JP 3E Holdings, Inc. Enters Agreement to Acquire Majority Stake in Bloxcross, Inc.

Rhea-AI Summary

JP 3E Holdings, formerly Spooz (OTC: SPZI), announced an agreement to acquire a majority stake in Bloxcross, a digital assets innovation company. This strategic investment aims to leverage Bloxcross's blockchain technology to enhance global bilateral trade, cross-border payments, and financial applications. The acquisition aligns with JP 3E's vision of creating a sustainable ecosystem in critical sectors such as Energy, Eatables, and Education.

CEO John Park emphasized the synergy between the companies and highlighted the potential for growth in the $10.52 trillion global trade finance market. The transaction, expected to complete in 60 days, is set to expand JP 3E's market presence and drive innovation in trade financing solutions. Bloxcross CEO Diego Baez noted the significance of the partnership in scaling their AI-driven digital asset technologies globally.

Positive

• JP 3E Holdings is acquiring a majority stake in Bloxcross, a leading digital assets innovation company.
• The acquisition aims to enhance bilateral trade, cross-border payments, and financial applications using advanced blockchain technologies.
• It aligns with JP 3E's vision of creating a sustainable ecosystem in sectors like Energy, Eatables, and Education.
• The global trade finance market size reached $10.52 trillion in 2023, indicating significant growth potential.
• The transaction is expected to drive innovation and create value for stakeholders.
• The acquisition will integrate Bloxcross's capabilities into JP 3E's ecosystem, offering comprehensive trade financing solutions.

Negative

• The acquisition is subject to completion within the next 60 days, presenting potential delays or uncertainties.
• There might be risks associated with integrating Bloxcross into JP 3E's existing operations and ecosystem.
• The financial impact of the acquisition on JP 3E's short-term earnings and profitability remains unclear.

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc. (OTC: SPZI), formerly known as Spooz, Inc., is excited to announce the signing of an agreement to acquire a majority ownership interest in Bloxcross, Inc. ("BLOX"). Bloxcross is a trailblazing digital assets innovation company, recognized for its groundbreaking platform that revolutionizes global bilateral trade, cross-border payments, and financial applications through advanced blockchain technologies.

This strategic investment signifies a pivotal moment for both entities. By merging their expertise, JP 3E Holdings aims to accelerate Bloxcross's global expansion while establishing a key operational foothold for advancing trade development, particularly in critical sectors such as Energy, Eatables, and Education.

John Park, Chairman, and CEO of JP 3E Holdings, expressed his enthusiasm about the agreement, stating, "We are delighted to embark on this journey of acquiring a majority stake in Bloxcross, Inc. Blox's AI-powered technology and its significant impact on global trade and payments management perfectly align with our diverse portfolio of businesses. Our previous collaboration on a cross-border trading platform has showcased the synergies between our organizations, making this acquisition a natural and strategic progression."

"JP 3E Holdings is strategically positioned as a platform company with a vision to establish a sustainable ecosystem spanning from downstream end buyers to upstream raw material suppliers, and midstream delivery channels. This strategic approach aims to ensure long-term viability and consistent gross margins for the company. In line with this strategic vision, we are thrilled to announce JP 3E's investment in Bloxcross as its trade financing platform,” continued Mr Park.  

According to recent evaluations, the global trade finance market size reached a substantial $10.52 trillion in 2023, underlining the immense potential of this sector. Bloxcross, with its innovative solutions and market expertise, presents a compelling opportunity for JP 3E to solidify its position as a key player in the industry.

This acquisition not only enhances JP 3E's market presence but also underscores its commitment to delivering comprehensive trade financing solutions. By integrating Bloxcross into its ecosystem, JP 3E intends to offer a wide range of services tailored to meet the evolving needs of the global trade landscape.

JP 3E is excited about the potential synergies and growth opportunities this acquisition brings. We are confident that leveraging Bloxcross's capabilities will enable us to drive innovation, create value for our stakeholders, and establish JP 3E as a leader in the global trade finance arena.

Diego Baez, CEO of Bloxcross, Inc., echoed Park's sentiments, affirming, "At BLOX, we leverage AI-driven digital asset technologies to innovate within global payments and trade finance. Partnering with JP 3E's extensive network and portfolio of companies represents a significant milestone in our quest to deliver our services on a global scale."

The agreement symbolizes a joint commitment to driving innovation, fostering growth, and expanding the reach of digital asset technologies in the global marketplace.  The transaction is expected to be completed in the next 60 days. 

About Spooz, Inc. (SPZI) now JP 3E Holdings, Inc.

Operating companies to supply the world with the vital needs of Eating, Energy, and Education (3E) which are essential needs for our everyday living and quality of life.

SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange - including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions - are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.

Company Contact:
John K. Park, Chairman and CEO
john.park@jp3eholdings.com
732-241-0598 Office
Websites: https://www.jp3e.com/
https://www.jp3eholdings.com/
Twitter: http://www.twitter.com/SpoozInc
Facebook: http://www.Facebook.com/SpoozInc
E-Mail:  info@jp3e.com

FAQ

What is JP 3E Holdings' stock symbol?

JP 3E Holdings' stock symbol is SPZI.

When was the acquisition agreement between JP 3E Holdings and Bloxcross announced?

The acquisition agreement was announced on May 23, 2024.

What is the focus of Bloxcross, the company JP 3E Holdings is acquiring?

Bloxcross focuses on digital assets innovation, particularly in global bilateral trade, cross-border payments, and financial applications using blockchain technology.

Why is JP 3E Holdings acquiring a majority stake in Bloxcross?

JP 3E Holdings aims to leverage Bloxcross's technology to enhance its trade financing solutions and expand its market presence.

What is the potential market size for the trade finance sector according to the press release?

The global trade finance market size reached $10.52 trillion in 2023.

How long is the acquisition expected to take to complete?

The acquisition is expected to be completed within the next 60 days.