Aluf Holdings, Inc. Announces Elimination of Convertible Debt and Accounts Payable by Over $750k

Rhea-AI Summary

Aluf Holdings, Inc. (AHIX) announced a significant reduction in its financial liabilities, decreasing Total Convertible Notes Payable and Accounts Payable by $751,908 as of March 31, 2021. The breakdown includes a $173,685 reduction in Accounts Payable and $578,223 in Convertible Notes Payable, with $362,723 settled in full. This strategic move aims to strengthen the company's position for future acquisitions while minimizing shareholder dilution. CEO Teresa McWilliams highlighted the company's commitment to growth despite challenges faced by many OTC companies.

Positive

• Elimination of debt helps strengthen financial position.
• Total liabilities reduced by $751,908.
• Minimal impact on shareholders due to full settlement of convertible debt.

Negative

• None.

HOLLYWOOD, Fla., May 12, 2021 /PRNewswire/ -- Aluf Holdings, Inc. ("AHIX") ("the Company") (OTC PINK: AHIX) announced major milestone in strengthening its financial position by reducing Convertible Notes Payable and Accounts Payable by a total of $751,908 as of March 31, 2021. Of that, Accounts Payable was decreased by $173,685; while Convertible Notes Payable was decreased by $578,223, of which $362,723 was settled in full (not converted).

"In an effort to position Aluf Holdings for execution of our acquisition strategy, we took great care in eliminating debt from our balance sheet with minimal impact to shareholders. We were able to settle a majority of convertible debt without conversion, deceasing potential dilution significantly. While most OTC companies fall prey to toxic noteholders, our debt partners are taking part in our future growth," says Teresa McWilliams CFO of Aluf Holdings. "We plan on making updates on our acquisition strategy and progress to date in the near future."

Aluf Holdings, Inc. (AHIX) is a holding company headquartered in Fort Lauderdale, FL, engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software. The Company's strategy is to build a large portfolio of companies with more diverse enterprise software solutions through strategic acquisitions and managed growth as it acquires profitable businesses with strong growth potential and a solid business plan. Our technology acquisitions stem from a surge in momentum in the tech space; especially in areas of biometrics and cyber security, cloud-based software services (SaaS), medical applications, energy production, IoE (Internet of Everything) services, and global law enforcement and military-based offensive and defensive applications. in the software and technology industries.

About Aluf Holdings, Inc.:
Aluf Holdings, Inc. is a publicly traded holding company whose core competency is to acquire, manage and propel "Next Gen" technology companies into the future.  Our focus includes the Biometric, Blockchain, Cybersecurity, AI, Computer Vision and Software/Hardware verticals.

For more information go to www.aluf.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.

Corporate Contact:
Aluf Holdings, Inc.
Teresa McWilliams
Chief Financial Officer
866-793-1110

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SOURCE Aluf Holdings, Inc.

FAQ

What financial liabilities did Aluf Holdings reduce as of March 31, 2021?

Aluf Holdings reduced its Total Convertible Notes Payable and Accounts Payable by $751,908.

How much was settled in full by Aluf Holdings from its convertible debt?

Aluf Holdings settled $362,723 in full from its convertible debt.

What is Aluf Holdings' strategy regarding acquisitions?

Aluf Holdings aims to strengthen its acquisition strategy by reducing debt and enhancing its financial position.

What specific amount did Aluf Holdings decrease in Accounts Payable?

Aluf Holdings decreased its Accounts Payable by $173,685.

What is the stock symbol for Aluf Holdings?

The stock symbol for Aluf Holdings is AHIX.