IRVINE, CA - (NewMediaWire) - August 31, 2015 - Emaji, Inc. (OTC PINK: EMJI) announced today that is further reducing its total debt by 67%, from $3,300,525 to $1,084,551, a reduction of $2,215,974.
The debt reduction is comprised of the following:
- A write down of $804,072 in Old Accounts Payable and Accrued Liabilities
- Retirement of $599,448 in Convertible Notes
- Reduction of $817,454 in Accrued Salaries
As Emaji continues to execute on its business plan and to strengthen its balance sheet and share structure, the Company has commenced negotiations with a highly experienced international entertainment finance, production and distribution executive to become President and CEO of the Company.
Since January 1, 2015, total liabilities have now been reduced by $3,880,724 to $1,084,551, with convertibles notes having been by reduced by $2,330,402. During the same period, the number of common shares authorized have been reduced from 39.8 billion to 10.8 billion shares. In addition, during the last 18 months, the Company has cancelled and retired 21,937,270,000 shares.
Additional information about Emaji can be found in the Company's reports and filings at www.OTCMarkets.com and on the Emaji website at www.emaji.com.
Emaji, Inc. (OTC: EMJI), based in Irvine, California, is a publicly traded development stage company with three divisions: Sports, Entertainment, and Ventures.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at http://www.OTCMarkets.com.
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.