The Movie & Music Network, Formerly The Digital Development Group, Pays Off Convertible Loan

LOS ANGELES - March 18, 2014 - PRLog -- HOLLYWOOD, CA.   In a first step action, The Digital Development Group , has paid off a large portion of its outstanding convertible financings. 
In an 8K filing, (3/15), the Company announced the final payoff of a $110,000 note due March 13th.


         CEO Martin W. Greenwald commented, "Our intent is to pay down, renegotiate for better terms, or completely pay off our outstanding convertible loans.  Although historically a convenient source of capital, the loan conversions have been dilutive to shareholders. 
We will be looking at our remaining portfolio of debt and working to eliminate when and where feasible.”

         

To that end, a form 13D was recently filed by the Company's largest shareholder, Stuart Subotnick, for the acquisition of approximately 6,000,000 shares, which with his other holdings, represents approximately 18,000,000 shares. Capital raised on the stock sale was used for debt payoff. 



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Press Contact: Zack Davis

6630 Sunset Blvd.

Los Angeles, CA., 90028

zack@movieandmusicnetwork.com