Beverley Hills, CA, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Wowio, Inc. (OTC Pink: WWIO) “WWIO or The Company” has entered into a binding Letter of Intent to purchase Pact Enterprises, Inc. and Pact Holdings AZ, LLC. for $550,000 net of mortgages on the real estate and debt. WWIO is purchasing the land and buildings and the restaurant business located in the building. There are currently mortgages of $625,000 on the property and other liabilities of approximately $45,000 which WWIO will assume. The purchase price is being paid as follows: $100,000 paid over thirty-six months commencing June 2018 and Convertible Preferred Stock that will convert to 1,225,757,747 common shares in WWIO. The land, building and restaurant has a value of approximately $1,100,000. WWIO is paying a small premium to acquire this prior to the spring and summer busy season which begins in March 2018. The Sellers will hold a UCC filing over the stock and member units of both companies until the cash portion is fully paid.
Pact Enterprises Inc. owns and operates Little Italy Restaurant in Williams, Arizona. This 200 plus seat restaurant opened in June 2017 and is currently achieving revenue of $40-50,000 per month. Williams is located about one hour from the Grand Canyon and the historic Route 66 runs through the town. There are approximately three thousand residents and over 30 hotels in the town. The town’s main business is tourism.
Pact Holdings AZ, LLC owns the property. The lot size is almost 14,000 square feet (.320 acres) with a 7,400 square foot restaurant on the lot. The building used to be a bowling alley and was totally renovated. The restaurant features an Italian menu with a lunchtime buffet and full bar plus room for entertainment.
Tony Anish, CEO of Wowio, Inc. stated; “This is a further step forward in our plans to grow the Company. We have developed a well thought out strategy. We continue to negotiate further acquisitions. Our intent is to get the Company cash positive as soon as possible. Keep watching!”
About Wowio, Inc.
WOWIO, Inc. has, in the past, been a digital media and technology development company with a patented process and a proprietary mobile ad-delivery platform that planned to disrupt the eBook distribution landscape by exploiting a previously untapped marketplace: ad-supported eBooks.
However, with the introduction of the new management team, WWIO will be a holding company supporting a number of investments in entertaining, restaurants, tourism and other businesses including housebuilding in Northern California and the development of property in Arizona.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.