Worlds Inc., Investors Agree to Stand-Still Regarding Note Conversions
July 01 2013 - 7:00AM
Marketwired
Worlds Inc. (OTCBB: WDDD) has reached an agreement with each of the
holders of its Series A and Series B Senior Secured Convertible
Notes that it issued in March that the investors will not convert,
and Worlds will not redeem, any of such Notes until July 9 while
the parties prepare paperwork to restructure the Notes into equity.
Worlds expects to complete the formal documentation of the debt
restructuring in the next few days.
"This stand-still agreement gives Worlds time to complete a
restructuring that I expect will dramatically reduce the number of
convertible notes outstanding. If successfully completed, I believe
this restructuring will be very positive for my fellow shareholders
and a step forward in our progress toward up listing to a national
exchange," stated Mr. Thom Kidrin, Worlds President and CEO. "I
believe that by agreeing in principle to extinguish their debt for
restricted stock and cash and increasing the exercise price on the
warrants, the investors are indicating that they are bullish about
our IP and that Worlds is a long term investment with good upside
potential."
Worlds Inc. has retained Chardan Capital Markets, LLC, a full
service global boutique investment bank based in New York City, to
assist in the restructuring and additional up listing
preparations.
Mr. Kidrin concluded, "Chardan's Special Equities Group (SEG)
has been an invaluable asset to us in the restructuring process.
Further, SEG has a proven track record of success in the IP
monetization sector. Following this restructuring, Worlds plans to
proceed with the up listing process as it awaits the Markman
Hearing scheduled for August for its patent infringement lawsuit
against Activision Blizzard, Inc., Blizzard Entertainment, Inc. and
Activision Publishing, Inc."
About Worlds Inc.: Worlds Inc. (f.k.a.
Worlds.com Inc.) was founded in 1994 and has developed patented 3D
technology which offer 3D multi-user environments, known as
"virtual worlds," that have interactive Avatars, rich media
graphics, text chat, voice-to-voice chat, video and e-commerce. The
3D communities allow visitors to interact with each other, teleport
throughout the Worlds environment as well as participate in shared
experiences. For more information, visit www.Worlds.com
About Chardan Capital Markets, LLC:
Chardan Capital Markets, LLC is a privately held investment banking
firm with a focus on micro, small, and mid-cap markets. Our full
range of services includes capital raising, merger and acquisition
advisory, strategic advisory, equity research, institutional
trading, and market making. Chardan is known across the industry
for our innovative thinking, enthusiasm, and dedication. We've
developed a culture of integrity and transparency that, even as we
grow rapidly, continues to be guided by a strong conscience and
solid ethical values. With an established record of success -- over
$5 billion raised through more than 90 transactions -- we have
earned a reputation as the firm companies depend on to close
particularly complex and challenging deals.
Forward-Looking Statements This release
contains certain forward-looking statements and information
relating to Worlds Inc. that are based on the beliefs of Worlds'
management, as well as assumptions made based upon information
currently available to the Company. Such statements reflect the
current views of the Company with respect to future events
including estimates and projections about its business based on
certain assumptions of its management, including those described in
this Release. These statements are not guarantees of future
performance and involve risk and uncertainties that are difficult
to predict, including, among other factors, changes in demand for
the Company's services and products, changes in the economic
environment and changes in technology. Additional risk factors are
included in the Company's public filings with the SEC. Should one
or more of these underlying assumptions prove incorrect, actual
results may vary materially from those described herein as "hoped,"
"anticipated," "believed," "estimated," "should," "preparing,"
"expected" or words of a similar nature. The Company does not
intend to update these forward-looking statements.
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CONTACTS: Media Relations: Julie Shepherd Accentuate PR
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