Free Flow, Inc. (FFLO) Announces Initial Agreement to Acquire Pharmaceutical Business, Appointment of New Board Chairman
Free Flow, Inc. (FFLO:OTCPK) has announced a significant shift in its business focus by entering into a Letter of Intent (LOI) to acquire an over-the-counter pharmaceutical wholesaler/contract manufacturer. The target company, valued at approximately $10 million, reported $4.4 million in gross revenues for 2023 and projects $7 million for 2024. FFLO is also exploring the acquisition of another entity in the same industry with annual sales exceeding $70 million.
In line with this new direction, FFLO has appointed Dr. Ravinder Tikoo, a board-certified neurologist, as the new Chairman of the Board. The company has also changed its name to Free Flow USA, Inc. and established a new corporate headquarters in North Bergen, New Jersey. These strategic moves signal FFLO's intention to pivot towards the pharmaceutical industry as its primary operational focus.
Free Flow, Inc. (FFLO:OTCPK) ha annunciato un cambiamento significativo nel suo focus aziendale entrando in una Lettera di Intenti (LOI) per acquisire un grossista/fabbricante contrattuale di farmaci da banco. L'azienda target, valutata circa 10 milioni di dollari, ha riportato 4,4 milioni di dollari di ricavi lordi per il 2023 e prevede 7 milioni di dollari per il 2024. FFLO sta anche esplorando l'acquisizione di un'altra entità nello stesso settore con vendite annuali superiori a 70 milioni di dollari.
In linea con questa nuova direzione, FFLO ha nominato Dr. Ravinder Tikoo, un neurologo certificato, come nuovo Presidente del Consiglio. L'azienda ha anche cambiato nome in Free Flow USA, Inc. e ha stabilito una nuova sede centrale a North Bergen, New Jersey. Queste mosse strategiche segnalano l'intenzione di FFLO di orientarsi verso l'industria farmaceutica come principale focus operativo.
Free Flow, Inc. (FFLO:OTCPK) ha anunciado un cambio significativo en su enfoque empresarial al entrar en una Carta de Intención (LOI) para adquirir un mayorista/fabricante de medicamentos de venta libre. La empresa objetivo, valorada en aproximadamente 10 millones de dólares, reportó 4.4 millones de dólares en ingresos brutos para 2023 y proyecta 7 millones de dólares para 2024. FFLO también está explorando la adquisición de otra entidad en la misma industria con ventas anuales que superan 70 millones de dólares.
En consonancia con esta nueva dirección, FFLO ha nombrado al Dr. Ravinder Tikoo, un neurólogo certificado, como nuevo Presidente de la Junta. La empresa también ha cambiado su nombre a Free Flow USA, Inc. y ha establecido una nueva sede corporativa en North Bergen, Nueva Jersey. Estos movimientos estratégicos señalan la intención de FFLO de cambiar su enfoque hacia la industria farmacéutica como su principal área de operación.
Free Flow, Inc. (FFLO:OTCPK)는 일반의약품 도매상/계약 제조업체를 인수하기 위한 의향서 (LOI)를 체결하여 사업 초점의 중요한 전환을 발표했습니다. 목표 회사는 약 1천만 달러로 평가되며, 2023년에는 440만 달러의 총 수익을 보고했으며, 2024년에는 700만 달러를 예상하고 있습니다. FFLO는 또한 연간 매출이 7천만 달러를 초과하는 같은 산업의 다른 개체 인수도 탐색하고 있습니다.
이 새로운 방향에 따라 FFLO는 보드 인증 신경과 전문의인 Dr. Ravinder Tikoo를 새로운 이사회 의장으로 임명했습니다. 또한 회사 이름을 Free Flow USA, Inc.로 변경하고 뉴저지주 노스버겐에 새로운 본사를 설립했습니다. 이러한 전략적 조치는 FFLO가 주요 운영 초점으로 제약 산업으로 전환할 의도를 나타냅니다.
Free Flow, Inc. (FFLO:OTCPK) a annoncé un changement significatif dans son orientation commerciale en entrant dans une Lettre d'Intention (LOI) pour acquérir un grossiste/fabricant de médicaments en vente libre. L'entreprise ciblée, évaluée à environ 10 millions de dollars, a rapporté 4,4 millions de dollars de revenus bruts pour 2023 et projette 7 millions de dollars pour 2024. FFLO explore également l'acquisition d'une autre entité dans le même secteur avec des ventes annuelles dépassant 70 millions de dollars.
En accord avec cette nouvelle direction, FFLO a nommé Dr. Ravinder Tikoo, un neurologue certifié, nouveau Président du Conseil. L’entreprise a également changé de nom pour devenir Free Flow USA, Inc. et a établi son nouveau siège social à North Bergen, New Jersey. Ces mouvements stratégiques signalent l'intention de FFLO de se tourner vers l'industrie pharmaceutique comme principale orientation opérationnelle.
Free Flow, Inc. (FFLO:OTCPK) hat einen bedeutenden Wechsel in seinem Geschäftsfokus bekannt gegeben, indem es in eine Absichtserklärung (LOI) eingetreten ist, um einen Großhändler/Vertragshersteller für rezeptfreie Arzneimittel zu erwerben. Das Zielunternehmen, das mit etwa 10 Millionen Dollar bewertet wird, meldete 4,4 Millionen Dollar an Bruttoeinnahmen für 2023 und prognostiziert 7 Millionen Dollar für 2024. FFLO prüft auch die Übernahme eines weiteren Unternehmens in derselben Branche mit einem Jahresumsatz von über 70 Millionen Dollar.
