HOLLYWOOD, June 27, 2014 (GLOBE NEWSWIRE) -- The Movie & Music Network (OTCQB:DIDG), the Hollywood, California-based online content provider, has paid off $27,500 of convertible debt due Asher Enterprises on June 27th, 2014. This represented a portion of the company's current debt structure. The payoff carried a premium to the principal amount as well as interest. The Music & Movie Network has historically relied on convertible debt to fund operations.
Stated Martin W. Greenwald, CEO, "The pay down of outstanding convertible debt is an important event for our shareholders. Like all small companies starved for operating capital, we rely on convertible debt lenders. When notes become due 6 months after issuance, companies have the option of paying the note or converting the debt into discounted free trading stock. Over the past year the company borrowed and paid back with stock conversions. This unfortunately swelled our issued and outstanding shares, which now number approximately 160,000,000 shares."
The Movie & Music Network provides film and television content to monthly subscribers who access the service online or through the increasingly popular Roku set-top box format.
Greenwald continued, "The board of directors of The Digital Development Group has decided to take the path of having paid the current note and paying upcoming notes, when prudent, before they convert. By doing so, we're able to keep our share count under control and deliver more value to our shareholders."
"Our income continues to climb," he noted. "We're looking forward to the eminent launch of MJ360, our cannabis channel, as well as the rollout of our Apple iOS application. The iOS app has the potential to open up a huge portion of the mobile market, barely touched by the company."
"At the end of the day," he added, "the opportunity to pay off future notes as they come due will be driven—entirely--by an increasing revenue stream coupled with smart management. Revenues continue to climb and we are excited about reporting growth for the quarter that ends next week. We are beyond excited at the prospects for the second half that starts July 1st."
Greenwald concluded, "Increasing cash-flow, simply said, pays down company debt. In polling our shareholders they unanimously support this strategy."
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Digital Development Group Corp. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. Digital Development Group Corp. undertakes no obligation to revise these statements following the date of this news release. Additional details of the Company's business can be found in its public disclosures as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. Please refer to our full disclaimer, which includes our safe harbor statement, by clicking on or copying this link below into your browser: http://www.movieandmusicnetwork.com/secfilings
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Source: The Movie & Music Network