DALLAS, TX--(Marketwired - Nov 2, 2016) - Cherubim Interests, Inc. (OTC PINK: CHIT) ("the Company"), an expansion-stage alternative construction and real estate development company, announces that it has successfully retired a significant portion of its High Interest Convertible Debt and Principal Debt.
We have been aggressively addressing debt reduction over the past twelve months. These debts included convertible note instruments to extremely high interest lenders, which upon conversion causes dilution that adversely affects the stock price," said Patrick Johnson, CHIT CEO. "The approximate debt as of August 31, 2015 was $1,180,000 and to better position the company for uplist we have retired over $850,000 in additional consolidated debt . We believe that this debt retirement and reduction effort will be instrumental in our future plans and expansion targets," said 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.