Cardiff Lexington Announces Reduction of Convertible Debt Balance

Rhea-AI Summary

Cardiff Lexington Corporation (OTC PINK:CDIX) announced the reduction of its convertible debt balance by paying off two convertible promissory notes, totaling $175,000. The company aims to simplify its capital structure to support long-term growth, with the CEO highlighting this payment as an example of their strategy execution.

Positive

• Reduction of convertible debt balance is a positive move for the company's long-term growth strategy.

Negative

• None.

FT. LAUDERDALE, FL / ACCESSWIRE / November 17, 2023 / Cardiff Lexington Corporation (OTC PINK:CDIX) today announced that the Company has reduced its convertible debt balance with the payment of two convertible promissory notes originally issued to a single lender on February 9, 2021 and April 26, 2021, respectively. The total payment value of $175,000 is for complete and full settlement of both notes.

Alex Cunningham, Chief Executive Officer of Cardiff Lexington, commented, "We're pleased to be able to reduce our convertible debt balance with these payments. A key initiative of ours is to continue to simplify our capital structure to support our long-term growth. Payment of these notes is one example of our execution of this strategy, and our goal is to continue to significantly simplify our capital structure."

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About Cardiff Lexington Corporation:

Cardiff Lexington Corporation is a holding company focused on locating, acquiring, and building middle market, niche companies, primarily in the healthcare industry. Fundamental to the Cardiff Lexington strategy is the service-based partnership culture which emphasizes core values, teamwork, accountability, and performance.

A substantial majority of the Company's revenue is derived from Nova Ortho and Spine, PLLC, or Nova, which the Company acquired in May of 2021 and operates a group of regional primary specialty and ancillary care facilities throughout Florida that provide traumatic injury victims with a full range of diagnostic and surgical services, primary care evaluations, interventional pain management, and specialty consultation services.

For more information on Cardiff Lexington Corporation, you may access the company's website at https://cardifflexington.com/

Forward Looking Statements

This press release may contain information about our views of future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on management's beliefs, assumptions and expectations of the Company's future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The Company does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause the Company's actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Actual results may differ materially from the expectations discussed in forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks set forth in "Risk Factors" included in our filings with the Securities and Exchange Commission.

Contact:

Cardiff Lexington Investor Relations
investorsrelations@cardifflexington.com
(800) 628-2100 ext. 705
or
IMS Investor Relations
cardifflexington@imsinvestorrelations.com
(203) 972-9200

SOURCE: Cardiff Lexington Corporation

View source version on accesswire.com:
https://www.accesswire.com/804723/cardiff-lexington-announces-reduction-of-convertible-debt-balance

FAQ

What did Cardiff Lexington announce regarding its convertible debt balance?

Cardiff Lexington Corporation (OTC PINK:CDIX) announced the reduction of its convertible debt balance by paying off two convertible promissory notes, totaling $175,000.

When were the convertible promissory notes originally issued?

The convertible promissory notes were originally issued to a single lender on February 9, 2021 and April 26, 2021, respectively.

What is the CEO's comment on the payment of the notes?

The CEO, Alex Cunningham, highlighted the payment as an example of the company's strategy to simplify its capital structure to support long-term growth.