Earlier today, Cherubim Interests, Inc. (OTC: CHIT) released
a letter to shareholders detailing several corporate initiatives stemming from
its previously announced stimulus program. This program, originally outlined in
October 2015, is intended to serve as a blueprint to the company’s ongoing
efforts to enhance net stockholder equity while simultaneously acquiring and
attracting favorable investment opportunities. Notably, Cherubim has made
progress in the development of its hybrid business model through the
acquisition of two revenue-producing assets, including Victura Roofing LLC and
Cherubim Builders Group LLC (Oklahoma), which both jumpstarted the company’s
roofing footprint in Dallas-Fort Worth and cleared the way for immediate
expansion into the Oklahoma City Metropolitan Area.
The early results stemming from these acquisitions paint a
promising picture for the future of Cherubim. According to today’s update, the
company has already subcontracted large-loss residential reconstruction
projects totaling in excess of $400,000 in revenues. The company also continues
to prepare for the grand opening of its BudCube Cultivation Systems cultivation
centers, which will leverage a proprietary, fully-portable and scalable
controlled environment technology to allow cultivators to gain quick access to
the fast growing medical and recreational cannabis markets at an attractive
price point. Cherubim is currently in the process of prospecting raw land for
the project.
On the financial front, Cherubim’s management team has also
placed focus on solidifying the company’s balance sheet in recent months. Since
May 31, 2015, Cherubim has successfully eliminated more than $1.5 million of
affiliate and non-affiliate debt from its books, including over 90 percent of
its ‘toxic’ convertible debt. To reward its majority stakeholders and insulate
them from past, present and future dilution, Cherubim also created a series of
anti-dilutive, convertible preferred shares, which it released in the form of a
dividend payment. In an October news release, Patrick Johnson, CEO of Cherubim,
acknowledged that there has been “significant dilution over the recent past in
Cherubim” as a result of “the automatic conversion of aged non-affiliated
debt.” He added that the company’s decision to issue a convertible preferred
stock dividend was aimed at protecting “the integrity of people’s investments
in the open market.”
“Our go forward strategy is a simple one: continue to
execute on the plan set forth last October,” Johnson added in this morning’s update.
“I am pleased to address shareholders… and want to reiterate our commitment to
strengthening our stride and growing corporate equity.”
For more information, visit www.cherubiminterests.com
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