Cardiff Lexington Corporation (OTC Pink: CDIX) operates as a holding company that “targets acquisitions of mature, high-growth, niche companies. Cardiff Lexington’s strategy identifies and empowers select income-producing middle market private businesses and commercial real estate properties,” according to the company. Shares of the holding company skyrocketed 300%, during trading on Monday, March 4, 2019. Over the past month, Cardiff Lexington has seen average daily volume of 54.69 million shares. However, volume of 998.47 million shares or dollar volume of $399,388, exchanged hands during trading on Monday.
Shares of Cardiff Lexington Corporation soared on Monday, after the company announced that it has retired eight convertible notes dated between September 2016 and November 2018. The move helps the company reduce its debt, simply its share structure, and puts Cardiff in stronger financial condition. Here is the full press release detailing of the convertible note retirements:
Cardiff Lexington Corporation Press Release:
Ft. Lauderdale, FL, March 04, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Cardiff Lexington Corporation (OTC:CDIX) announced today the retirement of eight convertible notes entered into by the Company between September 2016 and November 2018.
“We have made significant inroads to reduce debt. Today’s announcement demonstrates our commitment to improve the Company’s balance sheet and strengthen our financial foundation,” stated Alex Cunningham, Cardiff Lexington’s CEO. “The elimination of several variable rate, floating price, convertible notes has strengthened our balance sheet and simplified our capital structure. We will continue working to restructure the Company for future growth.”
As a result, the Company’s eight (8) convertible notes which had been currently convertible at variable prices reflecting a predetermined discount to market prices, have been retired and the Company has eliminated this indebtedness.
About Cardiff Lexington Corporation: Cardiff Lexington is a public holding company, much like a cooperative, leveraging proven management in private companies that become subsidiaries. Our focus is not industry or geographic-specific, but rather proven management, market, and margin. Cardiff Lexington targets acquisitions of mature, high growth, niche companies. Cardiff Lexington’s strategy identifies and empowers select income-producing middle market private businesses and commercial real estate properties. Cardiff Lexington provides these companies both 1) the enhanced ability to raise money for operations or expansion, and 2) an equity exit and liquidity strategy for the owner, heirs, and/or Investors. For investors, Cardiff Lexington provides a diversified lower risk to protect and safely enhance their investment by continually adding assets and holdings. Cardiff Lexington is led by strong and talented team of executives and advisors providing expert acquisition, market guidance and added value for subsidiaries and investors.
FORWARD LOOKING STATEMENT: This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company’s contracts, the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.