Cardiff Lexington Corporation (CDIX) Shores Up Balance Sheet with Capital Infusion; Eliminates Convertible Debts
FT. LAUDERDALE, Fla., Sept. 11, 2019 (GLOBE NEWSWIRE) -- Cardiff Lexington (OTC: CDIX) Cardiff Lexington, a public holding company, today announced that the Company has received $410,000.00 in new funding from the Private Equity Group, Leonite Capital, LLC. The parties entered into a 12-month conventional note. This capital infusion was arranged by the registered Broker Dealer Craft Capital, LLC to stop the current convertible note dilution of Cardiff Lexington common stock and in an attempt to stabilize the share price of the Company.
Cardiff has paid-off three significant convertible notes totaling $379,902 and plans to retire all commercial notes by year end 2019 in concert with acquisition related equity funding. This move consolidates Company debt with essentially two friendly lenders Leonite Capital LLC and Greentree Financial, LLC both of whom have invested prior, are committed to future equity participations, and are aligned and committed to Cardiff Lexington’s future goals and objectives.
Alex Cunningham, CEO/President of Cardiff Lexington, stated: “The elimination of troubling debt conversions from our balance sheet and move to an equity blend of financing should have a positive effect to help strengthen the value of our company and our common share market price. Paying off this currently converting convertible debt, will dramatically ease troubling dilution which has consistently put extreme pressure on our common stock price. Our goal is to continue to reward our shareholders and new investors of Cardiff Lexington by organic growth through an increasing common stock price and expanding our revenue streams through new acquisitions including real estate and companies vertically and horizontally aligned with the CBD Oil Medical Hemp business. ” “These moves combined with our pending potential Acela BioMedical acquisition in my opinion will immediately validate our higher standing within the small cap market segment as we continue to gain national attention of our business strategy as one of the more stable innovative fully reporting Companies in our industry,” further stated Cunningham.
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.
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Released September 11, 2019