HIMALAYA TECHNOLOGIES AGREES TO PURCHASE SHORT FORM MOBILE VIDEO PLATFORM FROM CYBER SPACE, LLC

Rhea-AI Summary

Himalaya Technologies, Inc. (OTC: HMLA) has announced the acquisition of AWS short form video technology assets and mobile video applications from Cyber Space, LLC for $100,000 in cash and $50,000 in restricted preferred stock. This strategic move aims to enhance Himalaya's Internet business and user-generated content capabilities. To support this initiative, the company has partnered with Chetu, Inc. to develop a new social network called goccha!. This platform will incorporate innovative short form video features and aim to compete in the market currently dominated by established players like TikTok. The development process will leverage existing software code from Himalaya's current social site, Kanab Club, which focuses on the cannabis industry. However, potential risks regarding the success of this venture and financing remain significant.

Positive

• Acquisition of innovative short form video technology, enhancing business capabilities.
• Partnership with Chetu, leveraging 2,000+ programmers for rapid development.
• Opportunity to compete in the growing short form video market, targeting TikTok users.

Negative

• Transaction cost of $150,000 may impact cash resources.
• No assurance of the successful development of the goccha! platform.
• Risks in securing adequate financing for ongoing projects and operations.

Pittsburgh, PA, April 12, 2023 (GLOBE NEWSWIRE) -- Himalaya Technologies, Inc. (OTC: HMLA) has agreed to buy AWS short form video technology assets, mobile video applications, and related intellectual property from privately-held Cyber Space, LLC. The transaction is expected to accelerate the evolution of Himalaya’s Internet business by adding innovative video services that enable mass market user generated content and have taken the world by storm.

To organically execute this build and evaluate and enhance the purchased assets, Himalaya has engaged outsource web design and programming firm Chetu, Inc. (https://www.chetu.com/) to code and create a social network to be called “goccha!”, which will be located at goccha.net and/or similar domains now owned by the Company. The engagement will provide Himalaya’s team access to Chetu’s 2,000+ programmers in 14 countries that have developed over 23,000 web platforms and mobile applications over the past several years worldwide.

Himalaya intends to copy and enhance the code it has already developed for its 100% owned social site Kanab Club (https://www.kanab.club/) and add short form video capabilities to compete with existing video providers under regulatory review for foreign ownership, data privacy, and other salient issues. The engagement includes retention of a Chetu team of programmers and a project manager who will report their analysis, progress, and status to Himalaya’s existing Web advisors regularly.

Management Commentary

Said Vik Grover, Himalaya’s CEO: “Since 2019, we have been quietly building our Internet site focused on the cannabis industry and are now ready to replicate it as a foundation for additional social networks. Himalaya owns the code to Kanab Club built from the ground up on best-of-breed software. This means we are able to copy and reskin the site for any other vertical in the world and fragment Facebook’s “one-size-fits-all” model. Technology ownership means we can quickly insert innovative technologies such as short form video and artificial intelligence into the site and rapidly build a unique value proposition, while leveraging coding investments across multiple websites and applications to achieve economies of scale.

Given the recent Congressional review of Tik Tok and awareness of user privacy issues and data security by other mainstream social media, the time is ideal to invest in an independent short form video social network and app to offer users an alternative to foreign owned destinations and social media giants that monitor, manage, and/or sell their users’ data and have myriad privacy and security issues. With our existing social network, goccha! is the right deal at the right time for a high growth bet on our future and the 150 million Tik Tok users in the U.S. that may soon be up for grabs. Say it three times and you will likely agree…goccha!”

Consideration for the transaction, subject to due diligence, is $100,000 cash and $50,000 in restricted preferred stock. There are no assurances of successful development of goccha! beyond reapplication of our existing code or that we will be able to fund this project based on market conditions.

About Himalaya Technologies, Inc.

Himalaya Technologies, Inc. (https://www.himalayatechnologies.com/) is a health and wellness incubator making growth investments. The Company owns the following:

• 100.0% of KANAB CORP., owner and operator of Kanab Club (https://www.kanab.club/), a cannabis social network,
• 17% of GenBio, Inc. (https://genbioinc.com/), a biotech and nutraceutical research and development company, and

Himalaya Technologies, Inc. aka Homeland Resources Ltd., itself is a minority investment of FOMO WORLDWIDE, INC. (OTC: FOMC; https://www.fomoworldwide.com/), a technology business accelerator with a portfolio in clean building solutions and other investments.

Forward Looking Statements:

Statements in this press release about our future expectations, including without limitation, the likelihood that Himalaya Technologies, Inc. will be able to meet minimum sales expectations, be successful and profitable in the market, bring significant value to Himalaya’s stockholders, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. Himalaya’s business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing. No information in this press release should be construed in any form shape or manner as an indication of the Company’s future revenues, financial condition, or stock price, nor is it a solicitation for investment.

Investor Contact:

Investor Relations
(630) 708-0750
IR@himalayatechnologies.com

FAQ

What technology is Himalaya Technologies acquiring from Cyber Space, LLC?

Himalaya Technologies is acquiring AWS short form video technology assets and mobile video applications.

What is the purpose of the goccha! social network?

The goccha! platform aims to offer an alternative to existing social media giants, incorporating innovative short form video features.

How much is Himalaya Technologies spending on the acquisition?

Himalaya Technologies is spending $100,000 in cash and $50,000 in restricted preferred stock for the acquisition.

What risks are associated with the goccha! project?

The risks include uncertainty in successful development and potential challenges in securing adequate financing.

How does the acquisition impact Himalaya's market strategy?

The acquisition enhances Himalaya's capabilities to compete in the short form video market, leveraging technology ownership for rapid deployment.