SOURCE: Players Network

May 05, 2014 09:40 ET

Players Network Announces Debt Reduction of $767,950

The Debt Reduction Includes Pay-Off of the Final Asher Enterprise Note Prior to Conversion; This Repayment Eliminates 100% of Asher Enterprise Related Obligations and Release All Associated Reserved Stock and Derivative Liabilities

LAS VEGAS, NV--(Marketwired - May 5, 2014) - Players Network (OTCQB: PNTV), a Digital Television, Technology and New Media company that develops, owns, and operates Branded Lifestyle Channel Destinations, announces today that on Friday, May 2, 2014 that they repaid the final Asher Note, "Note 9," from October 28, 2013. This completes a total debt reduction for the Company of $767,950 during 2013 and the 1st Quarter of 2014, inclusive of $351,210 of outstanding payables that have been settled or repaid of several notes. In addition to Asher, the company had paid off or satisfied through conversion other notes held by Continental Equities and JMJ.

CEO Mark Bradley states: "We thank all the companies that provided us debt financing for their support of our business plans during a difficult transitional period. We are also pleased to announce that with our recent successes we have been able to secure both direct equity investment into the Company and more attractive financing terms, and that repaying these notes prior to conversion was thought to be in the best long term interest of the Company and it Shareholders." Bradley adds, "This improvement in our balance sheet as well as the continued steady progress in the fundamentals of our business and growth in revenues open alternative sources of capital and more traditional sources of financing to the Company."

About Players Network:

Players Network is a Television and Digital New Media Company that uses its proprietary Enterprise Web Platform to develop numerous Branded Digital Lifestyle Networks for itself and its partners in a wide range of lifestyle categories. Players Network's current original channels, "Weed TV," "Players Network," "Vegas on Demand," "Real Vegas TV," focus on Las Vegas and Gaming Lifestyles. They are distributed over PNTV's owned and operated VOD Channels on TV in over 23,000,000 homes over Comcast, its Broadband Network and Mobile Platforms, on Hulu, Google, YouTube, Blinkx and Yahoo Video, on DVD, and through worldwide television syndication. For more information please visit www.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, 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.

Contact Information

  • CONTACT:
    Media inquires contact:
    Lisa Mayo-DeRiso
    702.576.2659

    For Investor inquiries Contact(s):
    Zachary R. Logan
    Drew S. Phillips
    858.886.7237
    info@pacifificequityusa.com