BEDFORD, TX / ACCESSWIRE / October 16, 2015 / Cherubim Interests, Inc. (CHIT) is pleased to announce that it has filed a Corporate Action with FINRA to issue a Convertible Preferred Stock Dividend to its individual shareholders. Shareholders will be delivered physical certificates of Convertible Preferred Stock to their addresses of record bearing a restrictive legend that will have a holding period. Details of the transaction will become available to the shareholders once FINRA has approved the Corporate Action.
Patrick J. Johnson, the CEO of Cherubim Interests, Inc. states, “There has been significant dilution over the recent past in Cherubim Interests, Inc., and the reason for that has been the issue of the automatic conversion of aged non-affiliated debt on our companies books. We are currently in the process of negotiating settlements with many of our debt holders, as we acknowledge that responsibility; and at the same time, we also want to protect the integrity of people’s investments in the open market.”
“We acknowledge the fact that our market has not recently performed to the satisfaction of our stockholders due to the automatic debt conversions of aged debt,” continues Johnson. “And by Issuing anti-dilutive, restricted convertible preferred securities to investors who securities are ‘underwater’ after purchasing our stock in the open market makes sense, because the dilution has impacted them the most. The rights and privileges of the restricted convertible preferred securities have already been noted in the company’s amended articles of incorporation. The Record Date & Payment Date will be known to our stockholders, once FINRA approves the Filing.”
IMPORTANT DISCLOSURE: Cherubim Interests, Inc. (CHIT) and BudCube Cultivation Systems USA is planning execution of its stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department’s Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that the companies will obtain advice of counsel prior to actualizing any portion of their business plan. Advice of counsel with regard to specific activities of the companies, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
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
About BudCube Cultivation Systems
BudCube Cultivation Systems USA (“BCS”) has developed a proprietary, fully portable and scalable, Controlled Environment Cultivation Technology that serves as a turnkey solution for cultivators of legal medical and recreational cannabis, as well as any other plant species. Coupled with a real estate development and property management business model, BudCube Cultivation Systems can position itself anywhere in the world where the cultivation of cannabis is legal.
BCS provides cultivation solutions for commercial application. It offers cultivators quick entry into a fast growing market at a price point that is very attractive when compared to the traditional construction and cultivation solution. BCS features a business model unparalleled in the industry and stands to benefit greatly as more and more market participants seek to gain entry into this sector.
For more information, visit www.budcube.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.
For more information please contact:
Cherubim Interests, Inc.
Patrick J. Johnson
Chief Executive Officer