MVBY removes 70% of corporate debt from balance sheet

19 Jan '08

1 min read

My Vintage Baby Inc announced that its founding investors and directors have forgiven $565,455 in principal and interest debt owed to its organization.

This debt compromised the initial working capital that the founders loaned the company at its inception in 2001. In a separate action, the Company announced the repayment of $224,000 in short-term debt.

These two actions remove 70% of the company's current balance sheet debt. The founders Jessica Wiswall, CEO, and Lisa Welsh, VP, maintain their current equity position in the company compromising 51% of the total shares on record as of September 30, 2007.

Commenting, Ms. Wiswall stated, “We believe in our company and are thrilled with the progress made in 2007. The stage is set for big growth ahead and we wanted to remove any debt overhang from us that might slow this progress. Our faith in MVBY, our customers, and our designs is best demonstrated by our actions – putting ourselves on equal footing with our fellow MVBY shareholders.”

My Vintage Baby Inc

More My Vintage Baby Inc News... More Apparel/Garments News - United States Of America...