Ludwig Enterprises, Inc. to Issue 8,047,167 New Common Shares at $0.01 per Share
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SPARKS, NV / ACCESSWIRE / March 15, 2021 / Ludwig Enterprises Inc. (OTC PINK:LUDG) Board of Directors passed a "call" resolution effective March 12, 2021 calling $80,471.67 of convertible notes. The call will result in the immediate issuance of 8,047,167 new Ludwig common shares at the price of $0.01 per share.
Unwinding of the relationship between Ludwig Enterprises, Inc (Ludwig) and Direct Mortgage Investors (Direct) is in process and is expected to be completed within 60 days.
In the short term, as a result of the Direct unwinding, Ludwig's balance sheet will be impaired suffering an asset loss in excess of $600,000.00.
Ludwig plans to continue its core business in the technology and health related fields.
About Ludwig: Ludwig Enterprises, Inc. has been an innovative technology company. At this time Ludwig is endeavoring to expand healthy living and technology products. The Board of Directors believes this course to be in the best interest of Ludwig shareholders.
For purposes of disclosure, Ludwig has been made aware of a third party litigation involving ownership of approximately (28,000,000) Twenty-Eight Million Ludwig common tradable shares currently deposited in CEDE or one or more Broker Dealers. While not being a named party, nor in any manner involved in the litigation, the company is monitoring the outcome of the case.
About Direct: Direct intends to return to being a privately held mortgage business; however after being part of a public traded company, Direct management has stated it is considering entry into the public market.
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by Ludwig Enterprises, Inc. are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Ludwig Enterprises, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.
SOURCE: Ludwig Enterprises, Inc.
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