CHICAGO, IL--(Marketwired - Mar 28, 2017) - Epazz, Inc. (OTC PINK: EPAZ), a leading provider of cloud-based business software solutions, has announced the following updates for shareholders regarding the Company's business direction as well as efforts to eliminate toxic debt.
The Company has taken on no new debt in the last year from toxic lenders and is committed to using other funding instruments, which will not include toxic terms. The Company has no debt with any of the convertible debt lenders such as Asher, KBM St. George, Magna Group or IBC. The debt lenders have no shares of the Company.
Over the past year, Epazz management has worked diligently with an ultimate goal of eliminating all toxic debt from the Company's books. The company is working with their attorneys to fight back against predatory funders. This process has involved negotiating with current creditors with regard to debt settlements agreements, which include reduced balances, reduced interest rates (in some cases as low as 0 percent), elimination of many associated legal fees.
Epazz, Inc.'s CEO, Shaun Passley, Ph.D., said, "We have obtained the interest of investors who are willing to fund the Company to grow it to the next level. Part of the agreement with the investors is to eliminate all debt through principal debt settlements and take on no new debt. In the meantime, we continue negotiations with our current debt holders to pay down and eventually eliminate all debt positions. We are getting into a position to start growing the Company."
About Epazz, Inc. (www.epazz.com)
Epazz, Inc. is a leading cloud-based-software company that specializes in providing customized cloud applications to the corporate world, higher-education institutions and the public sector. Epazz BoxesOS™ v3.0 is the complete business web-based software package for small- to mid-size businesses, Fortune 500 enterprises, government agencies and higher-education institutions. BoxesOS provides many of the web-based applications organizations would otherwise need to purchase separately. Epazz's other products are AgentPower™ (a workforce management software) and AutoHire™ (an applicant tracking system).
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking statements such as "may," "expect," "intend," "estimate," "anticipate," "believe" and "continue" (or the negative thereof) or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results or those implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those contemplated by such forward-looking statements. Epazz, Inc. assumes no obligation and has no intention of updating these forward-looking statements, and it takes no obligation to update or correct information prepared by third parties that is not paid for by Epazz, Inc. Investors are encouraged to review Epazz, Inc.'s public filings on SEC.gov, including its unaudited and audited financial statements as well as its Form 10-Ks, and Form 10-Qs, which contain general business information about the company's operations, results of operations, and risks associated with the company and its operations.