VANCOUVER, Nov. 29, 2016
VANCOUVER, Nov. 29, 2016 /PRNewswire/ - RYU Apparel Inc. (TSX VENTURE: RYU & Frankfurt Stock Exchange: RYA), creator of "tailored innovation for the urban athlete", is pleased to announce that it has repaid and extinguished all of its unsecured and secured term notes, loans payable, and short-term advances owed to related parties.
The Company extinguished the following debt totaling $1,219,066:
- Unsecured notes and short-term advances with principal amounts totaling $753,500 and accrued interest of $1,330 with the CEO, a Company Director, and other related parties;
- Secured notes with principal amounts totaling $350,000 and accrued interest of $5,347 with a Company Director; and
- Outstanding interest of $57,889 and the commitment fee of $51,000 attached to the secured loans payable with the CEO, the principal of which was settled via a shares for debt transaction on November 14, 2016.
For regular updates on RYU Apparel visit: http://ryu.com
RYU Apparel Inc. is tailored innovation for the urban athlete. Designed without compromise, RYU engineers apparel and accessories for the fitness and training of the multi-discipline athlete. Created for athletes by athletes, RYU exists to facilitate human performance. For more information, visit: http://ryu.com
On Behalf of the Board
RYU APPAREL INC.
Marcello Leone, CEO, President and Chairman of the Board
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE RYU Apparel Inc.