Metavesco to Acquire Laborsmart, Inc. Operating Assets

Rhea-AI Summary

Metavesco, Inc. (MVCO) announces the acquisition of operating assets from Laborsmart, Inc. and Epic Labor, Inc. to diversify and expand into the staffing sector. The acquisition will take effect on January 1, 2024, with a unified brand, staff integration, comprehensive asset and client transfer, continued financial partnership, and third-party provider agreement. The Company expects to finalize acquisition terms within the next 10 business days.

Positive

• Diversification and expansion into the staffing sector with the acquisition of Laborsmart and Epic Labor assets
• Unified brand identity post-acquisition
• Continuity of expertise and culture with staff integration
• Comprehensive transfer of assets and client agreements
• Continued financial partnership with Senior Secured lender and third-party providers

Negative

• None.

CUMMING, GA / ACCESSWIRE / November 30, 2023 / Metavesco, Inc. (OTC PINK:MVCO) (the "Company"), a publicly-traded Web3 enterprise and digital asset innovator, today announced it would acquire all operating assets from Laborsmart, Inc., a Delaware corporation. On September 26, 2023, the Company announced it would acquire certain assets and IP from Epic Labor, Inc. as part of its diversification and expansion strategy into the staffing sector.

Key Acquisition Highlights:

Simultaneous Closures: The acquisition of both Laborsmart and Epic Labor assets will take effect simultaneously on January 1, 2024, at 12:01 AM.

Unified Brand: Following the acquisition, all Laborsmart locations will be rebranded as Epic Labor, reflecting a cohesive brand identity.

Staff Integration: The entire Laborsmart team will join the new Epic Labor, a wholly owned subsidiary of Metavesco, ensuring continuity of expertise and culture.

Comprehensive Asset and Client Transfer: This includes assignment of service agreements with 4,895 current and formerly active clients, with high-profile names such as the Kansas City Chiefs and the Kansas City Royals.

Continued Financial Partnership: The Senior Secured lender to Epic Labor has agreed to sign off on the deal and continue as a funding partner post-acquisition.

Third-Party Provider Agreement: All third-party providers to Laborsmart have consented to onboard the new Epic Labor.

The Company expects to finalize acquisition terms within the next 10 business days. Laborsmart, Inc. is a Delaware corporation owned by Ryan Schadel, Metavesco's President and CEO. On April 5, 2023, the Company announced plans to diversify into five divisions. The Company believes acquiring these assets will greatly bolster revenue and cash flow potential.

About Metavesco

Metavesco is a web3 enterprise and digital asset innovator. The Company generates revenue as a crypto liquidity provider via decentralized exchanges such as Uniswap, and the Company farms tokens via Proof of Stake protocols. The Company has bitcoin mining operations at hosted facilities in TX and KY. The company also invests in promising NFT projects and virtual land including OthersideMeta. Through its wholly owned subsidiary, the Company operates Boring Brew, a specialty coffee company utilizing owned and licensed NFT IP as unique packaging.

Safe Harbor Statement

This press release contains statements that constitute forward-looking statements. These statements appear in a number of places in this press release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is included in the Company's filings on otcmarkets.com.

CONTACT:

info@metavesco.com
(678) 341-5898

SOURCE: Metavesco, Inc.

View source version on accesswire.com:
https://www.accesswire.com/811602/metavesco-to-acquire-laborsmart-inc-operating-assets

FAQ

What is the latest announcement from Metavesco, Inc. (MVCO)?

Metavesco, Inc. (MVCO) announced the acquisition of operating assets from Laborsmart, Inc. and Epic Labor, Inc. to diversify and expand into the staffing sector.

When will the acquisition of Laborsmart and Epic Labor assets take effect?

The acquisition of both Laborsmart and Epic Labor assets will take effect simultaneously on January 1, 2024, at 12:01 AM.

What are the key highlights of the acquisition?

Key highlights include a unified brand post-acquisition, staff integration, comprehensive asset and client transfer, continued financial partnership, and third-party provider agreement.

Who is the owner of Laborsmart, Inc.?

Laborsmart, Inc. is owned by Ryan Schadel, Metavesco's President and CEO.

What are the Company's plans for diversification?

On April 5, 2023, the Company announced plans to diversify into five divisions.

What is the Company's expectation from acquiring these assets?

The Company believes acquiring these assets will greatly bolster revenue and cash flow potential.