CHARLOTTE, N.C., June 21, 2021 (GLOBE NEWSWIRE) -- CAVU Resources, Inc. (OTC: CAVR) follows through on its intention to change its name from CAVU Resources, Inc. to LiveToBeHappy, Inc. The Board of Directors voted to adopt the new name at its quarterly meeting on June 17th and the company is announcing it will make these changes effective immediately upon filing the appropriate documents with the State of Nevada.
“People had to adapt because of living through a Pandemic – they had to adapt to living, working, educating, and entertaining themselves within the confines of their residence. An individual’s residence is now more important than ever – especially in their pursuit of happiness. Each of our communities and residences are designed with this in mind – so changing our name to Live to be Happy makes sense – it reminds all of us of what we exist to do,” Russ Sinacori, President and COO of CAVU said today.
The company announced today it is making several significant acquisitions. Letters of Intent have been executed, the strategic fit and plan for each acquisition has been written, and a full integration plan is being prepared to ensure the acquisitions achieve the return they are expected to achieve. If closing conditions for each acquisition are met, the consolidated annualized revenue for LiveToBeHappy would approach $55 Million with approximately $6.5 Million in annualized EBITDA.
“Our customers want more. Their needs flow beyond closing on the construction of their residence. We want to influence their individual pursuit of happiness in a positive way. Each business we are acquiring will have a positive impact on our mission to build lives, not just build places to live,” according to Bob Silver – Executive Chairman.
To capitalize the expansion of the company, execution of the new strategic plan, and to fund the acquisitions already under Letters of Intent, the company is thrilled to announce it has engaged Dragonfly Capital as its investment bank.
"LiveToBeHappy is building an exciting business that provides its customers with residences from which they can work, educate, entertain, and live a healthy lifestyle. The Company has significant momentum in the Southeastern and Southwestern US markets and has lined up several impressive acquisitions which will each add value to the LiveToBeHappy residential product. Dragonfly Capital is honored to work with the management team to secure the acquisition finance and expansion capital to support the growth of LiveToBeHappy over the coming years." – Don Millen, Managing Director Dragonfly Capital.
“We looked at a number of options for how to fund and capitalize this exciting expansion. After multiple discussions, we settled on Charlotte, NC based Dragonfly Capital as our investment bank and have already begun the process with them to complete the diligence and fund these acquisitions. These acquisitions will be transformative. They will lead to an incredible client experience and will deliver tremendous shareholder value to our shareholder community as the capital structure of each deal was designed to minimize shareholder dilution. What we have achieved in a just under 90 days is nothing short of remarkable. And we are just getting started,” according to Kevin Vincent Cox, CEO.
The company expects to begin closing on its acquisitions over the next three months and will provide more detail on each business and category as soon as the diligence, funding, and contracting hurdles are overcome. With so much progress to discuss, the company has decided to schedule a shareholder call on Wednesday June 23, 2021, at 4PM ET.
Shareholder Call - June 23, 2021 @ 4:00pm Eastern Time
https://cavuresources.my.webex.com/cavuresources.my/j.php?MTID=m5a78c002131a4df4eb679f8d5cc00de5
Wednesday, Jun 23, 2021 4:00 pm | 1 hour | (UTC-04:00) Eastern Time (US & Canada)
Meeting number: 182 159 3873
Password: mCcUNd5jb33 (62286355 from phones and video systems)
Join by phone
+1-415-655-0001 US Toll
Access code: 182 159 3873
CAVU RESOURCES, INC
CAVU is a platform holding company dedicated to building, acquiring, investing in, and advancing companies and products that help people live, learn, socialize, endure, and enjoy their own personal pursuit of happiness. The firm has established five major verticals for accomplishing this effort – real estate, technology, education, entertainment, and health and wellness. For more, visit www.cavuresource.com
SINACORI BUILDERS
Sinacori Builders, a CAVU Resources company, is a technology-driven real estate company with more than 13 million dollars in assets and over 11 million dollars in secured contracts/closings in 2021. This wholly owned CAVU subsidiary has a strong foothold in Charlotte, North Carolina, and is expanding its footprint throughout the Southeast. The Company plans on growing its brand and enhancing shareholder value by leveraging its connections with the country's top builders to become a national player. To learn more, visit www.sinacoribuilders.com
NON-GAAP MEASUREMENTS
Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. In addition, within this release, reference is made to earnings before interest, taxes, depreciation and amortization (EBITDA). EBITDA is a metric used by management to evaluate performance and frequently used by the financial community which provides insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies.
FORWARD-LOOKING STATEMENTS:
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. These forward-looking statements are identified by the use of words such as "continue," "expect," "believe" and "expand," among others. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; uncertainties relative to the COVID-19 pandemic and economic development, and, the Company's business, research, product development, marketing and distribution plans and strategies. The company disclaims any obligation to update these forward-looking statements, except as required by law.
COMPANY CONTACT: Kevin Vincent Cox at ir@ltbh.com