American Films Strengthens Balance Sheet Through Redemption of 13.4 Million Shares of Common Stock and $1.2 Million Debt Reduction
BAY HARBOR, FL / ACCESSWIRE / August 16, 2022 / American Films, Inc. (OTC PINK:AMFL) ("AFI" or the "Company") today announced that it has redeemed 13,421,000 shares of its common stock, which will reduce its total shares issued and outstanding by approximately 20%. Additionally, the Company has reduced its legacy debt balances by over $1.2 million, or approximately 68%, since fiscal year end 2021.
AFI's Chief Financial Officer Jamie Warren said, "Considerable focus over the past several months has been placed on transitioning AFI's financial position to more healthy capitalization levels. This activity strengthens the Company's balance sheet and drives value for our shareholders."
"The management team's key focus is on maximizing value for AFI's shareholders as we deliver on the Company's global strategy around IP protection and monetization," said Geoff Lee, President and Chief Executive Officer of AFI. Lee added, "This material debt reduction and share redemption is a positive development for the Company as it moves into its next phase of growth."
About American Films
American Films owns, develops, and acquires intellectual property, which it seeks to monetize at higher rates through proprietary technology, litigation, and asset digitization. Its unique proprietary processes and technology include FACTERRA, a web-based evidence gathering program that identifies instances of copyright infringement and allows American Films to pursue intellectual property protection litigation on behalf of copyright owners. American Films supports the creative process and protects intellectual property in the film and music industries. For more information, visit https://americanfilms.us/.
American Films Media Contacts
SOURCE:American Films, Inc.
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