ATLANTA, GA / ACCESS Newswire / February 19, 2025 / Conservative Broadcast Media & Journalism (OTC PINK:CBMJ) announced that it has reduced its overall debt by approximately 44%. This was accomplished by restructuring the $1.89M balance owed under a $2.0M note from the original purchase by AMP News, Inc., a CBMJ wholly owned subsidiary, of the independent broadcast media, news and entertainment business assets owned by American Media Periscope LLC.
Under the new terms, the remaining $1.89M is replaced by a new note for $110K paid in monthly instalments over two years. In addition, $175K of the prior note is converted into 3.5M restricted common shares, a $50K cash payment was made on the prior note and an assignment of $100K due on the prior note was made to a CMBJ investor.
Approximately $1.155M of the prior note is extinguished and CBMJ will record cancellation of indebtedness income in Q-1 to reflect said transaction.
The remaining $300K remaining under the prior note will be extinguished or assigned over the next 6 months.
Commentating on the transaction, CEO Mark Schaftlein stated the following "This restructuring materially improves the balance sheet of the company.
We are happy to have worked with the founder of American Media Periscope LLC, John Chambers, on this restructuring and for the long-term benefit this brings"
About Patriot.TV: Patriot.TV is a leading media broadcast platform wholly owned by CBMJ dedicated to providing cutting-edge, informative content across television, radio, and online platforms. With a focus on truth, freedom, and empowering narratives, Patriot.TV is at the forefront of shaping the future of media consumption. Visit www.patriot.tv for more information.
About CBMJ: (OTC PINK:CBMJ) Conservative Broadcast Media and Journalism is a media and web-based Patriot Company.
Forward-Looking Statements: This release contains 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. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company's actual results to differ materially.
Mark Schaftlein
877-704-6773
SOURCE: Conservative Broadcast Media & Journalism, Inc.
View the original press release on ACCESS Newswire
