BREMERTON, WA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- CGrowth Capital Inc. (OTC: CGRA) today announced that the company’s controlling shares have been acquired by RedClip Holding Inc and the company is rolling out its new business plan.
CGRA will appoint a new executive board early in the new year. The proven and experienced team will drive the company’s new focus of consolidating and disrupting the growing sports and lifestyle sector, primarily through the acquisition and consolidation of growing disruptive technology businesses in the sector. Nicolas Link will hold an Interim CEO role until the new board is appointed and announced early in the new year.
With the lifestyles of the world’s population evolving and continuing to evolve rapidly in the wake of the COVID-19 pandemic, this has led to an adoption of many new and improved lifestyle, sports, fitness, and wellbeing technologies. Demand has been enhanced by the general impatience and instant gratification and engagement demands of the millennial generation, much of which also snowballed during and after the pandemic. A vast amount of the global population now spends more time working remotely or on more flexible terms which is allowing people to gain a more balanced lifestyle and therefore dress less formally. Traditional fitness wear has become everyday attire for a large part of the population leading to an explosion in the fitness apparel market. Simultaneously, new fitness regimes and new sports formats are being developed with traditional sports being re-invented into shorter, more exhilarating formats to satisfy the worlds enormous thirst for entertainment and content. All of this attributes to the heightened demand for new products and technologies in both new and traditional sports. Traditional sports are seeing substantially more investment, higher valuations, larger sponsorship deals, more modern and futuristic stadiums, deeper levels of spectator engagement, more exposure, and more integration with new technology. This leaves the sector and its supporting services wide open to disruption through new technology, products, and strategies.
Traditionally the sports and lifestyle sector has been dominated by the usual global household brands while the opportunity exists for CGRA to consolidate smaller, rapidly growing, dynamic companies who have disruptive technology or products but require a more corporate structure as well as the infrastructure and access to larger distribution networks and capital.
Interim CEO, Nicolas Link, has access to an extensive network of international celebrities and sports stars, sports team owners, stadium owners and distribution channels which will allow the company to open new doors and leverage routes to market as well as brand endorsements for the new companies, their technology, and products.
CGRA has agreed terms with its first two acquisitions and expects to complete the due diligence on the first acquisition within the coming days. The company anticipates signing of the Share Purchase Agreement within the next few weeks, leading up to the brand’s participation in a niche global sports event early in the new year. This business already sells from the USA to more than 10 countries through a limited distribution channel with minimal marketing and is now perfectly positioned to expand its range and scale up globally.
The second acquisition is that of a disruptive IoT company with technology aimed at sports venues, stadiums, events, and other lifestyle venues globally. The technology is highly scalable, and the company has already featured pilot installations at several leading sports stadiums in the UK, USA, South Africa, and Australia. Due to the value added by the technology and the vast interest in it, we would expect to gain global uptake within a short period of time through partnership with global brands on a revenue sharing model.
CGRA has begun preparing an S-1 which it expects to file with the Securities and Exchange Commission (the SEC) in the first quarter of 2023, after filing of the audited annual results. Following the effective date of the Form S-1, CGRA will be subject to the reporting requirements of the SEC .
CGRA believes that the new acquisitions and experienced leadership will lead to the company’s extensive growth, with further additional acquisitions planned. New interim CEO and Director of CGRA, Nicolas Link, will lead the onboarding of experienced officers and board members, including the appointment of an industry experienced CEO, before transitioning to the position of Chairman of the company early in 2023, as he has successfully done with several companies in the past. Mr. Link is a well-established serial entrepreneur who has led the incorporation and rapid growth of several successful private and public companies.
“We have plans for CGRA to become a leader and disruptor in the sports and lifestyle industry through consolidating and pioneering advanced technology in the sector. I am always focused on businesses that can be scaled globally. With two very exciting acquisitions incoming, which are already performing impressively, I am very excited about the growth prospects for the company. I look forward to the appointments during the course of the next month, of an experienced board and management team who have a proven successful track record in the industry. As with all the companies I am involved with and with the resources in place, I fully anticipate exceptional technology advancement and a global roll out for our acquisitions, which will deliver rapid growth, resulting in exceptional value for our Shareholders. It is important to note that CGRA is not connected to ILUS (Ilustrato Pictures International Inc.) and although not formally connected, CGRA may well have significant areas of mutual interest and strategic alliance with SWIFTY GLOBAL.” said interim CGRA CEO, Nicolas Link.
The website and social media channels of the company are in the process of being updated to reflect the new direction. For further information, please see the company’s communication channels:
CONTACT:
Investor site: http://www.cgrowthcapital.com
Twitter: @CGRAOTC
info@CGrowthCapital.com
Forward-Looking Statement:
Certain information set forth in this press release contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission ("SEC") has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, considering the SEC's guidance, we encourage investors, the media, and others interested in our company to review the information we post on the following social & media channels: Website: http://www.cgrowthcapital.com Twitter: @CGRAOTC
SOURCE: CGrowth Capital Inc.
