Branded Legacy, Inc. Sells Magic 1 Promotions, LLC For $1 Million

Rhea-AI Summary

Branded Legacy (OTCQB: BLEG) has completed the sale of Magic 1 Promotions to Strategic Management & Opportunity Corp (OTC: SMPP) for $1 million, involving 100 million restricted shares and cash. This strategic divestment aims to enhance shareholder value by allowing Branded Legacy to focus on its core business of cannabinoid-infused products. Following the sale, Branded Legacy plans to issue dividends from the acquired shares, potentially supporting Magic 1 Promotions' growth. The authorized shares are set to increase to 600 million.

Positive

• Sale of Magic 1 Promotions for $1 million enhances focus on core business.
• Plans to issue dividends from the sale will benefit shareholders.
• Potential for Magic 1 Promotions to secure funding for growth.

Negative

• None.

Strategic Management & Opportunity Corp (OTC: SMPP) Purchases Magic 1 Promotions 

Orlando, FL, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Orlando, FL -- December 13, 2022 -- Branded Legacy, Inc. (OTCQB: BLEG), a holding company focused on the commercial development of cannabinoid-infused products from CBD topicals and tinctures to edibles is pleased to announce it has sold Magic 1 Promotions, LLC to Strategic Management & Opportunity Corp (OTC: SMPP). Strategic Management & Opportunity acquired all the membership interest in Magic 1 Promotions, LLC in exchange for One Million ($1,000,000), to be paid in a combination of One Hundred Million (100,000,000) restricted common shares of Strategic Management & Opportunity Corp. (OTC: SMPP) and cash. 

Brandon Spikes, chairman of Branded Legacy, Inc., stated, "We are really excited about this transaction and the additional value it brings to our shareholders. We recently did a similar transaction with another public company and have seen a very positive response. By strategically spinning off assets that are not our primary focus, we are able to grow the business successfully for the benefit of our shareholders and allow our shareholders to be vested in multiple companies." 

Spikes Continued "Following the transaction we plan to issue our shareholders a dividend from the shares of the purchasing company used to purchase Magic 1 Promotions. Furthermore, this may help Magic 1 Promotions obtain the funding necessary for its projected growth. We are currently working with our SEC attorney on one dividend and will be engaging our attorney for this dividend as well. Will release updates as we have them." 

In a previous news release, the company announced the acquisition of ReelSkinz. ReelSkinz is more than just a lifestyle brand; it is a company that combines practicality, protection, and fashion into the ultimate ocean and outdoor apparel.

Spikes concluded, "We have been in communication with our transfer agent in regard to updating the authorized shares. We have been assured during their monthly update to OTC Markets, that the transfer agent will be updating the authorized shares to six hundred million (600,000,000)."

About Spikes CBDX: Spikes CBDX is a line of CBD products designed to assist athletes perform better and recover faster. The Company believes that post workout recovery, with Spikes CBDX products, can lower inflammation, aid in making your body stronger, and help recover from injuries naturally. The CBD line also targets individuals who are looking for pain relief, better sleep, faster recovery and lowering inflammation. Spikes CBDX provides tinctures, lotions, moisturizer, and cryo-gel roll-ons. To view all the Spikes CBDX products please visit: spikescbdx.com.
  
About Versatile Industries: Versatile Industries, LLC is an acquisition company used to incubate companies to eventually spin off into their own public vehicles. Currently owns patent for a sports training assembly called The Quickness, a solar and water treatment company Magic 1 Promotions h2oandsolarsolutions.com, LLC and Astound NMN. By supplementing NMN it helps maintain NAD+ levels, ultimately slowing the effects of aging. www.astoundnmn.com

Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. 

www.brandedlegacy.com
(407) 337-0642
info@brandedlegacy.com

 

FAQ

What was the purpose of Branded Legacy's sale of Magic 1 Promotions?

Branded Legacy sold Magic 1 Promotions to focus on its core business of cannabinoid-infused products and enhance shareholder value.

How much did Branded Legacy sell Magic 1 Promotions for?

Magic 1 Promotions was sold for $1 million, consisting of 100 million restricted shares and cash.

What are Branded Legacy's plans after the sale?

Branded Legacy plans to issue dividends from the shares received in the sale and support Magic 1 Promotions' growth.

When will Branded Legacy update its authorized shares?

The authorized shares are set to increase to 600 million, as assured by the transfer agent during their monthly update.