The World Poker Store, Inc. Announces Completion of Merger, Reverse Stock Split, and Name and Symbol Changes

Rhea-AI Summary

The World Poker Store, Inc. (OTC: WPKS) has completed a merger with Genuine Marketing Group Inc. (GMG), making GMG a wholly-owned subsidiary. Following this, a 1-for-10 reverse stock split occurred, changing the company name and stock symbol to GMGZ. Post-merger, GMG shareholders hold approximately 90% of the outstanding common stock, reducing WPKS shareholders' ownership to about 10%. The company increased its authorized capital to 750 million common shares and 50 million preferred shares.

Positive

• Merger enhances market presence with GMG's proprietary authentication system.
• Increased authorized capital may support future growth initiatives.

Negative

• WPKS shareholders' ownership diluted to approximately 10% post-merger.
• Potential integration challenges with GMG post-merger may arise.

MINNEAPOLIS, Aug. 11, 2022 /PRNewswire/ -- The World Poker Store, Inc. (OTC: WPKS) (the "Company") announced today that it has completed a merger with Genuine Marketing Group Inc., a Minnesota corporation ("GMG"), resulting in GMG becoming a wholly-owned subsidiary of the Company. Effective with the merger, the Company also completed a 1-for-10 Reverse Stock Split and changed its corporate name to Genuine Marketing Group Inc. and its stock trading symbol to GMGZ. The post-merger management of both the Company and GMG will remain the same as before the merger.

The Company's common stock will begin trading on a split-adjusted basis on Thursday, August 11, 2022 under its new CUSIP number; and its trading symbol will change to WPKSD for a period of 20 business days, after which the "D" will be removed from the trading symbol and it will become GMGZ.

Pursuant to the reverse stock split, each ten (10) shares of the Company's pre-merger outstanding common stock will be automatically combined and converted into one (1) share of post-merger common stock. This reverse stock split affects all pre-merger shareholders uniformly except to the minimal extent a shareholder obtains a fractional share. Any fractional shares will be rounded up to the next whole share.

Shareholders of the Company holding shares through "street" brokerage accounts or other nominee accounts or in book entry form will have their shares automatically adjusted to reflect the reverse stock split. In the case of any shareholders holding shares in certificate form, they may exchange their present certificates for new stock certificates, and they should address any questions concerning any exchange of certificates to their broker or to the Company's Transfer Agent, Standard Transfer Company, at email address amy@standardregistrar.com.

Under terms of the Merger, the shareholders of GMG exchanged all their outstanding shares of common stock of GMG on a pro rata basis for approximately 90% of the post-merger outstanding common stock of the Company, resulting in the pre-merger shareholders of the Company now owning approximately 10% of the outstanding common stock of the Company.

The Company also increased its authorized capital stock to include 750 Million Common Shares and 50 Million Preferred Shares.

Genuine Marketing Group Inc. or GMG is a retail and consumer focused marketing company that creates brand affinity and builds consumer confidence through its proprietary authentication system, ZPtag. Combining the user-friendly engagement of a smartphone app with the smart contracts of the IBM blockchain.

More information about Genuine Marketing Group Inc. can be found at https://genuinemarketinggroup.com/

Contact: Greg Needham
Email: greg@genuinemarketinggroup.com

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.

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SOURCE The World Poker Store Inc.; Genuine Marketing Group Inc.

FAQ

What was the purpose of the merger between WPKS and GMG?

The merger aimed to enhance market presence and leverage GMG's proprietary authentication system.

What changes occurred after the merger on August 11, 2022?

The company changed its name to Genuine Marketing Group Inc. and its stock symbol to GMGZ.

How does the reverse stock split affect WPKS shareholders?

WPKS shareholders see their ownership diluted to about 10% of the post-merger company.

What is the significance of increasing authorized capital to 750 million common shares?

The increase allows the company to raise funds and support future growth initiatives.