C-Bond Systems Pays Off All Remaining Convertible Debt, Strengthening Balance Sheet
HOUSTON, Sept. 14, 2020 (GLOBE NEWSWIRE) -- C-Bond Systems, Inc., (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, announced today that it has paid off all of its remaining discounted convertible debt and strengthened its balance sheet.
The Company repaid its last two convertible promissory notes held by a third-party lender, which were convertible into the Company’s common stock at a discount to the market price.
“I am proud that we have been able to achieve our goal of eliminating all discounted convertible debt, thereby strengthening our balance sheet and minimizing potential dilution for shareholders,” said Scott R. Silverman, Chairman and Chief Executive Officer of C-Bond Systems. “Concurrent with this milestone, our underlying business continues to expand, and we are seeing positive signs of growth throughout our Transportation Solutions and Safety Solutions groups. We believe we will experience continued demand during the remainder of 2020 and beyond for our C-Bond nano-product portfolio,” concluded Silverman.
C-Bond Systems, Inc. (OTC: CBNT) is a Houston-based advanced nanotechnology company and marketer of the patented C-Bond technology, developed in conjunction with Rice University and independently proven to significantly strengthen glass in key automotive and structural applications. The Company’s Transportation Solutions Group sells C-Bond NanoShield®, a liquid solution applied directly to automotive windshields, sold through distributors. The Company’s Safety Solutions Group sells ballistic-resistant glass solutions and FN NANO Coating directly to private enterprises, schools, hospitals and government agencies. For more information, please visit our website: www.cbondsystems.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBond_Systems.
Statements in this press release about our future expectations, including the likelihood that we have strengthened our balance sheet and minimized potential dilution for shareholders; the likelihood that we are seeing positive signs of growth throughout our Transportation Solutions and Safety Solutions groups; the likelihood that we will experience continued demand during the remainder of 2020 and beyond for our C-Bond nano-product portfolio; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, C-Bond’s ability to raise capital; the Company’s ability to successfully commercialize its products; the effect of the COVID-19 global pandemic on the Company’s business and ability to operate; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on March 25, 2020, its Forms 10-Q filed on August 14, 2020, May 15, 2020, and November 14, 2019, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Investor Contacts: Lucas A. Zimmerman Senior Vice President MZ Group - MZ North America 949-259-4987 CBNT@mzgroup.us www.mzgroup.us Allison Tomek VP, Corporate Communications C-Bond Systems, Inc. firstname.lastname@example.org 832-649-5658
Released September 14, 2020