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Las Vegas, NV September 3, 2020 — OTC PR WIRE — The 4Less Group, Inc. (OTC PINK: FLES) announces they have closed on a strategic transaction to reach this year’s goal of paying-off all their remaining highly discounted convertible debt totaling approximately $2.3 million in principal and accrued interest plus over $1 million in additional associated derivative liabilities for a total of $3.3M of book value liabilities.

The convertible debt was replaced with a $1.2 million, non-convertible promissory note with a 2-year term and a fixed interest rate of 12%. This results in the savings of $1.1 million in total debt with a substantially lower interest rate as well as the reduction of an additional over $1 million in associated derivative liability.

For the investment the investor received, along with the 1.2 million note, 950 thousand warrants with a $0.40 exercise price and 150 shares of series C preferred shares. At the completion of the transaction, 4Less Group will have just over 1.1 million shares outstanding.

In conjunction with the overall debt reduction, the Board of Directors of The 4Less Group, Inc. has recommended that the Company reduce its authorized shares from 1 billion down to 15 million.

“We are very excited to be able to deliver on this very important milestone that we first announced at the end of February,” said Timothy Armes, president, and CEO of The 4Less Group Inc, “and now, with a healthy balance sheet and share structure, I believe we are well-positioned to take AutoParts4Less.com to a whole new level.”

“I am very happy with the significant progress that we have been seeing operationally,” said Chris Davenport president and founder of the Auto Parts 4Less, Inc. “We are also continuing to deliver on the other points mentioned in that press release, namely increasing sales, decreasing costs and relying on minimally dilutive capital with the continued goal of maximizing shareholder value.”

Transaction details can be found in the September 3rd, 2020 8K filing.

About The 4Less Group, Inc.:  

With the acquisition of the URL AutoParts4Less.com, FLES is focusing all of their efforts and resources on building out a flagship automotive E-tailing site with the potential to list and sell literally millions of parts that will include automotive specialty equipment parts and accessories, targeted “niche” web sites and potentially a used auto parts exchange one day as well.

 

Also visit: www.autoparts4Less.com as well as www.LiftKits4Less.com

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS 

This press release may contain forward-looking statements, including information about management’s view of the Company’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, 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. 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. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Factors that could cause results to differ include but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties. 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 (i) its own forward-looking statements, except as required by law, or (ii) those prepared by third parties that are not paid for by the Company. 

For more information, contact:

Email: PR@The4LessCorp.com

 

 

 

 

 

 

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