Im Einklang mit dieser neuen Richtung hat FFLO Dr. Ravinder Tikoo, einen versierten Neurologen, zum neuen Vorsitzenden des Vorstands ernannt. Das Unternehmen hat auch seinen Namen in Free Flow USA, Inc. geändert und seinen neuen Hauptsitz in North Bergen, New Jersey, eingerichtet. Diese strategischen Schritte signalisieren die Absicht von FFLO, sich auf die Pharmaindustrie als primären Betriebsschwerpunkt zu konzentrieren.
- Acquisition target has projected 2024 revenues of $7 million, up from $4.4 million in 2023
- Potential acquisition of another entity with over $70 million in annual sales
- Appointment of Dr. Ravinder Tikoo, a board-certified neurologist, as Chairman of the Board
- Establishment of new corporate headquarters in North Bergen, New Jersey
- Acquisition is subject to independent business valuation and audit, which may delay or affect the deal
- Significant shift in business focus may pose integration and operational challenges
- Potential dilution of existing shareholders' value due to acquisition
The targeted acquisition is estimated to have a business value of approximately
NORTH BERGEN, NJ, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Free Flow, Inc. (FFLO:OTCPK), which is incorporated in the state of Delaware as Free Flow USA, Inc., today announced that the Company has entered into a Letter of Intent (LOI) to acquire an over-the-counter pharmaceutical wholesaler/contract manufacturer with gross revenues of
Terms of the LOI include an independent business valuation (ASC 805 verification for business combinations) and an independent audit, as required by the Securities and Exchange Commission regulations. Both the valuation and audit, which are required before closing, are expected to be complete within 90 days, but the LOI allows for time extensions, as needed, to complete these steps.
The initial targeted acquisition possesses a current customer base extending over twenty pharmaceutical food, drug and mass merchandiser chain stores. Additional information on the acquisition target, including the company name and details on its business, operations, and plans for future growth, will be disclosed at or near the closing date.
In recognition of the change in Company focus, the board of directors has appointed Ravinder Tikoo. M.D, a board-certified neurologist, as director and chairman of the board. FFLO’s chief executive officer, Mr. Sabir Saleem, and independent director, Mr. Shah Wali Khan, will remain on the board as directors and will work with Dr. Tikoo to oversee and guide the Company.
After graduating with honors with a BS in Chemistry and Biochemistry from the University of Iowa, Dr. Tikoo continued his education there and received his medical degree in 1991. He completed an internship in general medicine at Northwestern University Medical Center, followed by a residency in neurology at the New York Hospital/Cornell Medical Center. Dr. Tikoo then completed a fellowship in neurology, also at Cornell Medical Center. From 1997 to 2001, Dr. Tikoo served as Assistant Neurology Attending/Instructor in Neurology for the New York University Medical Center, Department of Neurology, and from 2002 to 2017, he served as Assistant Clinical Professor at the New York Hospital/Weill Medical College of Cornell University in New York. Dr. Tikoo has also been in private practice in New Jersey since 2008.
A Current Report on Form 8-K detailing Dr. Tikoo’s appointment to FFLO’s Board of Directors will be filed with the Securities and Exchange Commission in the coming days.
“We are extremely pleased to welcome Dr. Tikoo to our management team as Chairman of the Board and look forward to his contribution as we navigate this new direction for the Company,” stated Mr. Saleem. “Dr. Tikoo’s expertise and extensive experience in the medical field will be critical as we work toward a close of our initial acquisition and potentially target others in the pharmaceutical industry.”
In addition to the LOI and appointment of a new board chairman, FFLO filed an amendment to its Articles of Incorporation in the state of Delaware to change the Company’s name to Free Flow USA, Inc. The change became effective on May 28, 2024.
A new corporate headquarters has also been established in North Bergen, New Jersey. Additional information on recent and anticipated Company changes will be included in the upcoming Form 8-K filings and future press releases.
ABOUT FREE FLOW, INC.
Free Flow, Inc., incorporated in Delaware as Free Flow USA, Inc., creates and acquires operating subsidiaries with the goal of maximizing shareholder value through long-term growth. The Company currently maintains holdings in the scrap metal processing and operating salvage yard business and has entered into a Letter of Intent to acquire its first subsidiary in the pharmaceutical industry. Additional businesses in the pharmaceutical industry are expected to be identified and subsequently targeted for potential future acquisition.
Forward- Looking Statements
The information in this press release includes "forward-looking statements" pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included in this press release, regarding the proposed Business Transaction, the ability of the parties to consummate the proposed Business Transaction, the benefits and timing of the proposed Business Transaction, as well as the future operations and financial performance, estimated financial position, estimated revenues and losses, projections of market opportunity and market share, projected costs, prospects, plans and objectives of management are forward-looking statements. Such statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on the management of FFLO’s belief or interpretation of information currently available.
These forward-looking statements are based on various assumptions, whether or not identified herein, and on the current expectations of FFLO’s management and are not predictions of actual performance. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, whether or not identified in this press release, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. These forward-looking statements should not be relied upon as representing FFLO’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
FAQ
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