Boulder City, Nevada--(Newsfile Corp. - August 31, 2020) - George Sharp, President and CEO of Forwardly, Inc. (OTC PINK: FORW), announced today that it has already received funding commitments of $500,000 of an anticipated total of $1.3 million in financing and will itself fund Ligand Global Innovation's ("Ligand") development of its latest prototype of the LifeAir G1 Portable Ventilator.
As announced in a June 15, 2020 press release, Forwardly, through its wholly owned subsidiary, Breathe Medical Devices, Inc., has obtained the exclusive US distribution rights to the LifeAir line of ventilator products. As part of the agreement, Forwardly also has the option to acquire up to 25% ownership interest in Ligand. Forwardly's funding of the development of the new LifeAir G1 prototype will be applied towards the exercise of this option.
More information about LifeAir G1 can be found at the Breath Medical Device's website www.BreatheMedicalDevices.com
Funding for the new LifeAir G1 prototype is being raised by Forwardly through the exercise of warrants issued to purchasers of a series of debentures issued in 2019 with an aggregate total of $300,000 (the "2020 debentures"), as well as purchasers of a new series of non-toxic debentures for an aggregate total of up to $1 million. These new debentures are convertible to common stock at $.012 and set to mature in March 2022 (the "2022 debentures").
George Sharp commented, "With the business world being slowed to a crawl as a result of the current pandemic, Forwardly management deemed it more expeditious to raise funds privately to enable the development of the next generation of LifeAir G1, rather than wait for the SEC's approval of the Regulation A+ application and the subsequent time required to fund. We found our private funders to be more than eager to participate, by exercising outstanding warrants and purchasing our new series of debentures. I am proud that our private funding sources continue to support our endeavors.
Further information about Forwardly's endeavors can be obtained from the company's website www.ForwardlyPlaced.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
1022 Nevada Highway
Boulder City, NV 89005