Company Completes Convertible Debt Repayment Initiative resulting in
Zero Balance of High-risk Structured Debt
New York, NY, May 28, 2019 (GLOBE NEWSWIRE) -- Pulse Evolution Group, Inc. (OTCQB: DGLF), a leading developer of hyper-realistic digital humans for entertainment, virtual reality, augmented reality and artificial intelligence, today announced the cash prepayment of its remaining, outstanding convertible debt.
With cash prepayments of $1.6 million during 2018, and an additional $843,000 of prepayments thus far in 2019, the Company was able to prepay the entirety of high-risk convertible notes which would have entitled the holders of such notes to convert into the Company’s marketable common shares. The Company’s prepayments were made prior the noteholders vesting in the entitlement to exercise equity conversion rights. The Company now has a zero balance of high-risk structured debt.
“We are pleased to continue the clean-up of our balance sheet as we position Pulse Evolution Group for an aggressive growth agenda”, commented Pulse Chairman Alexander Bafer, “Now with shareholder equity of nearly $270 million, and a portfolio of exciting human animation technology, we feel well positioned to be a leader in the emerging global industry for digital human applications.”
About Pulse Evolution Group, Inc.
New Website: http://www.PulseEvolution.com
Pulse Evolution Group, Inc. (OTCQB: DGLF) is a developer of hyper-realistic digital humans – computer generated assets that can be distributed across the full spectrum of traditional media and emerging display technologies, including live entertainment, virtual reality, augmented reality, mobile, interactive and artificial intelligence applications. The Company’s business plan is to generate revenues through the development and deployment of digital human characters, and related software, but also through the roll-up acquisition of the digital human industry. The Company believes it has the opportunity to make strategic acquisitions of technology and revenue-generating companies, to become a dominant global leader in a sizable and lucrative digital human industry that is, thus far, largely unrecognized as an industry.
In August 2018, the Company acquired Evolution AI Corporation, a developer of digital humans as an ‘inter-Face’ of artificial intelligence applications, including its majority interest in Pulse Evolution Corporation (OTC:PLFX), a globally recognized leader in the development of hyper-realistic digital humans for entertainment. Evolution AI Corporation’s John Textor, previously described by Forbes magazine as “Hollywood’s Virtual Reality Guru”, now serves as the Company’s CEO. Together with Chairman Alexander Bafer, the Company’s management is committed to applications of Mixed Reality (VR and AR) and the important role that digital humans and artificial intelligence will play in the world of immersive entertainment. Our leadership team is currently focused on applications of digital humans in entertainment. We believe the entertainment industry provides us with attractive near-term opportunities to put digital humans to work in proven performance-oriented business models, while also allowing us to use the visibility of our globally recognized celebrities to showcase our digital human technologies and their applications across other industries. Accordingly, our current business plan is to generate revenues from our digital human representations of some of the world’s best-known living and late celebrities.
Beyond entertainment, we believe our specific business opportunity will be driven by the rapid evolution of the methods by which people access information and content through various forms of interactive electronic media. We believe that we are moving toward a world in which we will simply ask a computer a question and we will be given an answer, by a hyper-realistic digital human who possesses a universe of accurate and relevant information. Through our continued development of the world’s most advanced human animation technology, and our collaboration with the larger community of artificial intelligence pioneers, we expect that we will do more than just put a face on ‘AI.’ We intend to build your most knowledgeable teacher, your most trusted advisor, and in a digital world that reveals more possibilities each day, maybe even your best friend.
Now, with a complete understanding of creative and technical content creation, a global reputation for delivering some of the world’s most visually stunning imagery, including our unprecedented hyper-realistic digital humans, and with proprietary technology that is as attractive to strategic partners as it is to consumers, we believe the Company has a profound and global opportunity to capitalize on the most lucrative business opportunities across the industries of entertainment, education, communications and artificial intelligence.
Our most recent SEC filings and financial information can be found on the Securities and Exchange Commission's website at www.SEC.gov
FORWARD-LOOKING STATEMENTS; ADDITIONAL INFORMATION
Certain statements in this communication may be “forward-looking statements” that are subject to risks and uncertainties, are based on management’s current expectations, and as a result of the following risks and uncertainties, among others, actual results and events may differ materially; the successful integration of Pulse Evolution Group (formerly Recall Studios), Evolution AI, and Pulse Evolution Corporation, and the ability to realize synergies and other benefits; the availability of funds to meet debt obligations and to fund operations and necessary capital expenditures; and other risks and uncertainties detailed our filings with the Securities and Exchange Commission. More information on potential factors that could affect our financial results is included from time to time in our SEC filings and reports. Pulse Evolution Group disclaims any obligation to update information contained in these forward-looking statements.
Pulse Evolution Group, Inc.