ECGI Holdings, Inc. Announces Financial Restructuring and Balance Sheet Cleanup

PR Newswire

Thu, Feb 22, 2024, 5:00 AM 3 min read

IRVINE, Calif., Feb. 22, 2024 /PRNewswire/ -- ECGI HOLDINGS INC. (OTC: ECGI) (ECGI or the Company), a diversified holding company, is pleased to announce a new initiative to strengthen our financial structure and enhance shareholder value. Following our initial review, ECGI Holdings has successfully identified and initiated the reduction of over $600,000 in liabilities from its balance sheet.

ECGI Holdings, Inc. (PRNewsfoto/ECGI Holdings)

This initial decrease in our financial obligations is a testament to our commitment to operational efficiency and fiscal responsibility. A key component of this achievement is the cancelation of the second SRAX note, which results in a direct reduction of $450,000 in our liabilities. This move is part of a broader strategy to streamline our financials and improve our overall financial health.

Cleaning the Balance Sheet for a Stronger Future
Maintaining the momentum of this financial optimization initiative, the cleanup of our balance sheet will continue and is a critical step toward achieving a more robust and streamlined share structure. By addressing and reducing our outstanding liabilities, we are setting the stage for improved financial flexibility and the potential for future growth opportunities. This ongoing effort reflects our dedication to maintaining a healthy financial standing and underscores our commitment to delivering long-term value to our shareholders.

Impact on Share Structure
The progress in cleaning up our balance sheet and reducing liabilities is expected to have a positive impact on our share structure. By alleviating the burden of these financial obligations, ECGI Holdings is better positioned to pursue strategic initiatives and capitalize on growth opportunities. This streamlined financial structure is anticipated to enhance investor confidence and attract additional investment, driving further value creation for our shareholders.

A Look Ahead
As we move forward, ECGI Holdings remains focused on executing our strategic plan, pursuing growth opportunities, and continuing to improve our financial structure. We are committed to transparent and timely communication with our investors and stakeholders as we make further progress.

We express our sincere gratitude to our shareholders for their continued support and trust in ECGI Holdings. Our team is dedicated to building on this momentum and achieving the strategic goals that lie ahead.

About ECGI
ECGI is a diversified holding company with a distinctive portfolio encompassing viticulture and luxury fashion. The Company owns and manages a five-acre vineyard in Lake County, California, specializing in cultivating Petite Sirah, known for its bold and rich character, aligns with the growing demand for unique and high-quality wine experiences. In the fashion sector, ECGI has strategically invested in Pacific Saddlery, a premier manufacturer and retailer of luxury equestrian tack, apparel, and accessories. This unique blend of wine and fashion investments reflects ECGI Holdings' commitment to delivering sophistication and innovation across diverse markets, positioning the Company as a distinctive player in the intersection of technology, viticulture, and luxury lifestyle.

For additional information, please contact us at [email protected].

Forward Looking Statements

This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to, economic conditions, changes in the laws or regulations, demand for products and services of the Company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

For more information, please contact:

Jamie Steigerwald
[email protected]

Cision

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SOURCE ECGI Holdings

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