Petrone Worldwide, Inc. (PFWI)

Petrone Worldwide, Inc. Has Retired $175,000 in Toxic Debt


Weston, FL -- (ReleaseWire) -- 09/05/2017 --Petrone Worldwide, Inc. (OTCMKTS:PFWI), today announces that it has retired $175,000 in toxic debt. Discussions with its remaining debt holders and a private investor for the acquisition and subsequent retirement of substantially all of the company's outstanding convertible debt.

The Company expects the Investor to finalize a structured purchase plan of the Company's outstanding convertible debt by October 26, 2017. The Company anticipates the Investor will infuse new capital into the business through purchase of a combination of common stock and long-term debt.

Victor Petrone, CEO of Petrone Worldwide, Inc., commented, "This is a huge development for the Company. The work that has been done over the last 90 days is starting to pay off. Getting all parties together on this deal will create a huge positive impact on the Company's cost of capital and its ability to execute on the many acquisition opportunities we have sourced. I look forward to getting this deal completed as we start a new chapter for Petrone Worldwide and its shareholders."

Petrone Worldwide, Inc. will continue to update both the public and shareholders on a regular basis by way of press releases, financial statements and other SEC disclosures.

About Petrone Worldwide, Inc. (OTCMKTS:PFWI)
Petrone Worldwide, Inc. is a leader in the hospitality industry with global operations capabilities. Now providing third party logistics for overseas manufacturing companies attempting to sell their goods in North America, PFWI sells and markets products under its own proprietary name and acts as distributor for a wide variety of companies to the hospitality trade.

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For further information, please contact:
Victor Petrone
2200 N. Commerce Parkway Suite 200 Weston, FL 33326

Source: Uptick Newswire