ATLANTA, GA and HOUSTON, TX, Nov. 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- NewRegen (OTC: NREG) and PickleJar Holdings, Inc. (“PickleJar”), a leading entertainment business software provider, today announced the completion of the definitive agreements to combine the companies in an all-stock transaction. The transaction, which has been unanimously approved by PickleJar’s Board of Directors, was finalized on November 25, 2023, resulting in a significant change of control within the company. The surviving entity will continue to carry on the business of PickleJar as an #ArtisFirst payments and promotions ecosystem, unifying every touchpoint of the fan experience for emerging artists, mid-sized venues, and global brands. NewRegen will spin off its regenerative medicine business into an operating subsidiary, NewRegen Operations, Inc and carry on as a private entity.
“PickleJar is a big idea. We view this step as an accelerator of our existing strategies, and a way to enhance the value of our innovative and established enterprise platform,” said Jeff James, chief executive officer of PickleJar. “Mergers are complex, and we wanted to get it right for our shareholders. While this has been an extremely tedious process, our team has worked tirelessly in our relentless pursuit of attractive business development and shareholder friendly capital raising opportunities.”
Under the terms of the agreement, PickleJar shareholders will receive 90.5% of the Preferred A shares. The entity will be renamed PickleJar Entertainment Group and trade on the OTC stock exchange under the ticker “NREG” until a new ticker symbol and name is approved by FINRA. The Company will be operated by PickleJar’s management team and be headquartered in Houston, TX. Four of the PickleJar’s board members will continue to serve with another to be selected by the PickleJar board.
“Given the challenges to meet the timeline for the audit requirements necessary for the Super 8-k regulatory requirements required under the merger agreement and the unique circumstances presented by the timetable of the existing institutional lenders in the previously announced proposed business combination, we sought an alternative solution to offer the best available outcome for all stockholders,” said Everett Dickson of NewRegen. “PickleJar is transforming the entertainment industry and paving the way for a new era of growth. This transaction provides for long-term value and a clear path of capitalization to advance its Venue Managed Services and Artist Promotions lines of business.”
Additionally, the management team is working with several prospective capital partners, both in the short and long term, to invest significant capital for PickleJar’s future roadmap to achieve its 2024 revenue targets and potential acquisitions accretive to expanding the market share, recently announced partnership opportunities, and its brand mission as an #ArtistFirst company. Further details of the transaction and background on the transaction process will be included in the Company’s Form 10 filing to be expected in the coming weeks. As part of this transaction, Everett Dickson is to resign from his position as an officer and director of NewRegen on November 25, 2023.
ABOUT PICKLEJAR HOLDINGS
PickleJar unlocks the potential of shared entertainment experiences through an integrated suite of software and services designed to inspire human creativity and enrich lives. Developed for the era of social commerce, we continuously work to advance tools to unify the touchpoints of Fan engagement with emerging Artists, mid-sized venues, and global brands. By embedding secure payment technology, data intelligence and content distribution, PickleJar’s innovative Artist promotion programs, Venue Managed Services and wide range of mobile apps create a 360° view of how Fans and Patrons connect with the music and moments that matter most.
ABOUT NEWREGEN
With offices in Atlanta and Fort Lauderdale, as well as a network of ten affiliate offices around the country, Newregen provides adults with innovative and effective treatments to improve quality of life, happiness, and longevity. Their goal is to restore balance and equilibrium within the body so that at the most basic cellular level, your cells can efficiently repair, replace and replicate as they did on day one. Newregen believes in helping people achieve improved internal and external health, increased vitality, and better sleep. Patients with hormone deficiencies, reduced immunity, excess body weight, sexual dysfunction, chronic pain, and many other health problems receive high-quality care at Newregen, delivered with compassion and respect. Newregen is a publicly traded company (OTC:NREG).
CONTACT: Anna Benson
PickleJar Entertainment, LLC
anna@picklejar.com
