Webxu, a media company that owns and operates a network of consumer branded websites and businesses focused on Customer Acquisition, E-Commerce and Mobile Media, today announced the conversion of existing bridge debt and an improved Balance Sheet.
During Q1 2013, Webxu note holders converted $550 thousand of debt into common stock. The amount converted represents 32.4% of investment debt, 17.7% of all debt appearing on Webxu’s 12/31/12 Balance Sheet. Part of Webxu’s strategy for 2013 is to reduce liabilities on their Balance Sheet, while continuing to increase revenue and profit margin.
“We are extremely pleased that many of our original note holders chose to convert their debt into our common stock,” said Keith Schaefer , Webxu CEO. “This not only improves our Balance Sheet but points to a vote of confidence in Webxu long term by our original note holders and we intend to continue to pursue further debt reduction going forward.”
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