Global Diversified Marketing Group Announces Closing of $5 Million Common Stock Purchase Transaction with Williamsburg Venture Holdings, LLC

Rhea-AI Summary

Global Diversified Marketing Group Inc (OTC PINK:GDMK) has finalized a $5 million Common Stock Purchase Agreement with Williamsburg Venture Holdings. This agreement allows Williamsburg to purchase shares over a 12-month period, starting with the filing of a registration statement. The proceeds are intended for expansion, acquisitions, and general purposes. CEO Paul Adler stated that this transaction will support the company's growth and acquisition strategies, thereby enhancing market demand.

Positive

• Secured a $5 million financing through a stock purchase agreement.
• Funds will be used for company expansion and acquisition strategies.

Negative

• None.

ISLAND PARK, NY / ACCESSWIRE / November 9, 2021 / Global Diversified Marketing Group Inc. (OTC PINK:GDMK), a global multi-line consumer packaged goods (CPG) company with branded product lines announced that it has closed the transaction in accordance with Common Stock Purchase Agreement (the "Purchase Agreement") it has entered with Williamsburg Venture Holdings, LLC, a Nevada limited liability company (the "Williamsburg Venture Holdings"). The Purchase Agreement provides that Williamsburg Venture Holdings is committed to purchase the Company's Ordinary Shares with an aggregate offering price of up to $5,000,000 ("Commitment Amount") from time to time during the Commitment Period, which starts on the date of the filing of the registration statement covering the resale of securities issued under the Purchase Agreement, and shall terminate on the 12 months anniversary of the filing of such initial registration statement and terms as specified in the agreement. The Company intends to use net proceeds from this transaction for the expansion and acquisitions and other general purposes.

Under the Purchase Agreement, on any trading day selected by the Company, The Company has the right, but not the obligation, to present Williamsburg Venture Holdings with a purchase notice, directing Williamsburg Venture Holdings (as principal) to purchase up to a certain number of shares of the Company's Ordinary Shares ("Purchase Notice") at a certain price as defined in the agreement.

Williamsburg Venture Holdings has no right to require any sales by the Company, but is obligated to make purchases from the Company as the Company directs in accordance with the purchase Agreement. For more details, please refer to the Company's Report on Form 8-K filed with the Securities and Exchange Commission on November 8, 2021, at https:\\www.sec.gov

Paul Adler, President & CEO of Global Diversified Marketing Group, commented: "We believe this transaction will enable us to execute on our expansion plans and will help us implement our acquisition strategy as well as enhance our growth demand."

About Global Diversified Marketing Group

Headquartered in Island Park, NY - Global Diversified Marketing Group Inc operates as a global multi-line consumer packaged goods (CPG) company with branded product lines in multiple sectors and also is a food and snack manufacturer, Importer & distributor through its subsidiary in the United States, Canada and Europe. The company operates in multiple CPG segments as well as the snacks market segment. The snacks segment offers Italian Wafers, Italian filled croissants, French Madeleines, Wafer Pralines, shelf stable Macarons and other gourmet snacks. The company sells its products direct and through various distribution channels comprising specialty, grocery retailers, food-service distributors, DSD as well as vending, pantry and micro market segment.

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, many of which, by their nature, are inherently uncertain and outside of the Company's control and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include, but are not limited to, information concerning the ability of the Company to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Those assumptions and factors are based on information currently available to the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to develop the Company's brand and meet its growth objectives, the ability of the Company to complete acquisitions that are accretive to the Company's revenue, the ability of the Company to obtain and/or maintain licenses to operate in the jurisdictions in which it operates or in which it expects or plans to operate. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking information contained in this release is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-looking information that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

The foregoing statements expressly qualify any forward-looking information contained herein. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

CONTACT:

Global Diversified Marketing Group Inc
Paul Adler, Chairman, President & CEO
800-550-5996
paul@gdmginc.com

SOURCE: Global Diversified Marketing Group Inc

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FAQ

What is the stock purchase agreement between GDMK and Williamsburg Venture Holdings?

Global Diversified Marketing Group has entered a $5 million stock purchase agreement with Williamsburg Venture Holdings, allowing them to purchase shares over a 12-month period.

How will GDMK use the proceeds from the stock purchase agreement?

The proceeds from the stock purchase agreement will be used for expansion, acquisitions, and other general purposes.

What is the duration of the purchase agreement for GDMK's shares?

The purchase agreement lasts for 12 months, starting from the filing of the registration statement.

When was the stock purchase agreement announced for GDMK?

The stock purchase agreement was announced on November 9, 2021.

What is the ticker symbol for Global Diversified Marketing Group?

The ticker symbol for Global Diversified Marketing Group is GDMK.