Global Boatworks Holding, Inc. Completes Definitive Share Exchange Agreement with R3 Score Technologies, Inc.

Rhea-AI Summary

Global Boatworks Holdings (OTC PINK:GBBT) announced a definitive Share Exchange Agreement with R3 Score Technologies, acquiring over 94% of its common stock for 147 million shares of Global's stock. R3 Score's stakeholders now hold over 90% of Global shares, making R3 the surviving entity. The company will change its name to R3 Score Technologies and aims to up-list to the OTCQB tier, enhancing visibility. R3 Score provides AI-driven risk models to improve credit access for those with arrest records. A detailed report will be filed with the SEC.

Positive

• Acquisition of R3 Score enhances resources and strategic direction.
• R3 Score's proprietary technology targets underbanked consumer segments, addressing a significant market need.
• Plans for up-listing to the OTCQB may increase visibility and investor interest.

Negative

• Former Global shareholders hold only 10% of the company post-merger, indicating significant dilution of control.
• The company is undergoing a substantial management overhaul which could lead to operational uncertainties.

POMPANO BEACH, FL / ACCESSWIRE / September 23, 2020 / Global Boatworks Holdings, Inc. (OTC PINK:GBBT) ("Global" or "the Company") announced today that it has completed a definitive Share Exchange Agreement with Baltimore, Maryland based R3 Score Technologies, Inc. ("R3 Score"), a first-of-its-kind AI powered FinTech, software-as-a-service (SaaS) company providing criminal justice risk models. Pursuant to the Share Exchange Agreement, Global has acquired over 94% of the issued and outstanding shares of common stock of R3 Score Technologies, Inc. with the ability to increase to 100% of the issued and outstanding shares of common stock of R3 Score in exchange for 147,000,000 shares of Global's common stock.

R3 Score Technologies, Inc., its shareholders, team members, current and former note holders, and key partners now own over 90% of Global shares and vote and therefore is the surviving entity.

Commensurate with the closing of the transaction, the Company intends to revise its capital structure and management, change its name to R3 Score Technologies, Inc., and apply for a change in trading symbol. The Company also expects to begin the process to up-list to the OTC Markets Group, Inc.'s OTCQB® tier Venture Market (the "OTCQB") to increase R3's visibility within the investment community and assist in broadening its stockholder base. Global Executives and Board of Director members have resigned and will be replaced by officers and directors of R3 Score. Laurin Hodge Leonard has been appointed CEO and Director of R3 Score. Effective immediately, all the Company's resources and efforts will be focused on the continuation of R3 Score's current and future development and operations.

"We are excited to have completed this merger and extend a warm greeting to the former Global shareholders," commented Laurin (Hodge) Leonard, the new Chief Executive Officer of R3 Score. "The merger provides R3 with enhanced resources and flexibility to pursue our corporate strategy and advance our unique proprietary core product to serve a large and disadvantaged consumer audience and businesses that need better tools to hire employees or analyze credit worthiness. We believe R3 Score is well positioned for its transition into a public company and we look forward to realizing the value of our business strategy to the benefit of all of R3 Score stakeholders."

R3 Score utilizes its proprietary software platform to provide criminal justice risk models to consumers and businesses to better understand the credit profile of the 1-in-3 Americans, (more than 70 million people), living with an arrest or conviction record, have thin consumer credit files and those who are often left out of traditional credit scoring models. . R3 Score's product offerings are timely given the growing dialogue around social unrest and economic justice and can offer marketplace solutions for the millions of consumers who need to rebuild their lives and want tools that take a more holistic approach using alternative data.

A Current Report on Form 8-K containing more detailed information regarding the merger transaction will be filed with the Securities and Exchange Commission.

About R3 Score Technologies, Inc.

R3 Score has pioneered a proprietary data-driven scoring designed to unlock new valuable information about employees and financial services consumers utilizing a multi-factor algorithm based on 11 factors assessing character, capacity, and current choice. R3 Score sells its core product directly to businesses and consumers offering a contextualized background report and an alternative credit score. For more information visit www.r3score.com

About Global Boatworks Holdings, Inc.

Global Boatworks Holdings Inc. is a publicly trading company, which is a multifaceted "Luxury Living Vessel" manufacturer located in South Florida. The Company has previously built and operated a highly successful charter vessel in Boston, and currently has designed, constructed and sold a state-of-the-art luxury living vessel, in South Florida.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include, among other things, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals if any, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue its business and product development plans and overall market conditions. These forward-looking statements are made as of the date of this press release, and the company assumes no obligation to update the forward-looking statements.

We may use terms such as "projects," "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," or other words that convey the uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from the forward-looking statements contained in this press release. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate.

Contact:

Global Boatworks Holdings, Inc.
globalboatworks1234@gmail.com
http://www.globalboatworks.global

R3 Score Technologies, Inc.
IR@R3Score.com

R3 Score Investor Relations

TraDigital IR

Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

MJ Clyburn
+1-917-327-6847
clyburn@tradigitalir.com

SOURCE: Global Boatworks Holdings, Inc.

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https://www.accesswire.com/607481/Global-Boatworks-Holding-Inc-Completes-Definitive-Share-Exchange-Agreement-with-R3-Score-Technologies-Inc

FAQ

What does the Share Exchange Agreement between Global Boatworks and R3 Score Technologies entail?

The agreement allows Global to acquire over 94% of R3 Score's common stock, changing its name and focus to R3 Score Technologies.

How does the merger affect the stock symbol for Global Boatworks?

Post-merger, the company plans to change its trading symbol as it transitions to R3 Score Technologies.

What is R3 Score's main product focus?

R3 Score offers AI-powered risk models designed to assist consumers with arrest records in accessing credit.

Will Global Boatworks be changing its management team after the merger?

Yes, the merger involves a complete overhaul of the management team, with R3 Score executives taking over.

Are there any plans for R3 Score post-merger in terms of market visibility?

Yes, R3 Score intends to up-list to the OTCQB to improve visibility and broaden its shareholder base.