SAN DIEGO, CA, June 15, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Forza Innovations Inc. (OTC Pink: FORZ) (the “Company”) a health-tech wearable innovation company behind 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 only convertible upon default. From the proceeds of the Note, the Company has paid off in full a previous promissory note in the principal amount of $180,000.
Johnny Forzani, President and CEO of the Company, stated, “The procurement of funding is the most important strategy in product development and innovation. Great inventors have failed due to not securing financing to keep the wheels turning. This financing will support our ongoing WarmUp business operations as well as new and exciting projects. Funding invested in the Company’s R&D is money well spent. We have the resources to follow through with our project’s growth potential and put out winners.”
The Company is also pleased to announce that it has successfully issued and completed the first put pursuant to the $5,000,000 equity financing previously announced in a press release dated January 21, 2021. Johnny Forzani commented, “Utilizing this financial mechanism has been incredibly beneficial for the growth and success of Forza Innovations. We have expanded our team as well as invested in equipment and machinery needed to drive productivity and have laid the foundation for success.”
Further information about the financing can be found in the Form 8-K that the Company has filed with the SEC on June 15, 2022.
About Forza Innovations Inc.
The Company is in the health-tech wearable performance business. The Company has acquired all of the ownership and the rights to certain late, developmental stage, WarmUp products. WarmUp are cutting edge, innovative, wearable, back compression devices. The therapeutic application of heat causes a change in temperature of the soft tissues which decreases joint stiffness and relieves inflammation.
On behalf of the Board,
Forza Innovations Inc.
Johnny Forzani, President & Chief Executive Officer
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