Holiday Island Holdings (OTC PINK:HIHI) announced its engagement with ARNO Wealth, LLC and ARETE Wealth Management to raise $20-$40 million in equity and debt capital for growth initiatives.
The funds will primarily aid in executing the company's Recreational Property "Roll Up" strategy, starting with the acquisition of the Lake Texana RV Park for $2.3 million. This property is already generating positive cash flow and offers expansion potential.
Holiday Island Holdings (OTC PINK:HIHI) announced a significant debt-to-equity conversion, eliminating $789,505 of convertible debt, which enhances shareholder equity. The company also expects to convert an additional $200,000 of debt into preferred stock, potentially increasing total equity by around $1,000,000. CEO S. Gene Thompson emphasized that this transition strengthens the company’s financial position, facilitating future acquisitions and improvements. The first conversion is anticipated by May 20, 2021, and the second by May 31, 2021.
Holiday Island Holdings (OTC PINK: HIHI) has signed a $500,000 purchase contract to acquire a partially developed lakeside RV park in Jackson County, Texas. The project will require an additional $600,000 in development costs, totaling $1.1 million. The RV park is strategically located near Lake Texana and the new Interstate-69 highway, amidst significant industrial activities. This marks the company's first venture into the recreational/remote living sector, branded as 'HIHI Lake Texana Retreat'. Two additional acquisition prospects are also being evaluated.