FT LAUDERDALE, FL--(NewMediaWire - Aug 11, 2016)
- PotNetwork Holdings Inc. (OTC
PINK: POTN) is pleased to announce that the Company,
having a non-binding signed term sheet in place, subject to legal
and due diligence process initiated by TCA Global Credit Master
Fund, LP, upon successful completion, shall receive an initial
tranche in the range of $560,000.
The Company recently announced that it had secured a $2,000,000
revolving line of credit with TCA Global Credit Master Fund, LP of
Aventura, Florida. At this point, both entities are in the due
diligence process. The Company has agreed to facilitate TCA Global
Credit Master Fund, LP with whatever the fund may need to conclude
and close on the transaction, and will be prompt to update
shareholders as events transpire.
As the Company moves forward with its strategy to recapitalize
Sunrise Auto Mall, marketed under the service mark "Sign-n-Drive,"
management is committed to keep its investors fully informed of how
the Company intends to re-establish a successful subprime lending
corporation in this ever-changing automotive and technological
landscape.
With established funding, the Company will be able to enable the
efficient execution of directed opportunities that can contribute
substantially to the outlook and future revenues of the Company,
while diligently advancing on the development of a modernized
business model, designed to enable operations with reduced overhead
and increased profit margins.
TCA's Global Credit Master Fund is a short duration, absolute
return niche Credit fund specializing in senior secured lending and
advisory services to small, mainly listed companies predominately
in the U.S., Canada, the United Kingdom and Australia. This
specialist business helps to fill the underserved small-cap lending
gap which exists in these markets. For details about TCA Global
Fund visit: www.tcaglobalfund.com
The Company recently announced that upon FINRA approval, the
Company will officially change its name to SND AUTO GROUP INC. In
conjunction with the corporate name change, the Company has also
applied for a new symbol, "CARS." This rebranding initiative is a
necessary preliminary milestone as the Company evolves. A series of
announcements will be forthcoming regarding recent advancement as
developments continue.
About PotNetwork Holdings
Inc.: PotNetwork Holdings Inc. is a publicly
traded company with one wholly owned subsidiary, Sunrise Auto Mall
Inc. Sunrise Auto Mall, Inc. is a first-rate pre-owned auto
dealership, launched in June of 2014, as an operation geared toward
enabling people challenged with bad or no credit in securing
quality transportation while simultaneously rebuilding the client's
credit. The company has developed a highly profitable business
model around the continually rising subprime lending industry.
Safe Harbor Act: Forward-Looking Statements are included within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding our expected future financial position,
results of operations, cash flows, financing plans, business
strategy, products and services, competitive positions, growth
opportunities, plans and objectives of management for future
operations, including words such as "anticipate," "if," "believe,"
"plan," "estimate," "expect," "intend," "may," "could," "should,"
"will," and other similar expressions are forward-looking
statements and involve risks, uncertainties and contingencies, many
of which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from anticipated
results, performance, or achievements. We are under no obligation
to (and expressly disclaim any such obligation to) update or alter
our forward-looking statements, whether as a result of new
information, future events or otherwise.