Beta Music Group, Inc. (OTC Pink: BEMG) through its operating subsidiary, Get Credit Healthy, Inc., integrates with lenders to provide a full service loan program, designed to close more loans through their proprietary credit remediation process. Shares of the company jumped 104% through early trading on Friday, July 6, 2018. Over the past month, Beta Music Group, Inc. has seen an average daily volume of just over 5,000 shares. Through Friday morning alone, already 435,000 shares have been traded, which equates to almost $96,000 in dollar volume.
Shares surged through Friday morning after Beta Music Group, Inc. announced that, through Get Credit Healthy, Inc., they are without toxic debt and have no intention of accepting any future toxic debt financing. In addition, Beta Music Group, Inc. announced that for the foreseeable future there will be no reverse stock split of the company’s common stock. These recent events are an indicator that management is making increasing the company’s profitability a primary concern going forward. Here is the full press release, detailing the company’s announcements:
Beta Music Group Inc. Press Release:
SUNRISE, FL / ACCESSWIRE / July 6, 2018 / Beta Music Group Inc. (OTC PINK: BEMG), through its operating subsidiary Get Credit Healthy Inc., a leading Fintech company that provides sophisticated credit remediation, identity theft and credit building solutions is pleased to announce the company is without toxic debt and there will be no reverse stock split of BEMG common stock in the foreseeable future.
Elizabeth Karwowski, CEO of BEMG stated, “I am pleased to announce BEMG does not have any toxic debt and has no intention of accepting toxic debt financing. Our focus is to increase Revenues, Profitability and enhance shareholder value for all of our Shareholders.”
What is a Toxic Debt?
Toxic financing is convertible debt or preferred stock that allows the financier, the holder of the debt or preferred shares, to essentially receive an unlimited number of free trading common shares when they convert their debt or preferred shares to common stock. The debt or preferred shares carry an interest or dividend rate that the company is usually unable to pay; and as a result, the financier converts the shares into common shares that they then sell into the market in order to be repaid and earn a profit on the investment. The formula for the conversion into common shares is structured so that there is no downside limit on the price received for the converted shares. This is what is known as a “floorless convertible” and this is what makes the financing or funding toxic.
BEMG, through its operating subsidiary Get Credit Healthy, Inc. utilizes its proprietary processes, platform, and software to integrate with lenders to make it easier to recapture leads. Developed for and by those with extensive experience in the mortgage industry, Get Credit Healthy’s platform has already facilitated over $200 million in new loan Opportunities for its partners. Get Credit Healthy has showed sustained growth over the past three years and shows no signs of slowing down. Get Credit Healthy is working to increase its network of partners and is looking forward to a very promising future. Please visit the company website at www.betamusicgroup.net.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.