Camelot Entertainment (CMGR) CEO is converting $1.8 million in personal debt into common stock


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Clubhouse Media Group, Inc. (OTCMKTS: CMGR) (“CMGR”), an influencer-based social media company and digital talent management agency, today announced that CEO Amir Ben-Yohanan has further reduced CMGR’s debt by converting $1,808,167 in debt to related parties personally owed to him in exchange for 4,520,417,475 common shares at $0.0004 per share on November 17, 2022.

“I firmly believe in CMGR’s upside potential and am committed to supporting its growth in any way I can,” said Amir Ben-Yohanan, CEO of CMGR. “This debt swap will help reduce the debt on our balance sheet and I believe it brings us one step closer to our long-term goal of eliminating CMGR’s debt and hopefully moving up to a national securities exchange like the Nasdaq Capital Market.”

There can be no assurance that CMGR will apply to list its common stock on any national stock exchange or that its application will be approved if CMGR applies to list its common stock.

About Clubhouse Media Group, Inc.

We believe CMGR represents the future of influencer media and marketing, with a global network of professionally managed content houses, each with their own brand, influencer cohort and production capabilities. In total, CMGR reaches more than 400 million followers. CMGR provides its handpicked influencers with management, production and deal-making services, a management department for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space.

FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements.” Forward-looking statements may also be contained in other publicly available documents issued by CMGR and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to represent management’s current expectations or plans for our future operational and financial performance based on assumptions currently believed to be valid. You can use words like anticipate, intend, plan, goal, aspire, believe, project, estimate, expect, strategy, future ‘, ‘likely’, ‘may’, ‘should’, ‘would’, ‘could’, ‘will’ and other words of similar import in the context of a discussion of future operational or financial performance.

Examples of forward-looking statements include, but are not limited to, statements regarding future sales, earnings, cash flows, results of operations, use of cash and other measures of financial performance.

Because forward-looking statements address the future, they involve inherent risks, uncertainties and other factors that could cause CMGR’s actual results and financial condition to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, economic conditions, changes in laws or regulations, demand for CMGR’s products and services, the effects of competition and other factors that could cause actual results to differ materially from those that are projected or illustrated in the forward-looking statements. Any forward-looking information contained in this press release should be considered with these factors in mind. We caution investors not to place undue reliance on forward-looking statements and urge you to consider the risks described in our filings with the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K and the subsequent quarterly reports, Reports on Forms 10-Q and Current Reports on Form 8-K, which are available on the Securities and Exchange Commission’s website at sec.gov. We assume no obligation to update any forward-looking statements contained in this press release.

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SOURCE Clubhouse Media Group, Inc.



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