Creatd, Inc. Improves Balance Sheet with Completion of the Sale of Creatd Ventures Assets: Basis and Brave

October 9, 2023

Creatd Ventures LLC finalizes Assignment and Assumption agreement for the assets and liabilities of its brands Brave and Basis with private investor group.
The Company eliminates nearly $300,000 in liabilities from its balance sheet and approximately $500,000 in go forward operating expenses.
Creatd, Inc. to receive a 7.5% royalty on the sale of the acquired inventory and be awarded 7.5% equity in the acquiring entity.

NEW YORK, 10/10/2023 -- Creatd, Inc. is pleased to announce the successful completion of the sale of assets pertaining to its brands Brave and Basis, held under its wholly-owned subsidiary, Creatd Ventures LLC. The subsidiaries were sold to a private investment group. This strategic decision not only streamlines the company's focus but also significantly strengthens its financial position. The company does not expect any material change to Net Revenues as the non core businesses had been phased out throughout the year.

Jeremy Frommer, CEO and Chairman of Creatd, commented on this milestone, stating, “Given our successful launch of our subsidiary Vocal's Reg CF community round, we have strategically scaled down or eliminated non-essential businesses and core assets, focusing all our energy on the Vocal platform. This has empowered us, as announced yesterday, to progress on multiple fronts as we see an improving balance sheet. Our primary goal remains to eliminate debt, restore our balance sheet’s strength, enhance operating margins, and above all, create value for our shareholders. We are on a trajectory of growth and consolidation, and today’s move is another testament to our determination and vision.”

About Creatd, Inc.

Creatd, Inc. is a publicly traded digital holding company renowned for its commitment to innovation, transparency, and growth. Central to its operations is the flagship platform, Vocal—a pioneering social media and publishing platform designed to amplify user engagement and monetization.

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