HUMBL Announces Exchange of Debt for Preferred Stock, Bringing Total Debt Retirement Amount to Over $28 Million in 2023

San Diego, California, Oct. 25, 2023 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC: HMBL) announced today that it exchanged approximately $6.5M in debt for 8,775 shares of Series C Preferred Stock. The exchange was consummated with Sartorii, LLC, HUMBL’s largest creditor.

The exchange was completed as part of a concerted effort to reduce the company’s outstanding debt. During the calendar year 2023, HUMBL has retired over $28M in debt.

“HUMBL’s CEO, Brian Foote, and his team continue to take meaningful and decisive actions to improve the company’s balance sheet and achieve their strategic goals,” said Jacob Fernane, CEO of Pacific Lion. “We are pleased to serve as their lead funding partner and to see the company’s management making strategic moves and securing the negotiation outcomes necessary to improve the balance sheet of the company.”

“As always, we want to extend our appreciation to both our key funding partners and creditors, as well as our retail shareholders, who have supported us through a very challenging period in the company lifecycle,” said Brian Foote, CEO of HUMBL. “We are optimistic about our product lines for Q4 2023 and the year ahead in 2024; and appreciative to have secured more constructive financing and balance sheet cleanup to accompany that work going forward.”

About HUMBL

HUMBL is a Web 3 technology platform with product lines including the HUMBL Wallet^™, HUMBL Search Engine^™, HUMBL Social^™, HUMBL Tickets^™, HUMBL Marketplace^™ and HUMBL Authentics^™. For more information, please visit: .

HUMBL has performed digital integrations with athletes and teams from the NCAA, MLB, UFC, WNFC, NASCAR Xfinity, World Surfing, World Rugby and more.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.

Company Information

HUMBL, Inc.

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Investor Relations

Contact: Stuart T. Smith

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Contact: Kevin Gray

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