Los Angeles, California, February 23, 2021 – – Valiant Eagle Inc. (OTC Pink: PSRU) is pleased to announce that it has shed a significant portion of its convertible debt. Xavier Mitchell, CEO and significant debt holder, has agreed to forgive all of his convertible debt to increase profitability and make the balance sheet significantly more attractive.
This new initiative will be reflected in the March 31, 2021 disclosure statement filed with OTC Markets Group Inc. The approximate amount of the debt is $26,500,000.
Xavier Mitchell’s forgiveness of the debt owed to him will allow the company to become profitable sooner than anticipated. As a significant preferred and common shareholder, he is a direct beneficiary. Paying off the convertible debt is not only fiscally responsible, it strengthens the balance sheet and enables it to explore new initiatives to help the company increase shareholder value in 2021.
Xavier Mitchell, CEO of Valiant Eagle Inc. (OTC Pink: PSRU), states, “I have forgiven all of the debt the company owes me. This was completed to align my interests more closely with that of the common shareholders. Furthermore, this will allow us to attract more institutional investors. Our annual report for the period ending December 31, 2020, shows revenue of $1,940,799, but our interest expense was $2,079,073. With a good portion of the interest expense now eradicated, our path to profitability is more apparent. We continue to improve our capital structure to support our long-term timeline and goals, and we believe Valiant Eagle is well-positioned for growth in 2021 and beyond.”
Without the burden of debt weighing on the Company, Valiant Eagle can now dedicate its energy and funds to the many projects happening under its subsidiaries like OKTV, Franchise X Entertainment, Providence Film Group, Xavier Media Group and ABA Canada.
Updates will be forthcoming.
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Valiant Eagle, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Valiant Eagle, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
About Providence Film Group
Providence Films is a Los Angeles based entertainment studio whose industry offerings service the multi-billion-dollar motion picture, television and music industries. Providence Films foci consist of motion picture production, television production, home video acquisition and distribution, and the development of new entertainment opportunities in an innovative and targeted style.
Providence Film Group
About Valiant Eagle, Inc.
Valiant Eagle, Inc. (OTC Pink: PSRU) is a publicly traded corporation focused on the energizing of celebrity entertainment, social media and TV communications. VE aims to achieve an unparalleled advancement towards media through music, sports and, with respect to the millennial generation, through technology. Technology is an important part of our life especially in the last century more than ever. With benefits such as speed, accuracy, unlimited information and more, the internet has provided various means of communicating without delay nor difficulty. However, a level of consumer satisfaction has yet to be reached. Valiant Eagle, Inc. looks to fill this void.
Valiant Eagle, Inc.