Franchise Holdings International, Inc. Eliminates Over US$180,000 in Debt and Provides Financial Statement Update
TORONTO, ON -- (Marketwired) -- 07/17/17 -- Franchise Holdings International, Inc., the parent company of Truxmart LTD Inc., (OTC PINK: FNHI), an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, has effectively cleared over $180,000 in corporate and operating debt from its balance sheet. This represents nearly all debt within Truxmart and FNHI and occurs as a second step after FNHI eliminated over $130,000 in convertible debt in early 2017. As a final step, FNHI, and its wholly owned subsidiary Truxmart, are virtually debt free, outside of non-convertible debt to Gunpowder Capital Corp., in relation to the Canadian Securities Exchange (CSE) cross-listing.
FNHI is also on its 2016 audit's final stages, and expects to release 2016 audited financial statements in the imminent future. Thereafter, FNHI intends to resume its objective of obtaining a prestigious CSE dual listing, leading to fresh growth capital and eliminating the Gunpowder debt. The company will then focus on revenue growth throughout 2017 and onwards.
"This is another great step towards the strategic growth and development of FNHI and Truxmart," said CEO Steve Rossi. "We appreciate our loyal shareholders' patience with our prolonged delay in this year's audit; we have learned much from it and will work diligently towards timely future financial reporting."
"We will be working on our Q1 and Q2 reviews immediately after the release of our 2016 audit. Once current, we will be reapplying for listing on the OTCQB exchange," Rossi added.
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 pick-up trucks available in North America. Details of most products can be found at www.truxmart.ca. 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.
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Source: Franchise Holdings International, Inc.
Released July 17, 2017