INNOVATIV MEDIA (INMG) REDEEMS SERIES
B PREFERRED SHARES
LOS ANGELES, CA October 11, 2017 (InvestorsHub NewsWire),
Innovativ Media Group, Inc. (OTCPK:INMG) ("Company"), a multi-media
content producer and distributor, today announced that it has
redeemed all of the Series B Preferred Stock held by an original
Company investor in exchange for a Promissory Note for $110,000.
The Company also reported that it had secured an investment from a
private equity source for $52,000 in the form of a 6% Note, which
is convertible into restricted shares of the Company's common stock
at a fixed conversion price of $.0261 per share. The Company has no
other debt on its balance sheet and has no obligation to register
any of the shares.
Tom Coleman, CEO of Innovativ Media said: "The Company decided
it was an appropriate time to exercise the option it had under a
lock-up agreement to redeem the shares and remove any uncertainty
regarding long term dilution. We are committed to scaling
CannaNet.TV http://www.cannanet.tv/ rapidly and the funds
provided by the Note will help us accelerate growth and capitalize
on some developing opportunities".
The CannaNet.TV platform http://www.cannanet.tv/ is a new
online, ad supported channel which will stream curated and original
entertainment, informational and educational content related to the
Cannabis culture and industry that will launch in the 4th
Quarter.
About Innovativ Media Group, Inc.
Innovativ Media Group (Innovativ) is a developer, producer and
distributor of digital entertainment and other multi-media content
which is developing the CannaNet Channels. It distributes the
motion picture assets of Lux Digital Pictures and, via New Broadway
Cinema, develops adaptations of stage shows utilizing its
trademarked DigiTheater Virtual Reality process. Innovativ also
operates The Alien Interview Channel on YouTube in partnership with
Fullscreen, the online channel HPLovecraft.TV and is a principal in
the Film Finance Exchange. http://innovativmedia.com
Forward-Looking Statements:
This press release contains certain "forward-looking"
statements, as defined in the United States Private Securities
Litigation Reform Act of 1995 that involve a number of risks and
uncertainties. Statements, which are not historical facts, are
forward-looking statements. The Company, through its management,
makes forwardlooking public statements concerning its expected
future operations, performance and other developments. Such
forwardlooking statements are necessarily estimates reflecting the
Company's best judgment based upon current information and involve
a number of risks and uncertainties, and there can be no assurance
that other factors will not affect the accuracy of such.
Contact:
Investor Relations
info@innovativmedia.com
510-948-4000