CHARLOTTE, N.C., Sept. 02, 2021 (GLOBE NEWSWIRE) -- LiveToBeHappy, Inc. (OTCM: CAVR, soon to be LTBH), a land developer and community home builder in the Southern U.S. with a differentiating technology marketing platform, today announced several updates, demonstrating meaningful momentum in the Company’s business transformation including:
- Launched formal process to secure debt financing to fund acquisition targets, led by Charlotte, N.C. based Dragonfly Capital Partners, LLC
- Received a non-binding $150 Million Debt Facility Proposal from a regional bank in Texas
- Entered final stages of the due diligence process on the pending acquisitions that are currently under Letter of Intent (LOI)
- Secured $3.3 million in new bookings* for its wholly owned subsidiary, Sinacori Builders
- Appointed Michael Murphy as its Chief Technology Officer (CTO)
Kevin Vincent Cox, Chief Executive Officer of LiveToBeHappy, Inc., commented, “We are excited to announce that we are entering the last stages of our business transformation strategy. Through the addition of multiple target companies to our real estate development portfolio, we expect to significantly expand LiveToBeHappy’s reach across the Southern U.S. and vertically integrate the platform, allowing us to engage in end-to-end commercial and residential real estate development. With the team and resources provided by Dragonfly, the financing plans are progressing on schedule, LOIs have been executed, and our due diligence process is entering its final stages. In addition, we have recently received an additional $3.3 million in new bookings from our wholly owned subsidiary, Sinacori Builders, adding to our strong real estate backlog. Finally, we are thrilled to be adding Michael Murphy to our executive team as CTO. Mike adds a strategic mind that will enable the successful integration of all the companies and products that become part of the LiveToBeHappy family in the future. We look forward to sharing this journey with all of our shareholders and expect to complete this process within the next few months.”
Michael Murphy Background
Mr. Murphy has over 30 years of experience as a designer, builder innovator, collaborator, and implementer of high-performance enterprise-class critical e-commerce and supply-chain solutions for Global 500 companies. Most recently, he was the CTO of PostBidShip, a freight-matching software platform company that LiveToBeHappy, Inc. has secured a binding option agreement to purchase if desired in the future. His experience also includes senior positions with Logistyx Technologies, Agile Networks, AJILLUS, and Murphy Systems Group. Mr. Murphy is a former officer in the US Air Force, a graduate of Washington University in St. Louis, and has an MBA from George Washington University in Supply Chain and Operations Management.
About LiveToBeHappy, Inc.
LiveToBeHappy, Inc. is a land developer and community home builder in the Southern U.S. with a differentiating technology marketing platform. LiveToBeHappy Inc.’s wholly owned subsidiary, Sinacori Builders, is a residential land development and custom single- and multi-family home builder in Charlotte, N.C. Looking forward, LiveToBeHappy, Inc. has several pending acquisitions under Letters of Intent which are expected to transform the Company into a vertically integrated real estate development company with a broader footprint and more diversified revenue stream. For more information, please visit our website at www.livetobehappy.com.
*Non-GAAP Numbers
This press release references the non-GAAP financial measure of bookings.
We use this non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information may be helpful to investors because it provides consistency and comparability with past financial performance. Bookings for Sinacori Builders is defined contracts signed with customers to build a residential dwelling.
Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial information as a tool for comparison. As a result, our non-GAAP financial information is presented for supplemental informational purposes only and should not be considered in isolation from, or as a substitute for financial information presented in accordance with GAAP.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
Investor Contacts:
Alpha IR Group
Lisa Fortuna or Sam Cohen
