FLES - Efforts to Improve Financial Position Help This Firm Find Early Week Success

2024-03-11 15:47:21 ET

This firm, a leading online marketplace for %Automotive parts, is dedicated to providing a diverse range of high-quality automotive parts and accessories to customers in the jeep, truck and off-road enthusiast market. And now, a recent debt conversion is helping it on its way to strengthening its balance sheet and alleviating an immediate financial burden.

A technology-driven e-commerce leader in the automotive parts sector, %AutoParts4LessGroup (OTC: FLES) announced in a press release today a significant milestone in its ongoing efforts to improve its financial position. Twice over the past week, the firm successfully converted debt and accounts payable totaling $1,195,506 into common stock, with a two-year lockup period.

Christopher Davenport, CEO of Auto Parts 4 Less Group Inc., had this to say, “The conversion of $549,978 and $645,000 in debt and accounts payable into common stock, with a two-year lockup, demonstrates the confidence our creditors have in our long-term vision and growth prospects."

Shares were trading up in late afternoon trade.