SALT LAKE CITY, March 19, 2018 (GLOBE NEWSWIRE) — Sack Lunch Productions, Inc.(OTC PINK:SAKL) announced today that it has reduced a significant amount of debt through a series of transactions designed to simplify operations and reduce administrative costs. SAKL sold a partially vacant property in January for the total sale price of $880,000. The proceeds were used to eliminate $688,040 in debt, as well as provide short term working capital.
More recently, SAKL sold its interest of 90% plus interest in Green Endeavors, Inc. (GRNE), the parent company of its Landis Salons operations. The sale was consummated to further streamline operations, as well as to eliminate over $1M worth of liabilities that have historically been consolidated on the SAKL balance sheet. The shares in GRNE were sold for $100,000 in the form of a cash payment to a secured creditor of SAKL. GRNE showed recurring losses and a negative net worth. A series of transactions are expected to occur which will eliminate what were intercompany balances.
SAKL recently announced its Regulation A+ Offering has been filed with the SEC and was qualified March 2, 2018. The Offering Circular pursuant to Regulation A+ is to offer Series E Convertible Preferred Stock to the public. The offering will be for up to 2,400,000 shares of Series E Convertible Preferred Shares with potential proceeds in excess of $10,000,000.
To invest in our Series E Preferred shares under the offering, see Invest in Sack Lunch.