HOLIDAY ISLAND, Ark., Sept. 05, 2017 (GLOBE NEWSWIRE) -- Holiday Island Holdings, Inc. (OTCPink:HIHI) - a development stage company operating in the land development sector of the market – released the news today that it is in the process of following up on the Letter of Intent that was executed between the buyer and seller on August 25, 2017 to complete the Restaurant and Land acquisition as planned.
As recently announced, under the terms of the Letter of Intent, HIHI will raise $ 200,000 within 90 days of the LOI date of August 25, 2017. The Holiday Island Developer will purchase the building and land (.5 acres) from the bank for up to $ 120,000, deed the property to HIHI, then use the balance of $ 80,000 to buy fully developed prime land within the Holiday Island Shopping Center, and later convert it to income producing property.
Immediately following the LOI execution, the Company made an arrangement with an Atlanta-based private investment firm to raise the related funding, on or before schedule.
Gene Thompson, CEO and Director of the Company said, "We are excited to make this arrangement and continue on schedule our pursuit of the first income producing real estate acquisition located in the Holiday Island Shopping Center. Once the sale is closed, we expect it will be a significant factor to attract new investment and drive stock liquidity and shareholder value.”
About Holiday Island Holdings, Inc. (OTCPink: HIHI):
Holiday Island Holdings, Inc. is operating its core business 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 become a significant player in the local retail, commercial, and residential markets.
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Source:Holiday Island Holdings, Inc.