SOURCE: Co-Signer, Inc.

Co-Signer, Inc.

November 08, 2013 09:00 ET

Co-Signer Refinances Legacy Debt and Cures Past Defaults

Acquires New Capital and Transitions Variable Rate Convertible Debt to Fixed

HENDERSON, NV--(Marketwired - Nov 8, 2013) - Co-Signer, Inc. (OTCQB: COSR), announced today that it has refinanced its two largest convertible notes, and, in the process, cured past defaults and avoided a costly discounted conversion. Additionally, the Company acquired new working capital and transitioned its variable conversion rate debt to fixed. The Company through its wholly-owned subsidiary, Co-Signer.com, is the nation's premier commercial provider of residential rent assurance services offering rental guarantees on behalf of tenant clients to landlords, property managers, leasing agents and others that may be responsible for residential leasing.

The two notes were the two largest obligations of the legacy business which were retained after the Company otherwise sold the business operations and other debts to its former CEO. One note, involving a conversion discount to market of 45% was paid off through a new loan with a fixed conversion rate of $0.075. The note had become due and this refinancing gave the company an additional 30 days to pay the obligation on more favorable terms.

The other note, the Company's largest, was restructured with the creditor's cooperation, on more favorable terms, curing a long past default and cancelling the default interest charges. As part of this restructuring, the Company rolled a large amount of its currently due accounts payable owed to the creditor into the note and extended the due date on the entire amount owed until May 31, 2014.

The Company also negotiated two additional debt accommodations, raising additional capital to be used for business operations. For these funds the Company issued two new convertible notes at a fixed rate of $.075 per share.

"We are very pleased with this refinancing and additional capital," said Darren Magot the Company's Interim CEO and President. "We believe that this has dramatically improved our financial position and cleaned up most of the debt we inherited from our recent merger. We are very thankful for the cooperation and support we received from our creditors in eliminating the past defaults and extending the due date on the note."

Mr. Magot added, "We are excited about the continuing interest in Co-Signer's branded web site and residential guarantee services, including the meetings we have with other exhibitors at the upcoming National Association of Realtors Expo this weekend in San Francisco. We believe our shareholders our being served well by the company's business strategy and aggressive development."

Further information regarding the refinancing of the notes can be found in the Company's report on form 8K filed with the Securities and Exchange Commission.

For landlords, property managers and tenants seeking more information about the Company's subsidiary that provides residential rent assurance commonly known as rent guarantees, please visit www.Co-Signer.com or email Rebecca@Co-Signer.com.

About Co-Signer, Inc.
Co-Signer, Inc. is a financial and real estate services company. Its wholly-owned subsidiary, Co-Signer.com, Inc. is the nation's premier commercial provider of residential rent assurance services offering rental guarantees on behalf of tenant clients to landlords, property managers, leasing agents and others that may be responsible for residential leasing. Co-Signer.com, Inc. provides its fee based tenant service to those who may have no, poor or bad credit due to a short sale, a bankruptcy, inconsistent employment, a long-term health issue or other circumstances. Typically these tenants are able to afford the rental payment for the new residence they seek. However, superficially their credit scores and financial profile do not readily qualify them with the prospective landlord. Cosigning services are available whether the tenant seeks a single family home, condominium, townhouse, or apartment anywhere in the United States. Co-Signer.com, Inc. uses a proprietary underwriting process with state of the art information services to achieve low default ratios that maximize company profitability.

The Company's business strategy is to make the use of commercial rent assurance the U.S. industry standard by focusing its resources and market awareness efforts on landlords and property managers, educating them on the simplicity and value of the Company's service that facilitates housing for tenants and maximizes occupancy rates and cash flow for landlords. With almost 39,000,000 rental units in the United States and 1 out of every 4 adults having poor or bad credit, the demand for commercialized cosigning services provides a real growth opportunity.

Forward-looking & Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cautions that these forward-looking statements are further qualified by other factors. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact Information

  • Investor Inquiries:
    Mr. Andrew Haag
    Managing Partner
    IRTH Communications, LLC
    Tel: +1-866-976-IRTH (4784)
    E-Mail:Email Contact, Email Contact
    Website: www.IRTHCommunications.com
    Company Website: www.Co-Signer.com