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Majic Wheels Corp. (OTC Pink: MJWL) is expanding its presence in the Indian cryptocurrency market by offering CGCX Tokens through its partner PCEx. This strategic move aims to capitalize on India's rapidly growing crypto sector, which has surged by 641% from July 2020 to June 2021. CGCX Tokens will be available in multiple trading pairs and can be traded at over 250 PCEx locations across India. This initiative is part of Majic's broader strategy to enhance its fintech and software development portfolio, including its recent acquisitions in the cryptocurrency space.
Majic Wheels (MJWL) has completed its acquisition of a 26% equity stake in Bamboo Wellness Holdings Limited, valuing the latter at $126 million. The deal, worth $26 million, is partly financed with cash and Majic shares. CEO David Chong expressed optimism about Bamboo's growth potential, while Bamboo CEO Vincent Kwo highlighted the acquisition's strategic advantages in enhancing their insure-tech capabilities. This move positions Majic as a significant player in fintech and software development, aligning with their acquisition strategy.
Majic Wheels Corp (OTC Pink: MJWL) has appointed a new board of directors, aiming to strengthen its position in the fintech and software development sectors through strategic acquisitions. Key appointments include Mr. Sathyanandham Anguswami as Executive Director & COO, Mr. Subramanyeswara Sarma Vempati as Executive Director & CFO, Mr. Kottarapattil Asok Don as Executive Director & CTO, and Mr. Amir Dossal as Independent Director. Each brings extensive experience in finance, technology, and management, which is expected to enhance the company's growth trajectory.
Majic Wheels Corp. (MJWL) has announced its first consolidated financial statements post-acquisition of CGCX. For Q3 2021, revenues reached USD 6,277,704, with an EBITDA of USD 2,002,819 and net income of USD 1,674,225. The company's total assets stand at USD 173,354,165 against liabilities of USD 5,429,213. The management expresses pride in the CGCX team's performance, believing that growth momentum will continue into future quarters.
Majic Wheels Corp. (MJWL) hosted an investors' dinner on November 1, 2021, attracting 30 Chilean entrepreneurs interested in blockchain projects. The dinner focused on presenting the future roadmaps for Majic and ICOA, generating positive feedback from attendees. Dr. Vin Menon, a strategic advisor, expressed optimism about the companies' ventures into blockchain technology. The event showcased the high interest in blockchain and the potential for future funding opportunities, with Majic's CEO, David Chong, noting a commitment to projects with a global impact.
Majic Wheels Corp. (MJWL), along with ICOA and PVBLIC Foundation, hosted a successful investors' dinner on November 1 for a delegation of 30 Chilean entrepreneurs. The event aimed to showcase the future roadmaps of ICOA and Majic, with significant interest shown by attendees in blockchain projects. Hadria Wong, CEO of ICOA, and David Chong, CEO of Majic, expressed enthusiasm for the networking opportunities and potential for impactful projects. The dinner highlighted the companies' strategies to venture into blockchain and technology, aiming for growth and collaboration in innovative sectors.
Majic Wheels Corp. (MJWL) has signed a Letter of Intent to acquire a majority stake in Panaesha Capital Exchange (PCEX), a cryptocurrency exchange in India, through its subsidiary CGCX. This acquisition aims to establish Majic as a leading player in fintech and technology in India. PCEX's innovative B2B Franchise Model has created over 250 franchises and 40 satellite offices across India, providing high liquidity and significant revenue-sharing benefits. Majic's CEO highlighted the synergy between CGCX and PCEX's models as key to their growth ambitions.
Majic Wheels Corp. (OTC Pink: MJWL) has signed a Letter of Intent (LOI) to acquire a majority interest in Bamboo Wellness Holdings Limited, which focuses on creating a healthcare ecosystem through AI and blockchain. Bamboo's model leverages smart contracts and data analytics in the insurtech space, projected to grow at a CAGR of 48.8% from 2021 to 2028. This strategic acquisition aligns with Majic's goals in fintech and software development, aiming to enhance shareholder value and tap into the growing digital insurance market.
Majic Wheels Corp. (OTC Pink: MJWL) has entered a strategic partnership with the PVBLIC Foundation to support sustainable development and climate advocacy initiatives. This partnership aims to enhance CGCX's global presence and showcase its leadership in blockchain technology. The collaboration will kick off with the "Together for the Planet" event on September 27, 2021, in Mexico City, which aims to unite various sectors for climate action ahead of COP26. Additionally, CGCX plans to launch cryptocurrency mining operations utilizing renewable energy in Q4 2021.
Majic Wheels Corp. (MJWL) has entered into an agreement with Donald Capital, LLC to obtain M&A Strategic Advisory and Investment Banking services. This collaboration aims to raise up to $50 million in a private offering, enhancing the company’s acquisition strategy in the fintech and software development sectors. CEO David Chong highlighted the importance of institutional backing for successfully up-listing to NASDAQ. Donald Capital aims to serve the underserved Private, Micro, Small and Midcap Markets.
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