial report. Interested investors and press are invited to register for the shareholder call at the company’s website www.ForwardlyPlaced.com.
Mr. Sharp commented, “While I realize that some will be disappointed in this postponement of the shareholder call, the Board of Directors determined that delaying it was prudent in light of some ongoing developments. I am sure that the shareholders will appreciate the need for the delay once the discussion takes place. I don’t anticipate that there will be any further postponements.”
Among Forwardly’s investments is the ownership of 500 million warrants in Tesoro Enterprises, Inc. (OTC: TSNP). Were these warrants to be exercised, and as of the issuance of this press release, Forwardly would book an $830 million asset. As Forwardly purchased these warrants as a long term investment in Tesoro/HUMBL, the company does not anticipate exercising these warrants over the near term.
Tesoro is awaiting the execution of corporate actions by the Financial Industry Regulatory Industry (FINRA), after which the company will be known as HUMBL, Inc. Further information about Tesoro/HUMBL can be reviewed at www.HUMBLpay.com
About Forwardly, Inc.
Forwardly is an opportunity investor seeking to finance fresh ideas. The company is headed by George Sharp, a longtime whistleblower, advocate against microcap fraud, and defender of shareholder rights. In addition to his continued participation in these activities, Mr. Sharp consults to public companies, attorneys and those associated with the financial markets. He is also a former consultant to OTC Markets Group, Inc.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.