Scottsdale 11/20/2015 8:00:00 PM
News / Stocks

QualityStocks News - Cherubim Interests (CHIT) Announces Agreement to Convert Debt to Preferred Stock

QualityStocks would like to highlight Cherubim Interests, Inc. (OTC: CHIT), a development-stage alternative construction and real estate development company seeking various opportunities relative to the company's management team of experts in property management, construction, and finance. The company's primary focus is within the real estate development and controlled environment agriculture sectors, which Cherubim recently entered into by acquiring an exclusive worldwide license for the deployment of a proprietary plant cultivation technology. Through its wholly owned subsidiary, BudCube Cultivation Systems USA, Cherubim plans to construct, deploy and lease scalable medical and recreational marijuana cultivation facilities for commercial applications.

In the company’s news,

Cherubim Interests issued a press release announcing that multiple major debt holders of CHIT have agreed to convert USD $506,806.96 of debt currently on the balance sheet to Series B Convertible Preferred Stock at a price of $2.50 per share. According to the release, these supporters have been invested in the company for some time now and were pleased to show additional support.

“By cleaning up the balance sheet and creating equity for the company, we are delivering on our promise to shareholders to make bold and significant improvements to our bottom line,” stated Cherubim Interests CEO Patrick Johnson. “By eliminating over a half-million dollars in debt, the Company passes an important milestone on its journey toward meeting the $4 million shareholder equity threshold, which in turn helps in achieving all qualifications for listing on the NYSE Markets. This is just one of several important, strategic financial transactions that will enhance the Company’s position going forward.”

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Forward-Looking Statement:

This release may contain 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.