BEDFORD, TX / ACCESSWIRE / December 2, 2015 / Cherubim Interests, Inc. (OTC: CHIT), ("the Company"), an expansion-stage alternative construction and real estate development company, moved to protect its long-term shareholders by offering Convertible Preferred Shares.
"Over the past few weeks, we have experienced a lot of progression in our business model, due in part to our Stimulus Package and the issuance of Anti-Dilutive, Convertible Preferred Shares," states Patrick J. Johnson, CEO of Cherubim Interests, Inc.
"Some weeks ago, the company amended its Articles of Incorporation and Corporate Bylaws to create a series of Convertible Preferred Shares in order to protect its shareholders who have securities that are 'underwater' after purchase in the open market," explains Johnson.
"We devised a playbook to handle exactly this type of scenario and it has served its purpose as a road-map for charting a course through these transitionary stages," continues Johnson.
"This route has enabled the company to remove any future compounding derivative liabilities on the balance sheet," says Johnson. "We are now pleased to announce that the company has retired the majority of this 'toxic' type of debt."
Shareholders who have been holding a minimum of 100,000 shares of Common Stock dating back to May 1, 2015, and were affected by this dilution, are asked to contact the Company at golong@cherubiminterests.com. Representatives will then arrange the verification and the issuance of convertible preferred shares.
"Obviously the Company seeks to protect the integrity of the investments made by our stockholders," says Johnson, "as we realize that this process has impacted some of them greatly and this is a way for the company to shore up these investors."
Principle Affiliate Debt
The Company to date has converted over a half-million dollars of its principal affiliate debt and will be filed in form 8k in the coming days. The company also expects to remove additional Principle Affiliate Debt in the very near future.
FINRA Dividend Approval
"We are currently awaiting approval from FINRA regarding our Convertible Preferred Stock Dividend, and we expect to have that finalized in short order," closes Johnson.
About Cherubim Interests Inc.
Cherubim Interests specializes in alternative construction projects, as well as covering the entire spectrum of real estate development: due diligence, acquisition, planning, construction, renovation, and management; providing complete beginning-to-end development programs for mixed use, single, and multifamily projects and properties.
For more information, visit www.cherubiminterests.com
Safe Harbor Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
For more information please contact:
Cherubim Interests, Inc.
Patrick J. Johnson
Chief Executive Officer
(844) 842-8872
pjohnson@cherubiminterests.com
SOURCE: Cherubim Interests, Inc.