PHOENIX, AZ -- (Marketwired) -- 05/04/17 -- NOHO, Inc. (OTC: DRNK), a Wyoming corporation (the "Company"), announced the following:
Freeze on Conversions
The Company has executed a standstill agreement with its largest note holder, Carbourn Capital, LP ("Carbourn"), to freeze conversions on all notes issued to Carbourn after March 2015. The agreement will allow the parties to continue to extend the freeze on conversions, as well as negotiate a leak-out agreement to restrict sales in the future.
The Company has reduced its Authorized shares from 65 billion to 25 billion. The reduction has already been reflected by the Wyoming Secretary of State.
David Mersky, NOHO's CEO said, "We are continuing to build a solid foundation for NOHO moving forward and are pleased to announce that we have executed a standstill agreement with our largest note holder. In addition to freezing conversions, we are working together to ensure that any future conversions and sales are restricted with a focus on maintaining our share price."
Johnson Family Partnership
The MDHC Johnson Family Partnership, LLLP, has agreed to accept piggy-back rights on the previously issued Series C Preferred Stock issued in exchange for the assets of EMS in 2016. The trust will have the right to register the Series C for sale through an S-1 registration on an "as is" basis. The Series C Preferred stock has no conversion rights to common stock.
The Company has successfully resolved an outstanding judgment from Typenex Co-Investment LLC, obtained by the default of prior management, in the sum of $233,000.00. The Company has settled the judgment and substantially reduced the liability, by issuance of a $75,000.00 note in lieu of litigation. In addition, by way of agreement, the Company was able to negotiate terms to significantly restrict Typenex's sale of stock.
FINANCIAL SERVICES DIVISION
The Company will be releasing news on the newly created financial services division next week with information on its positive impact on NOHO shareholders. "The Company is really excited to introduce this financing model to the market. NOHO is the incubator for this new business and we're looking forward to providing more information on this shortly and how we believe it will create value for our shareholders," stated NOHO's CEO, David Mersky.
Cautionary Note Regarding Forward-Looking Statements.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Noho, Inc. (the "Company"), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.