CNGI Announces Important Developments

Rhea-AI Summary

CNGI (OTC PINK:CNGI) has signed a Letter of Intent (LOI) to acquire a profitable SaaS cyber security company serving the US Department of Defense and Fortune 1000 firms. This merger aims to enhance CNGI's positioning for a NASDAQ listing. Following the listing, CNGI plans to spin off its real estate subsidiary, allowing shareholders to benefit from both companies. Additionally, two new executives, Ed Berndt and Dick Suedkamp, will bolster the firm's leadership as it transitions into a SaaS software platform.

Positive

• Signing an LOI to acquire a profitable SaaS cyber security company, expanding CNGI's service offerings.
• Positioning for a NASDAQ listing following the merger, which can enhance market visibility and shareholder value.
• Spin-off of real estate subsidiary allowing shareholders to benefit from two separate trading entities.
• Appointment of experienced executives to guide the company's transition to a SaaS platform.

Negative

• None.

WYLIE, TX / ACCESSWIRE / April 21, 2022 / CNGI (OTC PINK:CNGI) has signed an LOI to acquire a profitable SaaS software company. The acquisition is of a cyber security provider for the US Department of Defense and Fortune 1000 Companies. Upon closing of the software merger CNGI will immediately position to apply for a NASDAQ listing.

Post NASDAQ listing, CNGI will spin off its real estate operating subsidiary as a separate company, leaving CNGI as SaaS software pure play platform. CNGI shareholders will benefit as shareholders in both separately trading companies.

CNGI is pleased to announce the addition of two executives to its organization. Joining the CNGI Board of Directors is Edward Berndt who will assist in developing CNGI as a SaaS Cyber solutions software platform. Ed Berndt brings four decades of experience in information technology and organizational transformation to the firm most recently as SVP and Chief Customer Officer at Aspect Software and over fifteen years as a Services SVP with EMC which was acquired by Dell. https://www.linkedin.com/in/edward-berndt-0165661/.

Also joining CNGI is Dick Suedkamp, CPA, a Managing Director with CFGI, who will serve as CFO and manage the Nasdaq listing process. Dick brings over twenty years of accounting advisory and CFO experience to the table, including stints at Deloitte and PricewaterhouseCoopers. linkedin.com/in/dick-suedkamp-948027b

CNGI CEO Atif Rafique commented "We are pleased to welcome Ed and Dick to CNGI and we look forward to the experience and perspective they will bring to our organization. We are equally excited to announce the LOI signing as the next important step in creating additional shareholder value in CNGI."

Contact Information:
Joseph Donahue
214-810-3419
jd@concordisgrp.com

SOURCE: Concordis Group Inc

View source version on accesswire.com:
https://www.accesswire.com/698443/CNGI-Announces-Important-Developments

FAQ

What is the recent acquisition CNGI announced?

CNGI announced the signing of a Letter of Intent to acquire a profitable SaaS cyber security company serving the US Department of Defense and Fortune 1000 companies.

How will the acquisition affect CNGI's listing status?

The acquisition positions CNGI to apply for a NASDAQ listing post-merger, enhancing its market presence.

What changes are anticipated for CNGI shareholders after the acquisition?

CNGI shareholders are expected to benefit from both CNGI and its spin-off real estate subsidiary as separate trading entities after the NASDAQ listing.

Who are the new executives joining CNGI?

Ed Berndt is joining as a board member to assist in SaaS development, while Dick Suedkamp will serve as CFO, managing the NASDAQ listing process.