SAN DIEGO, CA— MAXD, (Marketwired – April 15, 2016) – Max Sound Corporation (OTCQB: MAXD) the innovators of MAX-D, the disruptive HD Audio Technology, announced today that it has met its 2016 goal of consolidating and paying down $3.6 million in outstanding convertible debt notes.
Over the past few years the Company has paid for its R&D, lawsuits and operations using convertible notes. These notes have allowed MAXD to build a strong IP portfolio, and multifaceted potential revenue platforms. However, without strong trading volume these same convertible notes can add unwanted dilution and downward stock trading pressure.
Beginning Q4 of 2015, in an effort to stop dilution of its common stock and stabilize the MAXD share price, the Company began aggressively paying back millions in debt to its various convertible note-holders.
Today MAXD has accomplished the long-term objective of paying-off all previous outstanding convertible notes and consolidating its debt with a friendly, long-term, strategic financing partnership. The Company will continue to focus on securing strategic licensing opportunities, strengthening its IP portfolio and have the court complete the process of enforcing MAXD’s rights to the ODT technology under its VSL contract.
“We are pleased with this new financing, and believe it will be beneficial to the Company, its Shareholders and Investors. The terms of this funding sends a message to the market that MAXD is fiscally strong and ready for an acceleration upon future positive news and events,” said John Blaisure, CEO of Max Sound Corp.
About Max Sound Corporation: As creators of acclaimed MAX-D HD Audio, Max Sound can provide a better solution for Audio, Video and Data transmissions. Max Sound Corporation is the company that brings forth technologies for the betterment of our world, including VSL’s Optimized Data Transmission Technology. Max Sound®, MAXD® and MAX-D Audio Perfected® are registered trademarks. All other trademarks are the property of their respective owners. To learn more about the MAX-D Technology, please visit http://maxd.audio.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Statements in this press release which are not purely historical, including statements regarding Max Sound’s intentions, beliefs, expectations, representations, projections, plans or strategies regarding the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company’s cash flow or adequacy of capital resources, market acceptance risks, technical development risks, and other risk factors. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Max Sound disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Max Sound Corporation and its Affiliates on its website http://maxd.audio or at http://www.sec.gov.