CHARLOTTE, NC / ACCESSWIRE / April 27, 2022 / Pacific Software, Inc. (OTC PINK:PFSF), a restaurant developer and brand incubator, today announced the restructuring of certain debts to improve the company's capital structure and balance sheet in preparation for 2022 growth goals.
"In the last year we've worked hard to right-size the Company's financials and capital structure as our current restaurant investments have begun to bear fruit," said Chief Operating Officer Michael Finkelstein. "As we prepare to launch multiple new locations and brands imminently, this restructure was a key step in preparing for what we expect will be substantial growth in 2022. I'm excited about Pacific's new direction and look forward to sharing our progress over the coming months."
Under the changes, the company restructured approximately $3,000,000 of legacy notes to a fixed price conversion rate from a fixed percentage conversion rate. This change eliminates premiums recognized as a liability and interest expense upon note issuance. As the premiums were eliminated due to restructuring the notes to fixed price conversions, the Company recognized significant gains on debt extinguishment. Under the restructured debt the Company has simplified accounting, transparency, and improved the predictability of the Company's capital structure.
About Pacific Software, Inc.
Pacific Software, Inc. (OTC PINK:PFSF), through its subsidiaries and joint ventures, is an owner, partner, and investor in the restaurant business in the US, organized to both develop new restaurants and incubate promising brands. The Company's portfolio of unique fast-casual and family-style brands includes The Gallo Group of restaurants, operated by Raffaele Gallo and James Beard award-winning chef Guiseppe Castellano, a World of Beer location, and The Good Wurst chain by renowned restaurateur Lincoln Clark. For more information, please visit www.pacific-software.com.
Forward-Looking Statements
This press release may include certain statements that are forward - looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended. The forward-looking statements in this press release are based on Pacific Software, Inc, current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include Pacific Software's anticipated new developments, business prospects, financial performance, strategies and similar matters. Pacific Software disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
CONTACT:
Michael Finkelstein COO
Tel: 704 397 7622
Email: [email protected]
SOURCE: Pacific Software, Inc.