I expect another PR similar to this one, then off to the races:
Brandmakers, Inc. Substantially Reduces Debt
Suwanee, Georgia-Brandmakers, Inc. (OTCBB: BMKS) (www.brandmakers.com) reduces debt by nearly $500,000 based upon a settlement agreement with Multi Page Communications. In February, 2002 Brandmakers owed $518,400 to Multi Page and negotiated a payoff of $100,000 over a one year period with $5,000 down and payments amortized over a five year period at 9% interest with a balloon payment due on or before March 22, 2003.
Brandmakers sent a check in the amount of $81,202 to satisfy this obligation on March 19, 2002 and will remove a total of $491,707 from notes payable on the balance sheet including the payment of $81,202. The difference of $410,505 will be shown as a profit in the quarterly report dated March 31, 2003 to be filed with the Securities and Exchange Commission. |
