Advertisement
Canada markets closed
  • S&P/TSX

    21,899.99
    -210.11 (-0.95%)
     
  • S&P 500

    5,123.41
    -75.65 (-1.46%)
     
  • DOW

    37,983.24
    -475.86 (-1.24%)
     
  • CAD/USD

    0.7269
    +0.0007 (+0.10%)
     
  • CRUDE OIL

    85.26
    -0.40 (-0.47%)
     
  • Bitcoin CAD

    89,742.73
    +3,519.16 (+4.08%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,376.30
    +2.20 (+0.09%)
     
  • RUSSELL 2000

    2,003.17
    -39.43 (-1.93%)
     
  • 10-Yr Bond

    4.4990
    -0.0770 (-1.68%)
     
  • NASDAQ futures

    18,221.25
    +42.00 (+0.23%)
     
  • VOLATILITY

    17.31
    +2.40 (+16.10%)
     
  • FTSE

    7,995.58
    +71.78 (+0.91%)
     
  • NIKKEI 225

    39,114.19
    -409.36 (-1.04%)
     
  • CAD/EUR

    0.6821
    +0.0002 (+0.03%)
     

RDE, Inc. Strengthens Balance Sheet with Acquisition Note Payable Conversion Into Common Stock

RDE, Inc.
RDE, Inc.

ATLANTA, GA, March 09, 2023 (GLOBE NEWSWIRE) -- RDE, Inc. (OTCQB: RSTN) (the “Company”), the owner and operator of Restaurant.com, the nation’s largest restaurant-focused digital deals brand, is pleased to announce that its $1.5 million Acquisition Note plus $0.3 million accrued interest from its acquisition of Restaurant.com three years ago has been converted into equity at $3.19 per common share.

The $1.8 million conversion into equity improves the Company’s shareholder equity by $1.8 million and results in the Company having debt of only $0.8 million, $0.1 million GameIQ Acquisition Note and $0.7 million of Government Assistance Notes from Covid-19 Economic Injury/Disaster Loan Program, which is payable over 30 years.

Dr. Kenneth Chessick, MD, JD, a founder and former CEO of Restaurant.com says: “I continue to be excited about Restaurant.com, and look forward to its future success.”

ADVERTISEMENT

Ketan Thakker, Chief Executive Officer of RDE, Inc., commented, “We are thrilled with this conversion, as it greatly enhances our balance sheet and puts us in better position to be able to uplist to a major national exchange. As of December 31, 2022, our balance sheet had a negative $3.0 million shareholder deficit, and now with this conversion we are approaching positive shareholder equity.”

About RDE, Inc.
RDE, Inc. (OTCQB: RSTN) (Restaurant, Dining and Entertainment) is a pioneer in the restaurant deal space and the nation’s largest restaurant-focused digital deals brand. Founded in 1999, Restaurant.com, Specials by Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deal options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our restaurant certificates and gift cards allow customers to save at thousands of restaurants across the country with just a few clicks.

For more information, visit: www.rdeholdings.com and https://www.restaurant.com.

Forward-Looking Statements
Press Releases may include forward-looking statements. In particular, the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed 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. Although RDE, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, RDE, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.

Investors Contacts:
ClearThink
nyc@clearthink.capital