HUNTINGTON, NY--(Marketwired - Jan 17, 2017) - SeanieMac International Ltd. (OTC PINK: BETS) -- With the recent financing in place, the company needs to address the convertible debt in the company, the overall capital structure and continued financial performance. With regard to those items the company allocated 80% of the first draw down from the recent financing to operations. SeanieMac allocated 20% to the retirement of convertible debt.
The company is in active negotiations with its debt holders for a long term leek out agreement, a conversion lock-up agreement or a direct retirement of debt to give the company the time to publicly announce their financial results for their first and second quarters.
The company is also in favor of a 1-100 reverse split and a reduction of the authorized shares from 4 billion to 400 million.
The company feels the combination of an agreement that addresses convertible debt, continued financial performance and improved capital structure are all in the best interest of long term shareholders.
SeanieMac Limited is an Irish gaming company. It owns and operates "www.SeanieMac.com", an online sports and casino wagering web-based platform serving gamblers directly under the brand name SeanieMac.com.
Safe Harbor Statement
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of SeanieMac International, Ltd. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements regarding our expectations regarding amounts staked and gross profits and our marketing initiatives. Such risks and uncertainties include, among other things, the uncertainty regarding consumer preferences, a decline in the popularity of our website and competition in the online gambling industry. SeanieMac assumes no obligation and does not intend to update these forward-looking statements.
A further description of risks and uncertainties can be found in SeanieMac International, Ltd.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and in its reports on Form 10-Q and Form 8-K.