SOURCE: MK Automotive, Inc.

April 25, 2017 08:30 ET

MK Automotive Renegotiates Existing Convertible Debt, 4.7 Billion Shares Removed From Market Overhang

"Best Interests of Shareholders," "Economic Fairness" Served by Renegotiation

PHOENIX, AZ--(Marketwired - Apr 25, 2017) - MK Automotive, Inc. (OTC PINK: MKAU), a live video streaming (over-the-top or OTT) service and original content incubator, announced today that it has successfully renegotiated the conversion rate of an existing convertible note, to the effect that 4.7 billion shares are no longer available on full conversion. The company also announced that its efforts to restructure other existing convertible debt instruments are ongoing.

"Only the successful launch of our Clikia video streaming service had priority over our efforts to restructure our convertible debt structure," said MKAU CEO and Clikia founder, David Loflin. "These debt restructuring efforts are fundamentally important to the future progress of our company -- they are important to our business efforts, of course, but they are equally, if not more, important to establishing, in the market, the reality that our management seeks to serve the best interests of our shareholders and for economic fairness in all company transactions. I am extremely optimistic about our business and financial evolution," Mr. Loflin added.

About Clikia

Clikia is a content delivery company within the rapidly expanding "over-the-top" marketplace, an extremely attractive and active marketplace positioned at the very center of the inevitable, unstoppable merger of two dynamic universes: television and digital video.

Clikia's entertainment streaming packages are flexible enough to satisfy younger consumer groups, as well as the traditional consumer groups who have become comfortable in securing a wide-ranging buffet of programming options from a single provider.

What is "Over-the-top"?

"Over-the-top," or OTT, is the term used to describe the delivery of film and TV content via the Internet, without requiring users to subscribe to a traditional cable or satellite pay-TV service, like Comcast or Time Warner Cable.

This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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