Golf/Sienna Broadcasting Retires Convertible Debenture Series
SPRINGDALE, Ark., June 25 /PRNewswire-FirstCall/ -- Golf Entertainment, Inc. dba Sienna Broadcasting (OTC Bulletin Board: GECC) has retired the final debenture of a series of debt instruments created in 1999 that helped keep the company afloat in fiscal 2000 and 2001. CEO Dr. Tim Brooker said the debenture was formally cancelled at 10 a.m., Tuesday. "We feel this marks a milestone in the Company's return to active business operations."
The debenture, with a face value of $61,595, could have been converted to approximately 1.53 million shares of common stock of the Company, had it not been retired, Brooker said. The debt was retired with income derived from a Company production project, "Welcome to America."
The original debenture series was purchased by the Company's former CEO in an effort to keep the Company afloat while it sought business alternatives. "We are comfortable knowing that this debt is now behind us," Brooker said. "Our philosophy is to retire debt whenever possible and as quickly as possible."
Brooker said the Company is presently operating ahead of breakeven and does not foresee the use of convertible debenture financing in the near term. "We apparently caused some confusion when we mentioned using convertible debentures as part of a private placement process in an earlier SEC filing. That plan was scrapped shortly after it was mentioned in our last annual report."
The Company said it will begin taping its previously announced three-part series, "Welcome to America" on Friday and expects project completion by late August.
SOURCE Golf Entertainment, Inc.
/CONTACT: David Duncan of GECC-Sienna Broadcasting, +1-479-751-2300/ |
