LAS VEGAS, NV--(Marketwired - Dec 8, 2016) - Player's Network, Inc. (OTC PINK: PNTV), a fully reporting publicly traded diversified holding company operating in Media and Marijuana, announced follow up to 8K regarding additional funding.
On November 21, 2016, PNTV entered into a funding agreement with a private group of investors in the form of a promissory note. As of the date of this release, PNTV has received $659,000 of the initial $925,000 with the final payment of $266,000 due on December 15, 2016. Part of the investment includes warrant coverage approximately 350% above market prices when executed. PNTV will receive an additional $3,739,200 in direct capital. PNTV extended additional options of $3 Million dollars as a direct equity investment with $1.5 Million exercisable in April and another $1.5 Million exercisable in May 2017.
"We are very excited to have pro-active, long term investors into PNTV," said CEO Mark Bradley. "This investment is in addition to the previous commitments of $2.5 Million which we disclosed in our September 28th shareholder update. This round of funding pushes us over the edge in regards to the capital needs of all our existing projects."
About Player's Network:
Player's Network is a diversified company with holdings in Media and Medical Marijuana. The Company uses its proprietary Enterprise Web Platform to develop Branded Digital Lifestyle Television Networks for itself and its partners in a wide range of lifestyle categories. Player's Network's current original channels, "Player's Network," "Vegas on Demand," "Real Vegas TV," focus on the Las Vegas and Gaming Lifestyles. These channels are distributed over PNTV's owned and operated VOD Channels over its Broadband Network and Mobile Platforms. The Medical Marijuana assets are primarily through the Company's 86% ownership in Greenleaf Farms Holdings, and PNTV's newest channel, WeedTV.com, which focuses on the rapidly expanding cannabis community. For more information please visit playersnetwork.com.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this Release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to: the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products and services, the ability to achieve a positive cash flow, the ability to obtain orders for or install its products, the ability to obtain new customers and the ability to continue to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.