DENVER, Feb. 26, 2016 /PRNewswire/ -- ID Watchdog, Inc. (TSX VENTURE: IDW) (OTC: IDWAF) ("ID Watchdog" or the "Company"), provider of consumer-facing identity theft protection and resolution services, today announced the results from the conversion of a portion its Series C Preferred Shares and the exercise of the related warrants. All amounts are in U.S. dollars.

The Company's Series C Mandatorily Redeemable Convertible Preferred Stock (the "Series C Preferred") matured on February 24, 2016 (the "Maturity Date"). The holders of the Series C Preferred had the right on or prior to the Maturity Date to convert each Series C Preferred share into 10,000 Ordinary Shares. Any Preferred C shares that were not converted to Ordinary Shares prior to the Maturity Date were redeemed by the Company through the issuance of an unsecured note, due November 22, 2017 (the "Note" or "Notes"). The Notes are unsecured, pay cash interest on a quarterly basis at a rate of 15% per annum, and may be repaid by the Company at any time without penalty.

On or prior to the Maturity Date, holders converted 1,395.52 shares of Series C Preferred and were issued 13,955,200 Ordinary Shares of the Company. The remaining 1,677.961 Series C Preferred shares, which were not converted to Ordinary Shares, were redeemed by the Company through the issuance of Notes with a total principal amount of $2,819,416.

Also, in conjunction with the issuance of the Series C Preferred shares in February 2011, the Company issued 19,965,886 warrants to purchase Ordinary Shares of the Company with an exercise price of $0.12 per Ordinary Share and an expiration date of February 24, 2016 (the "Warrants"). Prior to expiration, certain holders exercised the Warrants and were issued 4,150,000 Ordinary Shares and the Company received $498,000 of cash proceeds from the exercise of these Warrants.

Subsequent to the conversion of the Series C Preferred and the exercise of Warrants described above, the Company has a total of 139,940,197 Ordinary Shares outstanding.

"We sincerely appreciate the continued support of our Series C Preferred shareholders and their confidence in our strategy to continue to grow the Company and create shareholder value," said Mike Greene, CEO of ID Watchdog. Mr. Greene continued, "As a result of an overwhelming number of holders who chose to convert their Series C Preferred shares to Ordinary Shares, we have substantially reduced the Company's outstanding debt to a very manageable level and look to further reduce our debt as our cash resources allow," Mr. Greene concluded.

Historical Financial Reports

Financial information contained in this press release should be read in conjunction with the unaudited consolidated interim condensed financial statements and notes thereto included in our most recent annual and quarterly reports. These documents are available online at www.sedar.com and in the "Company Overview" section of our website at www.IDWatchdog.com.

About ID Watchdog, Inc.

ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.

Forward-Looking Statement

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. Such forward-looking statements include, but are not limited to, statements about: future revenue and the growth of revenue including growth from our Employee Benefit Channel; anticipated expenditures; our business strategies; our ability to grow in both the near and long term and the funding of our growth opportunities; the plans, objectives, expectations and intentions of the company regarding revenue growth; the Company's financial position including liquidity and financial capacity, and the future development of the company's business.

The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance Company's filings with Canadian regulators at www.sedar.com. Furthermore, the forward-looking statements and financial outlook contained in this release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Company Contact:
Jay B. Lewis
Chief Financial Officer
ID Watchdog, Inc.
303-339-8099
InvestorRelations@idwatchdog.com
www.idwatchdog.com

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SOURCE ID Watchdog, Inc.