This afternoon, Cherubim Interests Inc. issued a press
release announcing a series of carefully crafted initiatives designed to
enhance net stockholders’ equity.
“This package of initiatives will serve as a blueprint to
acquire and attract investment and equity into our company,” said Patrick
Johnson, CEO of Cherubim Interests Inc. “As we further prove our hybrid
business model, we will escalate our game-plan with the Forward Acquisition of
numerous undervalued assets and this program will only enhance the processes in
doing so.”
The company’s strategy was laid out as follows:
– maintain its public disclosure on OTC Markets by remaining
current in its filing obligations;
– amend its Articles of Incorporation and Corporate Bylaws
to create a series of Anti-Dilutive, Convertible Preferred Shares to protect
its majority stakeholders;
– insulate the stockholders from past, present, or future
dilution in the open market by providing these anti-dilutive securities as a
dividend payment;
– use convertible preferred securities as currency to
exchange its derivative liabilities that exist on the financial statements in
the form of affiliate and non-affiliate debt;
– execute an S-1 filing so that its new preferred
stockholders, who have converted into a predetermined amount of common stock,
can see their securities become free trading.
According to the press release, securities will soon become
available to the common shareholders, pending FINRA approval. The equity
derivatives are restricted for one year and will turn into a predetermined
amount of common stock through issuance resolutions on the part of management,
and convert at the par value of the public company.
“We will further strengthen investor confidence by
committing ourselves to stock and cash dividends and by removing both affiliate
and non-affiliate debt as this program will build net stockholders’ equity on
the balance sheet and bolster current and future investor confidence,” added
Johnson.
It is expected that a significant portion of the company’s principal
affiliate debt will be retired for these instruments, while the interest will
be converted into restricted common stock. The defaulted interest portion of
the mature, secured, third-party non-affiliate debt will be assigned and
converted into equity by their bond holders to remove any future compounding
derivative liabilities on the balance sheet.
“This is a process we are committed to, and our resolve to
complete these milestones will be a function of effort, teamwork, and time,”
concluded Johnson. “Throughout this process we will maintain a transparent
dialogue with our investors as to the clarity of implementing those objectives.
And as we meet certain milestones, the investment community will be more
thoroughly aware of this through our disclosures and public records.”
For more information, visit www.cherubiminterests.com
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