Newport Gold Inc. Enters Into LOI to Acquire Save72 Inc. (Canada Corporation) an Emerging GPS Business Search Platform
Newport Gold Inc. (OTC PINK:NWPG) has announced a Letter of Intent (LOI) to acquire Save72 Inc., a GPS location platform, aiming for a transaction closure within sixty days. The acquisition shifts Newport's focus from mining to technology, leveraging Save72's growth, which includes a 500% increase in unique visitors in 2022. Save72 plans to enhance its platform with new revenue streams, including advertising packages and location-based services. Newport will finance the acquisition through a combination of cash and stock, ensuring a non-dilutive approach. Anthony McCabe has stepped in as Interim CEO following the resignation of Derek Bartlett.
- Acquisition of Save72 aligns with Newport's shift to technology sector.
- Save72's platform has shown 500% growth in unique visitors in 2022.
- Plans for revenue diversification through advertising and GEO-fenced solutions.
- Shift from mining to technology may face integration challenges.
- Potential uncertainty regarding the company's future performance post-acquisition.
TORONTO, ON / ACCESSWIRE / February 8, 2023 / NEWPORT GOLD INC. (OTC PINK:NWPG,) (the "company") is pleased to announce that it has entered into an LOI to acquire Save72 Inc. (Canada Corporation), a GPS/GEO centric business location platform. Save72 Inc. (Save 72) operates a beta version of their GPS search platform under the nearme.cool domain.
Save72 has been granted a "near me" trademark by the United States Patent office.
"In the United States alone, there are 500million+ search requests that contain the phrase "near me" every month, there are also 70+ million users of daily deal/discount/coupon websites and apps."
Save72 operates under the "near me" trademark and nearme.cool domain and continues to build out its easy-to-use GPS business location platform that is designed/dedicated to rapid global scalability. In 2022 the nearme.cool website experienced
- Expand the web/app platform and develop potential revenue streams; including upgrading businesses to advertising/marketing packages, offering GEO-fenced deal/discount/coupon solutions, gig economy commissions, and Blockchain technology.
- Upgrade the web version and ramp up the 2nd phase of its plan with the completion of an APP with GEO fencing capabilities, digital bar codes generation, instant text notifications, and several other GEO/GPS businesses targeting technologies.
- Delivery of location-based search results for places to eat, shop, play, and services to consumers' desktops and smartphones globally.
- Pursuit of an aggressive M&A strategy combined with organic growth.
Newport Gold will acquire Save72 with a combination of cash and stock based on certain milestones and projections being met on a non-dilutive basis. Newport expects to close the transaction within the next sixty days, subject to due diligence, any necessary regulatory approvals, and satisfaction of customary closing conditions.
With these new developments, Newport Gold no longer intends to operate in the mining industry and current CEO Derek Bartlett has resigned. Current Board Member, Anthony McCabe, will act as Interim CEO effective immediately.
Mccabe commented that "the company is very excited to move forward with this acquisition, we look forward to working with Save72 management and build out and develop their new GPS business location platform and to transition the company to a technology player with global reach and build strong shareholder value".
About Newport Gold Inc.
Newport Gold is a Nevada-based chartered company (incorporated July 16, 2003) originally involved in mining exploration in Canada. Newport intends to transition to a technology-based 21ST Century software application company operating on a global scale.
DISCLAIMER ON FORWARD LOOKING STATEMENTS:
Statements contained herein that are not based upon current or historical facts are forward-looking in nature. Such forward-looking statements reflect the company's expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate", "believe", "estimate", "plan", "intend", and "expect" and similar expressions, as they relate to Newport Gold Inc., or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the company and are subject to a number of risks, uncertainties, and other factors that could cause the company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or for any other reason.
CONTACT INFORMATION
Newport Gold Inc.
Anthony McCabe
Senior Director
nwpginfo@gmail.com
SOURCE: Newport Gold, Inc.
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FAQ
What is the purpose of Newport Gold's acquisition of Save72 Inc.?
What financial structure will Newport Gold use for the acquisition of Save72?
When is Newport Gold expected to close the acquisition of Save72?
What changes are occurring in Newport Gold's management following the acquisition?
How has Save72 performed in terms of user growth?
