Foothills Exploration Inc (OTCMKTS: FTXP) To Enjoy The Elimination Of A Toxic Debt Of Almost $1.6 Million
Foothills Exploration Inc (OTCMKTS: FTXP) has spoken about eliminating a massive debt of almost $1.6 million today. The elimination of the outstanding variable-rate convertible debt positions the company on the path to achieving massive business success soon.
The essence of the latest move
Foothills Exploration Inc has made a tremendous step forward in cleaning up its balance sheet. The company’s management team has held several meetings to discuss ways to eliminate the outstanding variable rate convertible debt, and they have finally found a solution.
The settlement
The company speaks out concerning the settlement and mutual release agreements it has reached, citing that the shareholders will have a lot to gain from its strong moves. A lot has been going on over the past 100 days. The undertakings might change the company’s business for the better.
The company takes great pride in paying about $1.6 million, terming it a significant achievement. Paying this amount frees the company because it succeeded in retiring 10 variable-rate convertible promissory notes.
- Sylla and analysts perspectives
The recent move happens to be a moment of great transformation for the company. They believe that the recent step positions the company at a point that guarantees it tremendous future growth.
The Executive Chairman of Foothills, Kevin J. Sylla, opines, “Management is making good on its promise to take steps to avoid future shareholder dilution and taking strong action to reduce or completely eliminate toxic debt and future dilution risk for our shareholders. This colossal step prevents several billions of shares from coming onto the market.”
Foothills Exploration, Inc remains committed to scaling higher to take up the market leadership position in the oil and gas exploration sector.