Franchise International Completes Convertible Note Payment
TORONTO, ON -- (Marketwired) -- 03/03/17 -- Franchise Holdings International, Inc. (OTC PINK: FNHI) the parent company of Truxmart LTD; an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, has achieved a key milestone in fully retiring two convertible notes totalling $132,750, with no further conversions under the two mature notes to occur.
Franchise Holdings International, Inc. obtained the funding from institutional capital, with the first $77,750 convertible note issued June 22, 2016 and the second $55,000 note on June 28; they were due six months after issue.
"We are pleased to remove $132,750 in liabilities from our balance sheet," commented Truxmart CEO Steven Rossi. "To maximize shareholder value, we are working hard to grow our company as the leading tonneau cover company in the desirable light truck market, which contains the two top selling vehicles in North America. We are eager to keep our valuable shareholders up to date on developments in the near future.
"Announcements like these demonstrate that Truxmart is moving rapidly forward in the execution of its tonneau cover market leadership plan," Rossi stated.
About Franchise Holdings International
Truxmart, Franchise Holdings International's wholly owned subsidiary, was founded in 2011 to take advantage of the limited innovation provided by existing tonneau cover manufacturers. Tonneau covers have remained much the same in price and design since 2005 with one main company controlling a majority of the tonneau cover market. This dynamic market segment is in need of a new innovative manufacturer of high quality, functional, and aggressively priced tonneau covers. Truxmart has developed multiple products for all of the most prominent pickup trucks available in North America. Details of most products can be found at www.truxmartcovers.com. Truxmart sells its products through master warehouse distributors, dealers, and online retailers in North America and is expanding to Central and South American distribution of its products.
Source: Franchise Holdings International, Inc.
Released March 3, 2017