JZZ Technologies, Inc. Announces Name and Trading Symbol Change; Appoints Robert Egeland as New Board Director

Rhea-AI Summary

JZZ Technologies, Inc. (JZZI) Announces Name Change to Ideal Group of Companies Inc. (JZZID) and Strategic Acquisitions in Real Estate and Lending Markets

Anderson, South Carolina--(Newsfile Corp. - January 4, 2024) - JZZ Technologies, Inc.'s (OTC Pink: JZZI) (OTC Pink: JZZID) ("JZZ" or the "Company") announces that the Company has effected a name change to Ideal Group of Companies Inc. ("Ideal Group"). The Company will trade under the temporary symbol JZZID for a period and then receive its new designated trading symbol in approximately 30 days. The name and temporary symbol changes are effective as of the January 3, 2024, trade date.

The name change reflects the Company's new identity and business direction, which focuses on real estate projects, real estate financing, commercial lending and commercial, and residential real estate, vacation rentals and RV resorts, and housing development projects.

Over the past months, the Company has aggressively acquired multiple wholly owned subsidiaries that will form the company's operating divisions. This strategic roll-up of companies has resulted in what is now a diversified company with interests across key areas in the real estate, lending, resort vacation, and construction markets. The acquisitions began with Lion Development Corporation, followed by O2 Mortgage Corp. dba Oxygen Mortgage, and most recently, Portfolio Partners, Inc. and its subsidiary Travel Zen, Inc.

With these subsidiaries fully acquired, the Company now has operating offices and operations in South Carolina, Colorado, Illinois, and Florida. Oxygen Mortgage is currently licensed in the states of Arizona, Alabama, Colorado, Florida, Georgia, Illinois, and Tennessee.

The Company is also pleased to announce the appointment of Robert Egeland as a Board Director of Ideal Group. Mr. Egeland will act as President of the new Real Estate Division of the Company, overseeing all aspects of the real estate project strategies and development projects, along with the mortgage finance and commercial lending divisions.

Robert Egeland brings over 30 years of experience in the mortgage business, having closed on more than 28,000 loans through his business ventures with an aggregate value of over $80 million. Oxygen Mortgage was created as his vision of the ideal mortgage brokerage company. His focus with Ideal Group will be on integrating all aspects of the existing businesses and subsidiaries.

Ideal Group of Companies Inc. CEO Charles Cardona states, "The acquisition path that we began over a year ago has put us in this very positive position and solidified our new direction as the Ideal Group of Companies. Each of the subsidiaries represents a strategic holding within the real estate and financing space that, when combined, form a holistic approach that puts on an equal footing with the leading peer companies in our space."

"Our vision is to create an integrated real estate project development, sales, financing, and marketing business that creates quality projects, builds on unique opportunities, and delivers outstanding value -both for the communities that we serve and our stakeholders," Cardona added.

All shareholders of JZZ Technologies, Inc. stock will automatically receive notification of the new name and symbol via the Company's transfer agent. Shareholders are not required to take any action to reflect the change through their accounts.

About Ideal Group Corp.

Ideal Group of Companies Inc. (idealgroupcorp.com) is a diversified real estate and financing company. Its real estate development division under the brand Eclipse Real Estate Development is engaged in acquiring, developing, and operating multifamily, mixed-use, commercial, and residential real estate, vacation rentals and RV resorts, and housing development projects. Its mortgage brokerage division under Oxygen Mortgage Inc. provides consumer mortgage services and, through Oxygen Commercial, provides financing for commercial projects. Ideal Group Inc.'s wholly owned subsidiary Portfolio Partners, Inc. is the parent company of Travel Zen, Inc., which acquires deeds to fractional timeshares in a portfolio of premium resorts at some of the most popular resorts in the USA. For more information, visit idealgroupcorp.com.

Press Contacts:

Ideal Group of Companies Inc.
Tel. +1-833-433-2599 Ext. 2

Charles Cardona, CEO
ccardona@idealgroupcorp.com

DISCLAIMER and FORWARD-LOOKING STATEMENTS

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193169

FAQ

What is the new name and ticker symbol for JZZ Technologies, Inc.?

The new name is Ideal Group of Companies Inc. and the temporary trading symbol is JZZID.

What is the business direction of Ideal Group of Companies Inc.?

Ideal Group's focus is on real estate projects, real estate financing, commercial lending, vacation rentals, RV resorts, and housing development projects.

What subsidiaries has Ideal Group acquired?

Ideal Group has acquired Lion Development Corporation, O2 Mortgage Corp. (dba Oxygen Mortgage), and Portfolio Partners, Inc. along with its subsidiary Travel Zen, Inc.

Where does Ideal Group have operating offices and operations?

Ideal Group has operations in South Carolina, Colorado, Illinois, and Florida, with Oxygen Mortgage being licensed in multiple states.

Who is the newly appointed Board Director of Ideal Group?

Robert Egeland has been appointed as the Board Director and President of the Real Estate Division. He brings over 30 years of experience in the mortgage business.

What is the vision of Ideal Group of Companies Inc.?

Ideal Group aims to create an integrated real estate project development, sales, financing, and marketing business that delivers outstanding value for the communities and stakeholders.