The China Mail - Forte Group Strengthens Balance Sheet With the Conversion of Promissory Notes and Mortgage

Between December 8, 2023 and May 1, 2024, Naturo Group closed multiple tranches of secured promissory note offerings, raising $1,382,065 in aggregate gross proceeds. Demonstrating the Company's commitment to strengthening its balance sheet, $397,064.70 of these promissory notes was converted into common shares of the Company between May 21, 2024 and October 31, 2024.

Now, with the closing of the Debt Settlements, the Company has reduced its promissory note liabilities by an additional $200,000, bringing the total reduction to date to $597,064.70 and leaving approximately $785,000 outstanding under the promissory notes. This milestone represents a pivotal step forward in Forte Group's ongoing efforts to strengthen its balance sheet, improve working capital, and position itself for sustained growth.

About Forte Group Holdings Inc.

Forte Group Holdings Inc. (CSE:FGH) (OTC:FGHFF) (FSE: 7BC0, WKN:A40L1Z) is a diversified lifestyle and wellness consumer packaged goods company. Forte Group develops and manufactures a range of alkaline and mineral-enriched beverages and nutraceutical supplements for both its TRACE brand and private-label clients. Based in British Columbia, Canada, Forte Group owns a pristine natural alkaline spring water aquifer and operates a 40,000-square-foot, Health Canada and HACCP-certified manufacturing facility near Osoyoos, British Columbia. The Company's distribution network includes traditional retail and e-commerce channels, delivering wellness-focused products directly to consumers through its innovative offerings.

On behalf of the Board of Directors:

John Campbell, Chief Financial Officer and Chief Strategy Officer, Director
[email protected]
604-569-1414

Disclaimer for Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, expectations regarding the Company's anticipated liability reductions, and the impact on the Company's balance sheet and working capital position,. Forward-looking statements also include the Company's expectations regarding the overall financial impact of these initiatives on the Company's operations. Additionally, forward-looking statements reflect the Company's plans to strengthen its financial position and support its growth. Forward-looking statements reflect management's beliefs, expectations, and assumptions as of the date of this release and are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to: the Company's ability to successfully execute its financial and operational strategies; the availability and receipt of required regulatory approvals; market and economic conditions; potential fluctuations in consumer demand for the Company's products; the ability to generate sufficient revenue to meet financial obligations; risks associated with securing and maintaining financing; competition within the industry; supply chain disruptions; and other risks outlined in the Company's filings on SEDAR+. The Company makes no assurances that the outcomes expressed or implied in the forward-looking statements will be realized and disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. For more detailed information on these and other risks, please refer to the Company's filings on SEDAR+.

View the original press release on ACCESS Newswire

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