HOLIDAY ISLAND, Ark., Feb. 14, 2019 (GLOBE NEWSWIRE) -- Holiday Island Holdings, Inc. (OTCPink:HIHI) - a development stage company operating in the land development business - as previously announced they have cancelled approximately $1.3 million of convertible debt.
The notes were issued from May 2011 to May 2013 by our predecessor to an officer in lieu of cash compensation for his services.
The debt consists of $ 602,008 in original principal and $ 708,547 in interest through June 30, 2018. The write off was reflected in the Company’s Q-2 2018 OTC Report, and will be reflected in the 2018 Annual OTC Report. Gene Thompson - CEO and chief strategist of Holiday Island Holdings said, “We are pleased to re-release this announcement for proper disclosure as we prepare our year end OTC Report, and as it provides significant equity to the Company’s balance sheet, and advances our effort to cease debt conversion at some point.” “The Company is in the process of trying to raise equity capital to realize its multi-million dollar acquisition plans of commercial income producing real estate located in the Holiday Island Shopping Center.” Holiday Island Holdings, Inc. will keep both its shareholders and public completely informed of the entire process as the details continue to develop. Please watch for regular press releases about the Company’s progress. For additional information, please visit the Company’s website at www.holidayislandholdings.com . About Holiday Island Holdings, Inc. ( OTCPink:HIHI): Holiday Island Holdings, Inc. is operating in land development in a continued effort to acquire and further develop income producing commercial and residential real estate located in Holiday Island, Arkansas. The company is in the process of further developing a town poised to become the largest community between Northwest Arkansas Metroplex and Branson, Missouri, and dominate local retail, commercial, and residential markets. Forward-Looking Statements Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov . HIHI Contact: Gene Thompson, CEO & Chairman Phone: (479) 244-6047 Email: gene@holidayislandholdings.com Website: www.holidayislandholdings.com
