Forza Innovations Inc. Announces $480,000 Funding Agreement
SAN DIEGO, CA, June 15, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Forza Innovations Inc. (OTC Pink: FORZ) (the “Company”), a wearable health technology innovation company behind the WarmUp products, is pleased to announce that the Company has entered into a promissory note in the principal amount of $480,000. The note will bear interest at an interest rate of 10% per annum for the twelve-month term and is convertible only in the event of default. From the proceeds of the note, the Company repaid in full a previous promissory note in the principal amount of $180,000.
Johnny Forzani, President and CEO of the company, said, “Securing funding is the most important strategy in product development and innovation. Great inventors have failed because they didn’t get funding to keep the wheels turning. This funding will support our ongoing WarmUp business operations as well as exciting new projects. Funds invested in the Company’s R&D are money well spent. We have the resources to act on the growth potential of our project and bring out winners.
The Company is also pleased to announce that it has issued and successfully completed the first put in the $5,000,000 equity financing previously announced in a press release dated January 21, 2021. Johnny Forzani said: “Using this financial mechanism has been incredibly beneficial to the growth and success of Forza Innovations. We have expanded our team and invested in the necessary equipment and machinery to boost productivity and laid the foundation for success. »
Further information on the financing can be found in Form 8-K the company filed with the SEC on June 15, 2022.
About Forza Innovations Inc.
The Company operates in the field of wearable performance of health technologies. The Company has acquired full ownership and rights to certain WarmUp products in advanced development. WarmUp are innovative, wearable back compression devices. The therapeutic application of heat causes a change in soft tissue temperature that decreases joint stiffness and relieves inflammation.
Please refer to the Company’s website www.forzinnovations.com
For more information, please contact the company at: [email protected]
On behalf of the Council,
Forza Innovations Inc.
Johnny Forzani, President and CEO
Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions regarding matters that are not historical facts, such as statements regarding the closing of exchange and the expected reduction in our total outstanding debt and annual interest payments. In many cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”. , “predicted”, “outlook”, “potential” or the negative form of these terms or any other comparable terminology. The forward-looking statements contained in this press release reflect our current views on future events and are subject to risks, uncertainties, assumptions and changes in circumstances that could cause events or our actual activities or results to differ materially. those expressed in any forward-looking document. – statement to research. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. We discuss many of these risks in more detail under the heading “Risk Factors” in our quarterly and annual reports filed with the Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release reflect our opinions and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unforeseen events.