WPF Holdings Announces Acquisition of Vezbi Super App

Rhea-AI Summary

On January 30, 2023, WPF Holdings (OTC PINK: WPFHD) announced a definitive agreement to acquire 100% of Vezbi, Inc. for 265 million common shares. The exchange ratio is set at 10 common shares of WPF for each share of Vezbi based on its last funding round. A Form 10 and S-1 registration statement will be filed with the SEC for uplisting. Vezbi is a community-driven Super App that consolidates daily tasks and prioritizes user accountability by avoiding algorithms, anonymity, and data selling. The app features tasks, events, messaging, and more, aiming to enhance its market share. WPF will also undergo a name change and new trading symbol application.

Positive

• Acquisition of Vezbi expected to expand market presence and enhance service offerings.
• Vezbi's unique positioning as a community-driven Super App with no data selling may attract a loyal user base.
• Plans for uplisting to a national exchange could potentially increase stock visibility and liquidity.

Negative

• The share exchange could dilute existing shareholders' stakes in WPF Holdings.
• Integration challenges may arise from merging operations and technologies of WPF and Vezbi.

LOS ANGELES, CA, Jan. 30, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – WPF Holdings, Inc. (OTC PINK: WPFHD), announces today that it has signed a definitive agreement to acquire 100% of the outstanding shares of Vezbi, Inc (“Vezbi”) for 265,000,000 common shares of WPF Holdings. At closing, the shareholders of Vezbi will be issued 10 common shares of WPF Holdings in exchange for 1 common share of Vezbi.  The share exchange is based on Vezbi’s last funding round.

A Form 10 and S-1 registration statement (for the new shares issued) will be filed with the US Securities and Exchange Commission in preparation for uplisting onto a national exchange. Additionally, WPF Holdings will be changing its name and applying for a new trading symbol after becoming a fully reporting company with the SEC.

Vezbi is a community-driven Super App designed to organize and consolidate all facets of life in one centralized application. What makes Vezbi so unique is its commitment to no algorithms, no anonymity, and no data selling. As accountability is the emphasis of the app, Vezbi believes that it is the first true Super App in the United States, and will become a platform which will minimize fake reviews, fake news and online bullying.

Current features within the app include: Tasks, Events, Messaging, Micro-Vlogs, SnipBits, Communities, Intercom, The Vezbi Marketplace, Shop Now, FAVR, and Micro-Apps.  Vezbi will continue to develop its technology under WFP Holdings (i.e. user verification, rating systems, payments, etc) while focusing on increasing market share (domestic and international).

About WPF Holdings

WPF Holdings is a technology holdings company, focusing on new and cutting edge applications and projects that focus on small and mid-sized businesses to empower businesses to take full advantage of the opportunities that the digital world has to offer.

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

WFP Holdings, Inc.
Investor Relations Contact: info@wpf-holdings.com

Vezbi, Inc.
Investor Relations Contact: investors@vezbi.com

FAQ

What is the acquisition value of Vezbi by WPF Holdings?

WPF Holdings is acquiring Vezbi for 265 million common shares.

What will happen to the trading symbol of WPF Holdings after the acquisition?

WPF Holdings plans to change its name and apply for a new trading symbol following the acquisition.

When was the acquisition agreement signed?

The acquisition agreement was signed on January 30, 2023.

What are the key features of the Vezbi Super App?

Vezbi features tasks, events, messaging, micro-vlogs, and community-focused tools.

How will the acquisition impact WPF Holdings' market strategy?

The acquisition aims to enhance WPF's market share both domestically and internationally.