Worlds Inc., Investors Agree to Stand-Still Regarding Note Conversions
BOSTON, MA -- (Marketwired) -- 07/01/13 -- Worlds Inc . (OTCBB: WDDD) has reached an agreement with each of the holders of its Series A and Series B Senior Secured Convertible Notes that it issued in March that the investors will not convert, and Worlds will not redeem, any of such Notes until July 9 while the parties prepare paperwork to restructure the Notes into equity. Worlds expects to complete the formal documentation of the debt restructuring in the next few days.
"This stand-still agreement gives Worlds time to complete a restructuring that I expect will dramatically reduce the number of convertible notes outstanding. If successfully completed, I believe this restructuring will be very positive for my fellow shareholders and a step forward in our progress toward up listing to a national exchange," stated Mr. Thom Kidrin, Worlds President and CEO. "I believe that by agreeing in principle to extinguish their debt for restricted stock and cash and increasing the exercise price on the warrants, the investors are indicating that they are bullish about our IP and that Worlds is a long term investment with good upside potential."
Worlds Inc. has retained Chardan Capital Markets, LLC, a full service global boutique investment bank based in New York City, to assist in the restructuring and additional up listing preparations.
Mr. Kidrin concluded, "Chardan's Special Equities Group (SEG) has been an invaluable asset to us in the restructuring process. Further, SEG has a proven track record of success in the IP monetization sector. Following this restructuring, Worlds plans to proceed with the up listing process as it awaits the Markman Hearing scheduled for August for its patent infringement lawsuit against Activision (ATVI) Blizzard, Inc., Blizzard Entertainment, Inc. and Activision Publishing, Inc."
About Worlds Inc.:
Worlds Inc. (f.k.a. Worlds.com Inc.) was founded in 1994 and has developed patented 3D technology which offer 3D multi-user environments, known as "virtual worlds," that have interactive Avatars, rich media graphics, text chat, voice-to-voice chat, video and e-commerce. The 3D communities allow visitors to interact with each other, teleport throughout the Worlds environment as well as participate in shared experiences. For more information, visit www.Worlds.com
About Chardan Capital Markets, LLC:
Chardan Capital Markets, LLC is a privately held investment banking firm with a focus on micro, small, and mid-cap markets. Our full range of services includes capital raising, merger and acquisition advisory, strategic advisory, equity research, institutional trading, and market making. Chardan is known across the industry for our innovative thinking, enthusiasm, and dedication. We've developed a culture of integrity and transparency that, even as we grow rapidly, continues to be guided by a strong conscience and solid ethical values. With an established record of success -- over $5 billion raised through more than 90 transactions -- we have earned a reputation as the firm companies depend on to close particularly complex and challenging deals.
This release contains certain forward-looking statements and information relating to Worlds Inc. that are based on the beliefs of Worlds' management, as well as assumptions made based upon information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company's public filings with the SEC (SCUR). Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "estimated," "should," "preparing," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements.
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Source: Worlds Inc.