An education technology company is reassuring investors it has its debt problems firmly under control. Wednesday morning, Houston-based ProBility Media Corp. (OTCQB:PBYA) told the investment community that its plans to settle over $2 million of its debt obligations are gathering steam.
Settlement agreements mean PBYA can pay down about approximately $207,000 in cash this week. It’s still on the hook for about $458,000 in cash payments through November, December and January. PBYA will issue more than four million shares of convertible preferred stock to pay off the remaining $1.4 million.
According to CEO Evan Levine "The Company will continue taking aggressive steps to address its remaining payables and debt obligations, as well as to reduce overhead and operating costs in order to improve its cash flow."
PBYA shares entered the final trading hour Wednesday at 42-100ths of a cent, up two-100ths of a cent, or 5%, on volume of 1.76 million shares.
