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IO World Media Announces the Conversion of $5,773,778 Worth of Debt into Preferred Stock

^{Published on 2011-04-26 06:25:43 - Market Wire}
 

TAMPA, Fla.--([ BUSINESS WIRE ])--IO World Media, Incorporated (aIOWorlda or athe Companya) (Pink Sheets: IWDM) announced the conversion of $5,773,778 worth of debt and payables to 3,000,000 shares of Preferred Stock. This action eliminates all debt, payables and any other rights due to officers, directors and affiliates and reduces debt to less than $500,000. The Preferred Stock is convertible to common stock, only after two years or a change of control, at a price based on the price of the common stock at the date of conversion. This action was taken by the Company to eliminate debt and put the Company in the best possible position to encourage outside investment and to increase shareholder value and security.

"By converting the debt into preferred stock, it is our opinion that this should position the Company for success in the future and help increase shareholder value."

aThe Companya™s officers, directors and affiliates continue to have an extremely long-term vision for the tremendous value that we believe IO World Media will achieve,a said Thomas Bean, CEO of IO World Media. aBy converting the debt into preferred stock, it is our opinion that this should position the Company for success in the future and help increase shareholder value.a

Certain statements in this release could constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise stated in this news announcement, IO World Media, Inc. does not undertake any obligation to publicly update or revise any forward-looking statements because of new information or future events.