HOLIDAY ISLAND, AR / ACCESSWIRE / May 12, 2021 / Holiday Island Holdings, Inc. (OTC PINK:HIHI), operating in the recreational and remote living real estate market in the geographic markets of Texas, Arkansas, Oklahoma, Missouri, and Louisiana, announced today that the Company is in the process of exchanging $789,505 (principal and interest) of Convertible Debt of its largest Note Holder for Preferred Stock, decreasing the liability to zero ($0) and increasing Shareholder Equity by $789,505.
The Company also recently received verbal approval from its other major Convertible Note Holder to move its debt into Preferred Stock, estimated at $200,000 (principal and interest), again increasing Shareholder Equity. The first debt to equity transaction is expected to be completed on or before May 20, and the second on or before May 31, 2021.
The Company's Securities Attorney is preparing the documents, creating a new Class A Preferred Stock to accommodate the debt-to-equity transactions. The re-class ratio will be 1:100,000 Common to Preferred Stock.
S. Gene Thompson, CEO and Director said: "This is a huge development for the Company and its Shareholders, as it decreases Convertible Debt and increasing Shareholder Equity in the total estimated amount of approximately $1,000,000. This will also make it easier and improve the prospects of third-party financing for acquisitions, property improvements, and working capital".
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
HIHI Contact:
Gene Thompson, CEO & Chairman
Phone: (479) 244-6047
Email: [email protected]
Website: www.holidayislandholdings.com
SOURCE: Holiday Island Holdings, Inc.