CEO Doubles Down Purchasing Large Block of Restricted Common Stock, Debt, and Preferred Stock in Private Transaction Aimed to Strengthen the Capital Structure
Powder Springs, GA - (NewMediaWire) - September 22, 2021 - CBMJ CEO Mark Schaftlein, through his company Capital Consulting Inc., has purchased an additional 31M shares of Restricted Common Stock, $30,000 of Convertible Debt with a current balance of $57,775 in a Private Purchase transaction, and 25% interest in Preferred Stock.
With the addition of the 31M shares, Capital Consulting Inc. now owns a total of 60,913,500 restricted Common Shares, which represents 17% of the total Issued and Outstanding Common shares. This more than doubles the shares controlled by the Company’s CEO.
“Closing this transaction further solidifies continued commitment my fellow Directors and I have to building shareholder value for the long term. Coupled with the recent warrant exercise by Capital Consulting Inc., and an investment from Director Floyd Brown, CBMJ now has a more investor friendly share structure,” stated CEO Mark Schaftlein.
The corporate plan is to pay off the $57,775 of Convertible Debt at some future point. This fits with the corporate strategy to retire the majority of existing convertible debt to reduce potential dilution for shareholders. Over the past two quarters, $144,608 of debt including accrued interest has been removed from Convertible consideration as a result of this transaction, and two previous agreements reached to pay off eight additional convertible notes of which four have been paid and retired.
The three Directors now collectively own or control 162.5M Restricted Common shares which amounts to 45% of the of the total Issued and Outstanding Common Stock. Brandon Vallorani (45M Shares) and Floyd Brown (40M Shares) acquired their shares as a result of the acquisition of Dedonato Enterprises and Patriot Depot respectively. In addition, Nacel Energy (16.6M) recently converted $390,749 of debt into Restricted Common Stock at $.0644 per share.
The trading float of free trading stock stands at 98.8M shares.
The 250 Preferred shares acquired will be transferred to fellow Director Floyd Brown to complete a contractual obligation under terms of the Asset Purchase Agreement of Patriot Depot which was acquired in June.
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Conservative Broadcast Media & Journalism’s primary e-commerce sites: Store.FlagandCross.com , and www.patriotdepot.com . In addition, CBMJ operates www.thrashercoffee.com , MilitaryGradeCoffee.com , and www.valloranicigars.com continue to drive product sales while additional news websites, FlagAndCross.com , and http://constitution.com/ are poised to contribute additional ad revenue in 2021.
The Company also confirmed that it has plans this year to increase the distribution of its CEO’s television show “The Schaftlein Report” www.schaftleinreport.com , which focuses on political and economic issues of the day and provides a roster of more than 50 guest commentators a forum to express their views.
About CBMJ: (CBMJ) Conservative Broadcast Media and Journalism is a Digital Marketing Company based in Metro-Atlanta that specializes in reaching a conservative/libertarian/religious audience. Among other assets, CBMJ operates numerous social media accounts across several platforms with over 2 million followers, owns an active database of over 12 million opt-in email subscribers, and publishes a network of 47 monetized political/news websites generating 10 million page views per month. Some of the marquis sites include www.flagandcross.com , www.patriotdepot.com and www.militarygradecoffee.com . The Company also maintains one of the largest collections of historical documents on the web at http://constitution.com/ .
In addition, CBMJ operates a brick-and-mortar coffee shop in Hiram, GA, and e-commerce websites including www.thrashercoffee.com/ , www.valloranicigars.com , and an e-commerce portal at their primary site www.store.flagandcross.com/ . CBMJ now also owns the increasingly popular TV, radio, and social media segment "The Schaftlein Report" hosted by economic analyst and political commentator Mark Schaftlein. https://schaftleinreport.com/
Forward-Looking Statements: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com . These risks and uncertainties could cause the company's actual results to differ materially.