Petrone Worldwide, Inc. (OTCQB: PFWI) is a global provider within the hospitality industry. In addition, the company serves as a third party logistics provider for international manufacturing companies that want their products sold within North America market. Shares of the hospitality and logistics company are rallying 38.24% on Tuesday, September 5, 2017. Over the past month, Petron Worldwide, Inc. has seen average daily volume of 10.69 million shares. However, volume of 52.71 million shares or dollar volume of $252,480, has already exchanged hands through afternoon trading on Tuesday.
Shares of Petrone Worldwide, Inc. are rallying today after the company announced that it has retired $175,000 in toxic debt. Furthermore, the company continues to be in discussions with its other creditors and investors to retire remaining convertible debt. Ultimately, the company expects to have an agreement in place by October 26, 2017. Here is the full press release detailing of the toxic debt retirement:
Weston, FL — (ReleaseWire) — 09/05/2017 — Petrone Worldwide, Inc. (OTCMKTS:PFWI), today announces that it has retired $175,000 in toxic debt. Discussions with its remaining debt holders and a private investor for the acquisition and subsequent retirement of substantially all of the company’s outstanding convertible debt. The Company expects the Investor to finalize a structured purchase plan of the Company’s outstanding convertible debt by October 26, 2017.
The Company anticipates the Investor will infuse new capital into the business through purchase of a combination of common stock and long-term debt. Victor Petrone, CEO of Petrone Worldwide, Inc., commented, “This is a huge development for the Company. The work that has been done over the last 90 days is starting to pay off. Getting all parties together on this deal will create a huge positive impact on the Company’s cost of capital and its ability to execute on the many acquisition opportunities we have sourced. I look forward to getting this deal completed as we start a new chapter for Petrone Worldwide and its shareholders.” Petrone Worldwide, Inc. will continue to update both the public and shareholders on a regular basis by way of press releases, financial statements and other SEC disclosures.
About Petrone Worldwide, Inc. (OTCMKTS:PFWI)
Petrone Worldwide, Inc. is a leader in the hospitality industry with global operations capabilities. Now providing third party logistics for overseas manufacturing companies attempting to sell their goods in North America, PFWI sells and markets products under its own proprietary name and acts as distributor for a wide variety of companies to the hospitality trade. For more information visit www.petroneworldwide.com.
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