Independent Film Development Corp. CEO, Announces Three-Step Initiative to Enhance Net Stock Holders Equity

NEW YORK, NY / ACCESSWIRE / March 17, 2015 / Independent Film Development Corp. (PINKSHEETS:IFLM), a Nevada Corporation, announced today that it recently amended its Articles of Incorporation and Corporate Bylaws to create a series of anti-dilutive, convertible preferred shares, designed to protect its majority stakeholders. These securities will soon become available to the common shareholders, pending FINRA approval.

“Our three-step initiative is designed for acquiring and attracting investment and equity into the company,” said CEO Jeff Ritchie. “We want to strengthen investor confidence by both committing ourselves to stock and cash dividends, and by removing affiliate and non-affiliate debt. We also are committed to building net stockholders’ equity on the balance sheet.”

The new convertible preferred shares are designed to insulate the stockholders from past, present, or future dilution in the open market. IFLM is providing these anti-dilutive securities as a dividend payment to shareholders of record. These equity derivatives are restricted for one year and will turn into a predetermined amount of common stock. They will convert at the par value. Pending FINRA approval, IFLM will alert shareholders as to the record date for this action.

IFLM plans to use these convertible preferred securities as currency to exchange its derivative liabilities that currently exist on the financial statements in the form of affiliate and non-affiliate debt. The company anticipates that much of its principal affiliate debt will be retired for these instruments, while the interest will be converted into restricted common stock. The defaulted interest portion of the mature, secured, third-party non-affiliate debt will be assigned and converted into equity by their bond holders to remove any future compounding derivative liabilities on the balance sheet. The last part of the three-step initiative is to become more transparent as an issuer. IFLM will pursue a follow-up S1 filing soon thereafter so that it’s new found preferred stockholders – who have converted into a predetermined amount of common stock – can see their securities become free trading once approved by the SEC. 

“We have a team of very qualified professionals implementing this strategy,” said C. David Pugh, IFLM Chief Communications Officer and Director of Investor Relations. “Our objective is better communication with our stockholders. We are absolutely committed to maintaining a transparent dialogue with investors, providing clarity while we work towards our goals. When we hit certain milestones, we’ll make all the necessary disclosures so the investment community can be aware of what is going on.”

About Independent Film Development Corp.:

Independent Film Development Corp. specializes in working with underperforming companies and bringing together the resources needed for them to attain financial stability and growth. Our focus is on companies showing a positive upside while striving to bring new technologies and unique products to market.

Forward-Looking Statements:

This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise. 

Contact:

Independent Film Development Corp.
C. David Pugh, CCO
DaveP@IndyFIlmCorp.com
310-295-1711

SOURCE: Independent Film Development Corp.

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