SOURCE: USell.com

uSell.com Strengthens Balance Sheet

Note Holders Representing All $1,120,000 Notes Outstanding Convert to Equity Another Positive Step in Preparing for Up-Listing

NEW YORK, NY - March 3, 2014 - uSell.com, Inc. (OTCQB: USEL), the leading US-based reCommerce marketplace that instantly finds cash offers for used smartphones and electronics, announced that all $1,120,000 of its outstanding Convertible Notes have converted to equity. The principal amount and accrued interest converted into equity at $3.00 per share.

 

The Convertible Notes conversion to equity resulted in the:

 

-          Elimination of all remaining debt and interest owed of $1,150,992

 

-          Elimination of a derivative liability associated with the Convertible Notes of $1,001,385

 

-          Increase in Stockholders Equity of $2,152,377

 

Chief Executive Officer Daniel Brauser stated, "We appreciate the Convertible Note holders' significant vote of confidence in electing to convert early. As previously disclosed in our SEC filings, we are working to move uSell.com into position to be up-listed on a major national exchange, such as Nasdaq. This conversion, along with the resulting increase in our Stockholders Equity, is another step in that direction."

 

About uSell.com, Inc.
uSell.com is a reCommerce marketplace that helps individuals turn unused items into cash. uSell ensures that customers get the highest payouts with the least amount of hassle by facilitating risk-free transactions with professional buyers. For uSell's buyers, uSell offers a scalable technology, marketing, logistics, and analytics solution that provides a high volume of inventory at a low acquisition cost. Visit www.uSell.com

 

Contact Information
Hayden IR
hart@haydenir.com
917-658-7878

Bruce Haase
RedChip Companies
800-733-2447, ext. 131
bruce@redchip.com

 

 

SOURCE: uSell.com