Surna Inc. Converts $2.76 Million of Debt
Restructured Balance Sheet Positions Company for Growth
BOULDER, Colorado, February 21, 2017 /PRNewswire/ —
Surna Inc. (OTC: SRNA) converted $2.76 million of its 10% convertible promissory notes, consisting of approximately $2.28 million in principal and $480,000 of accrued interest, into approximately 18 million shares of newly issued common stock and cash payments of less than $200,000.
As a result, since September 30, 2016, Surna has decreased its liabilities by approximately $2.22 million after obtaining a short-term loan of approximately $500,000 for working capital.
Surna enters 2017 with great prospects. Restructuring our convertible debt cleans up our balance sheet, substantially eliminates our indebtedness, and creates the flexibility for the company to access the capital markets on more favorable terms, if and when it is appropriate to do so.
Surna CEO Trent Doucet
Our market is growing in magnitude as new legislation is being enacted. Our climate control products offer industry-leading innovations. And, with our debt conversion nearing completion, we are turning our focus to expanding our regional sales team to capture more opportunities to grow the business.
As of February 2017, the company had approximately 163 million shares of common stock issued and outstanding.
Surna is filing a Current Report on Form 8-K that describes the transactions in greater detail. The company will also conduct a conference call to discuss its fourth quarter and year-end results in conjunction with the filing of its annual report on Form 10-K in late March.
Headquartered in Boulder, Colorado, Surna Inc. (OTCQB: SRNA) develops and markets novel energy- and resource-efficient solutions, including the company’s signature water-cooled climate control platform, which meet the highly specific demands of the cannabis industry for temperature, humidity, light and process control. Surna’s solutions aim to improve the quality, control and overall yield and efficiency of controlled environment agriculture (CEA). Though its clients do, Surna neither produces nor sells cannabis. For more information, please visit (http://www.surna.com).
Original press release: http://irdirect.net/prviewer/release/id/2346383