WPFH Announces Acquisition of KPOP 1004 Retail Chain

Rhea-AI Summary

World Poker Fund Holdings (WPFH) has signed a definitive agreement to acquire Kimco Industries, operator of KPOP 1004 specialty stores, expanding into the K-POP and K-Beauty markets. Currently, KPOP 1004 has stores in California and Las Vegas, with plans to open locations in Houston, Seattle, Newark, and Miami within 24 months. Post-acquisition, WPFH will rebrand as KPOP 1004, complete necessary audits, and file for OTCQB and KOSDAQ listings. The K-Beauty market, valued at $10.3 billion, is projected to grow significantly, presenting potential revenue opportunities for WPFH.

Positive

• Acquisition of Kimco Industries enhances WPFH's entry into the growing K-POP and K-Beauty markets.
• Expansion plans include new store openings in major U.S. cities, potentially boosting revenue.
• The rebranding to KPOP 1004 aligns with favorable trends in Korean culture and beauty markets.

Negative

• Changing the company name and focus may lead to challenges in brand identity and market perception.
• Integration of Kimco Industries could present operational and financial difficulties.

LOS ANGELES, CA, Dec. 09, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- World Poker Fund Holdings, Inc. (OTC PINK: WPFH), announces today that it has signed a definitive agreement to acquire Kimco Industries Inc., the owner and operator of the retail chain KPOP 1004, a K-POP and K-Beauty specialty store.

KPOP 1004 stores are currently located in the Ontario Mills Shopping Center of Ontario, CA; Westfield Valencia Town Center of Valencia, CA; and the Premium Outlets of Las Vegas, NV.  Over the next 24 months, Kimco intends to open up stores in four more markets including Houston, Seattle, Newark, and Miami.

As part of the acquisition agreement, WPFH will be changing its name to KPOP 1004, complete audits, and file a Form 10 registration statement with the SEC in preparation for OTCQB and KOSDAQ (the Korean Stock Exchange) up-listing and cross-listing.

KPOP, the Korean Wave (Hallyu) is the expansion of Korean culture, arts and media throughout the world. In 2019 the Ministry of Culture, Sports and Tourism and Korea Creative Content Agency estimated the total South Korean cultural and art industry sales for 2018 at $5.31 Billion US Dollars. KPOP music continues to grow rapidly in the US, having sold over 40 Million physical albums in 2020 alone. The top 9 largest KPOP groups generated over $50 Million dollars from touring last year in a pandemic reduced time.

The Korean Wave is not just about music either; Netflix has committed to spending $500 Million to develop more Korean content this year alone. Additionally, The K-Beauty market accounts for $10.3 Billion in revenue and is estimated to grow to $31.6 Billion by 2029.

About World Poker Fund Holdings, Inc.

World Poker Fund Holdings, Inc. is a leading developer and operator of on-line technology, gaming platforms and brands. The company does not offer any games or gaming opportunities for cash in the United States and is not licensed as a gaming operator in the United States or any other jurisdiction.

To learn more about World Poker Fund Holdings (WPFH) and its upcoming events, please visit www.worldpokerfund.com.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

CONTACT

Investor Relations Contact

Eddie Kwong

VP Investor Relations

Direct: +1.626.466.9734

Email: investors@worldpokerfund.com

FAQ

What is the purpose of WPFH's acquisition of Kimco Industries?

The acquisition aims to expand WPFH's presence in the K-POP and K-Beauty industries through the KPOP 1004 retail chain.

What are the future plans for KPOP 1004 after the acquisition?

KPOP 1004 plans to open new stores in Houston, Seattle, Newark, and Miami over the next 24 months.

How will WPFH's rebranding impact its stock performance?

The rebranding and focus on K-POP and K-Beauty could attract new investors and increase stock performance if successful.

What is the size of the K-Beauty market?

The K-Beauty market is currently valued at $10.3 billion and is expected to grow to $31.6 billion by 2029.