Colorado Springs, CO, Jan. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Bayport International Holdings, Inc. (OTC Pink: BAYP) (“the Company” or “Bayport”) operates as a diversified holding company with subsidiaries active across cannabis technology, and environmentally-friendly car wash services. Bayport is pleased to provide a comprehensive shareholder update clearly detailing our corporate vision and assessing the current holdings of the Company.
Bayport remains extremely active in its cannabis technology ventures. In late December 2018, management decided to consolidate its WeedWiser and Ecannago platforms, under the Ecannago name. The reasoning was the growing issue of illegal cannabis operators trying to utilize Weedwiser in an attempt to look like legitimate legal cannabis companies. While it was viable to manually delete these accounts early on, the sheer volume became too much to handle and thus the decision was made to consolidate the platforms.
Management is still very active and excited about the opportunities in the cannabis technology industry, particularly now that industrial hemp is legal in the United States. Further announcements and details on development on the newly combined Ecannago are expected to be out shortly. In addition, management is considering options with regards to the Weedwiser.com domain. Bayport may look to capitalize on a sale of the domain, if findings conclude there is value in Weedwiser.com.
The 360 Eco Wash is an exciting new addition that is nearly officially 100% owned by Bayport. The initial signing of the LOI was announced on January 10, 2019, followed by signing of binding term sheet on January 15, 2019. Once the deal officially closes, Bayport will be officially generating regular revenues.
Bayport’s decision to diversify is due to revenue growth initiatives, expanding technology portfolio, and building a holding company that is comprised of novel companies generating revenue and/or working on innovation. This is all part of management’s plan to continue generating value to shareholders.
Summary of Holdings:
- Ecannago (cannabis technology platform; combination of old Weedwiser and Ecannago platforms)
- 360 Eco Wash (revenue-generating mobile car wash service in California)
- 10% ownership in 420skybnb (cannabis-based travel and accommodations website)
Bayport would like to thank its shareholders for their patience, as the company shifts to a diversified holding company model. Management sees the changes as a way to unlock shareholder value and drive greater capabilities for Bayport.
Bayport CEO, Clay Franks stated, “This is going to be an exciting and productive year for Bayport. We have a well mapped out plan for growth and we are thrilled to execute it throughout 2019.”
Follow us on Twitter https://twitter.com/BayportBAYP
About Bayport International Holdings, Inc. (OTC PINK: BAYP):
Bayport International Holdings, Inc. is a holding company actively engaging acquisition targets with growth potential. Bayport has active operations across cannabis technology and an eco-friendly, mobile car war operation located in California.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Bayport International Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Bayport International Holding'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. More information about the potential factors that could affect the business and financial results is and will be included in Bayport International Holding's filings with the Securities and Exchange Commission.