SACRAMENTO, CA, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Sunstock Inc. (OTC Pink: SSOK), an asset backed crypto-currency company focused on acquisitions and tokens, is pleased to announce that the Company has hired The Workout Group LLC to begin the restructuring of all of its outstanding debt.
Sunstock understands the value of reducing the outstanding and authorized share counts to increase shareholder value and to make the company more attractive for long term viability. With the engagement of Mark Basile of The Workout Group LLC, Sunstock has retained an advisory company that has assisted 29 publicly traded companies in remediating over $43 million USD of debt and has assisted in reducing a combined 15 billion shares. The focus with Sunstock will be a capital restructuring and debt remediation. The Company wishes to be clear with shareholders that the restructuring will NOT include a reverse split.
"We understand that in today's OTC market with the competitiveness of attracting hard earned shareholder dollars, we need to start with our own structure. We have specifically sought out the assistance of Mr. Mark Basile, who has extensive knowledge and experience in debt remediation," stated Mr. Jason Chang, Chairman and CEO of Sunstock Inc. "Mr. Basile has worked with a handful of credible investment banking firms, traditional investor relations firms, and several securities attorneys, PCAOB Audit firms, and transfer agents that will be required to get our company back on track."
The Workout Group LLC works with several of the most effective toxic debt litigation attorneys in the country and can engage in litigation in, but not limited to, New York, Florida, Texas, Massachusetts and California. This debt remediation will lead to capital restructuring, which in turn will allow Sunstock to clean up its books, seek more favorable and attractive investments, and potentially uplist to the OTCQB.
Mr. Chang concluded "We are very excited to start this next chapter of growth for our company. We were unaware of the toxicity of some of the investments we took in, however moving forward we are committed to fixing our prior mistakes and it will start with bringing Mr. Basile on board to assist us through this process in making us an attractive investment for shareholders moving forward. We look forward to keeping our shareholders apprised of our progress with further press releases and filings in the coming weeks and months."
About The Workout Group LLC
The Workout Group is a network of affiliated Attorneys, Accountants, CEO's, CFO's, Transfer Agents, Investment Bankers, Family Funds, IR, and PR Professionals with one common goal - to assist OTC Companies in climbing out of the cellar, to correct administrative and financial issues that have a negative impact on the company, and to help put them on a path of recovery and opportunity.
For more information, please visit www.theworkoutgroupllc.com
About Sunstock Inc.
Sunstock Inc. (OTC Pink: SSOK) is a publicly traded, asset backed, crypto-currency company focused on acquisitions and tokens. Founded in 2012 and based in Sacramento, California, the Company plans to divest up to half of its cash proceeds in silver bullion, and is moving forward with its "Triple 8" precious metal asset-backed crypto tokens. The Company also operates Mom's Silver Shop, a precious metals retail store in Sacramento, California, and is building what they believe is a recession-based portfolio.
Safe Harbor Statement
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management under the "safe-harbor" provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected by these statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue, our ability to develop new products and evolve existing ones. For a complete description of these and other risk factors that may affect the future performance of Sunstock, Inc., see "Risk Factors" in the filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.