EAGLE POINT, Ore., June 18, 2018 (GLOBE NEWSWIRE) — Grow Condos, Inc., (OTCPK:GRWC) announces that all notes issued pursuant to the Company’s 2016 debt offerings have been retired and the Company has no further obligations under the notes of those offerings. “We’re excited to have this convertible debt fully retired as we continue to strengthen Grow Condos’ balance sheet and drive shareholder value,” Chief Executive Officer Wayne Zallen stated. “Our stock had been under enormous pressure due to the large amount of debt converted into shares and introduced into the market, and the dilution of the stock has been a concern to us and all of our shareholders. To see the conclusion is a relief to all of us. We are aware that going forward we will need to generate sufficient revenues to become self-financing. Should we need capital to fund future operations, we will strive to be more judicious in the terms of such financing. We are confident that this approach will result in better shareholder value.”
About Grow Condos, Inc.: Grow Condos is a publicly traded company listed under the symbol GRWC. We own and manage a 15,000-square foot condo style warehouse in Eagle Point, Oregon, Smoke On The Water, a 420 friendly campground located in Lake Selmac, Oregon, and a property in Eugene, Oregon.
Safe Harbor: This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Grow Condos, Inc, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Condos, Inc.’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Grow Condos, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the company’s website.