#Energy/#Cleantech #Stock News - FOOTHILLS EXPLORATION INC. (OTC: $FTXP) ANNOUCES ELIMINATION OF MORE THAN $1.6 MILLION OF OUTSTANDING VARIABLE-RATE CONVERTIBLE DEBT; @Foothills_FTXP
LOS ANGELES, June 24, 2021 – (Investorideas.com
newswire ) Breaking
energy/cleantech stock news – Foothills Exploration, Inc. (OTC: FTXP),, including its
direct and indirect subsidiaries, ("Foothills," or the
"Company"), an oil and gas exploration company, is pleased to
announce that the Company has reached settlement agreements with and/or repaid
and retired convertible promissory notes with all but one of its variable-rate
convertible noteholders.
Read this news, featuring FTXP in full at https://www.investorideas.com/News/2021/renewable-energy/06241FTXP-Eliminate-Variable-Rate-Convertible-Debt.asp
Balance Sheet
Initiatives:
For the remainder of 2021, the Company’s intended strategy
is to settle and eliminate its outstanding variable rate convertible debt to
clean up its balance sheet and better position itself for future growth.
To that end, the Company has reached settlement and
mutual release agreements with and/or repaid and retired convertible promissory
notes with all but one of its variable-rate convertible noteholders. Over the
past 100 days, the Company has paid $1.6 million to retire 10 variable-rate convertible
promissory notes.
“This is a significant accomplishment, which
positions the Company for tremendous future growth,” commended Kevin J. Sylla,
Executive Chairman of Foothills. “Management is making good on its promise to
take steps to avoid future shareholder dilution and taking strong action to
reduce or completely eliminate toxic debt and future dilution risk for our
shareholders. This colossal step prevents several billions of shares from
coming onto the market,” continued Sylla.
The Company notes that all of its outstanding
capital obligations to its convertible noteholders were subject to conversion
at a significant discount to the stock’s current trading price. However, as a
result of the Company’s move to eliminate these obligations, no related
conversions will take place. In place of the variable rate convertible notes,
the Company has taken on several fixed rate convertible notes from the same
lender with a conversion price set above the market, which it plans to refinance
prior to maturity.
About the Company
Foothills
Exploration, Inc. (FTXP), is an oil and gas exploration and development company
focused on delivering the energy needs of today and tomorrow. The Company’s
strategy is to build a balanced portfolio of assets through two core
initiatives. The first initiative is to generate high-impact oil and gas
exploration projects. The second is to invest in hydrogen and geothermal
projects for a low carbon future through its New Energy Ventures division by
identifying areas where the Company can contribute to a viable, realistic, and
balanced future energy mix. For additional information please visit the Company’s website at www.foothillspetro.com.
Forward-Looking Statements
All statements, other than statements of historical
facts, included in this release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the future are
forward-looking statements. These statements are based on certain assumptions
we made based on management's experience, perception of historical trends and
technical analyses, current conditions, capital plans, drilling plans, production
expectations, our ability to raise adequate additional capital, or enter into
other financing arrangements to support our acquisition, development and
drilling activities, anticipated future developments, and other factors
believed to be appropriate and reasonable by management. When used in this
release, words such as "will," “possible,” "potential,"
"believe," "estimate," "intend,"
"expect," "may," "should,"
"anticipate," "could," "plan,"
"predict," "project," "profile,"
"model," "strategy," "future" or their negatives
or the statements that include these words or other words that convey the
uncertainty of future events or outcomes, are intended to identify
forward-looking statements, although not all forward-looking statements contain
such identifying words. In particular, statements, express or implied,
concerning our future operating results and returns or our ability to acquire
or develop proven or probable reserves, our ability to replace or increase
reserves, increase production, or generate income or cash flows are
forward-looking statements.
Forward-looking statements are not guarantees of
performance. Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond our control. While forward-looking
statements are based on assumptions and analyses made by us that we believe to
be reasonable under the circumstances, whether actual results and developments
will meet our expectations and predictions depend on a number of risks and
uncertainties which could cause our actual results, performance, and financial
condition to differ materially from our expectations. As a result, no assurance
can be given that these assumptions are accurate or that any of these
expectations will be achieved (in full or at all) or will prove to have been
correct. We have had sporadic and limited revenue and our securities are
subject to considerable risk. Investors are cautioned to review FTXP’s filings
with the Securities and Exchange Commission for a discussion of risk and other
factors that affect our business. Any forward-looking statement made by us in
this news release speaks only as of the date on which it is made. Factors or
events that could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether as a result
of new information, future development or otherwise, except as may be required
by law. The Company intends that all forward-looking statements be
subject to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Investor Contact
Christopher
Jarvis
EVP of
Finance
(800) 204-5510
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