Holiday Island Holdings, Inc. (OTC Pink: HIHI) is in the land acquisition and development business located in the fast-growing Arkansas town of Holiday Island. Shares jumped 47% through early trading on Monday, July 9, 2018. Over the past 30 days, Holiday Island Holdings, Inc. has seen an average daily volume of 50.8 million shares. However, through Monday morning, already 226.9 million shares have traded hands, equating to over $204,000 in dollar volume.
Shares surged Monday morning after Holiday Island Holdings, Inc. announced the cancellation of $1.3 million in convertible debt that was originally issued to an officer in the place of cash compensation from May 2011 to May 2013. The land development company is currently trying to raise enough equity capital to complete a major acquisition of commercial real estate in the Holiday Island Shopping Center. After cancelling this toxic debt load of $1.3 million, Holiday Island Holdings, Inc. is a significant step closer to realizing those plans. Here is the full press release, detailing the write-off:
Holiday Island Holdings, Inc. Press Release:
HOLIDAY ISLAND, Ark., July 09, 2018 (GLOBE NEWSWIRE) — Via OTC PR Wire — Holiday Island Holdings, Inc. (OTCPink:HIHI) – a development stage company operating in the land development business released the news today that they have decided to cancel 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 will be reflected in the Company’s Q-2 2018 OTC Report.
Gene Thompson – CEO and chief strategist of Holiday Island Holdings said, “We are pleased to make this announcement as it immediately 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 with the assistance of an Atlanta-based private investment fund.”
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.