LAS VEGAS, Nov. 30, 2016 (GLOBE NEWSWIRE) -- Lingerie Fighting Championships, Inc. ("LFC") (OTC Pink:BOTY) today issued the following announcement to its Shareholders.
To Our Shareholders,
This year has been a transformative year for Lingerie Fighting Championships, Inc. (the "Company"). Several managing partners were removed from decision-making roles in the first quarter due to their inability to provide promised funding. We secured funding to provide for the Company's short term financial requirements by issuing convertible promissory notes to a limited number of investors. Recently, these investors initiated conversion of these convertible promissory notes into shares of the Company's common stock, placing significant downward pressure on our share price. At the same time, the conversion of these convertible promissory notes has reduced our debt and resulted in a substantial increase in our stock's liquidity. Previously, there was virtually no volume in the market for our shares. Last Friday, November 25, 2016, nearly 2.5 million shares exchanged hands.
On the operations side, the year has been very positive. Our television coverage has grown to more than 2,000 cable & satellite systems, we licensed to networks in Japan and France, held our first live event in Europe and launched a reality series on Tuff TV.
We have also achieved several new milestones. Previous to this year, the Company had never held more than one live event in a single calendar year. This year we held three; June 18 in Nice, California, October 29 in New Town, North Dakota and November 10 in Bratislava, Slovakia. In 2014, we often were required to pay upwards of $3,000 to rent venues to hold live events. In 2016, a venue paid LFC $35,000.
Also this year, we added two new key additions to our organization. Charles Connaughton
was appointed as the Company's Chief Financial Officer and Brad Kelly
was appointed Sponsorship Director. Both bring a wealth of experience to their respective positions.
The Company expects to take another major step forward in 2017 as we have begun to receive significant interest from large national and international sponsors. We are close to finalizing television contracts in Brazil and South Korea, and we expect to host a minimum of four live events during the calendar year. In 2017, the Company will continue to build our brand through television and is poised to become the cultural force that many people believe it can become. We also plan to up-list our shares on the OTC Market from OTC Pink to the OTCQB.
Our management is appreciative and humbled by the support of our shareholders, fans and our people. We remain committed to protecting their interests. Our ultimate goal is to create long term shareholder value and I believe the Company is in the best position in its history to do so.
Chief Executive Officer
About Lingerie Fighting Championships Inc.
Lingerie Fighting Championships, Inc. is a sports entertainment company focused on producing unique mixed martial arts events for live audiences and television viewers featuring attractive female fighters.
LFC's website is www.lingeriefc.com. Information contained on the website is not part of this media release.
Forward Looking Statements
This release contains certain "forward-looking statements" relating to the business of the Company. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipates" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to deliver the content as described in this press release, to generate revenue from the agreement described in this press release and to enter into distribution agreements with cable and satellite systems with sufficient viewership to generate revenue from the program.
The public filings of LFC made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. LFC cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, LFC does not undertake, and LFC specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Source: Lingerie Fighting Championships, Inc.