DENVER, Sept. 4, 2019 /PRNewswire/ -- West Coast Venture Group, Corp. (WCVC) ("WCVC") is pleased to expand on its plans to pay down all convertible debt owed to third parties by Q2 2020, or sooner.
Since June 2018, the company has paid off - in cash - an aggregate amount of $1.4 million of convertible debt. The significant reduction in the company's debt burden has largely been made possible via to the successful launch of new Illegal Burger and Illegal Pizza locations and the Illegal Brands CBD products introduction, as well as strong organic sales growth, as demonstrated by the company's Q2 financial statements.
The company plans to continue to devote significant resources to paying off all convertible debt and has implemented a solid action plan designed to eliminate all convertible debt from its balance sheet by no later than Q2 2020. With WCVC's strong revenue growth, and the incredible success of Illegal Brands, the company believes this goal to be achievable.
"Our company has been consistent in meeting its financial responsibilities and our incredible growth has helped us greatly reduce our reliance upon convertible debt" said Jim Nixon, founder and CEO. "By continuing to pay off these debts before they convert we are demonstrating our commitment to build a lasting company that brings real value to our shareholders."
The company will continue to invest funds in growing all aspects of its business, including opening new restaurant locations and greatly expanding and refining its Illegal Brands CBD product line. Expect more announcements in the near future.
About West Coast Ventures Group Corp.
Based in Denver, Colo, West Coast Ventures Group Corp. (WCVC) is America's first CBD restaurant stock under Illegal Brands and operates a number of contemporary restaurant concepts including the flagship Illegal Burger a quick-casual burger + bar concept. Led by seasoned restaurant entrepreneurs, WCVC management is committed to scaling both modern sustainable concepts into national franchise models operating metro-styled restaurants serving only the finest and freshest natural ingredients.
This document may contain forward-looking statements, relating to West Coast Ventures Group Corp operations or to the environment in which it operates, which are based on West Coast Ventures Group Corp operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond West Coast Ventures Group Corp control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. West Coast Ventures Group Corp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CEO West Coast Ventures Group, Corp.
SOURCE West Coast Venture Group, Corp.