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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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SOURCE: Holiday Island Holdings, Inc.
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