Wowio appoints a new board and takes company in a new direction.
The first step the new Board has taken is to acquire a controlling interest in Castlerock Group Holdings, Inc. (“Castlerock”). Castlerock Group Holdings has an option to acquire all the assets of Castlerock Bar and Grill, LLC. which consists of the following:
1. Land and buildings in Golden Valley, Arizona, consisting of 38 acres of land with a bar and grill and an arena that can handle up to 8,200 people at shows and rodeos. (This property was recently appraised at $2,800,000),
2. Land and Buildings in Dolan Springs, Arizona consisting of a café/restaurant and offices, and
3. A second leased space in Dolan Springs, Arizona with a restaurant located on the site which opens at the end of this month.
These operations including the new restaurant will generate approximately $150,000 per month in revenues while the arena is expected to generate over $700,000 per annum. Mr. Anish commented, “This is just the first acquisition in the new business model. Further acquisitions are currently under negotiation and we expect to close these subsequent acquisitions over the next few months.”
The agreed price for the business net of current mortgages is $2,500,000 to be paid in cash and stock. The seller will hold a UCC filing over all the assets until the full purchase price is paid. Over the next two months, management expects that all outstanding financial statements will be filed and will be kept current.
Management is planning to get all financial data up to date as quickly as possible. New releases will add more information as it becomes available.
About Wowio, Inc.
Wowio, Inc., has been a digital media and technology development company with a patented process and a proprietary mobile ad-delivery platform that planned to disrupt the eBook distribution landscape by exploiting a previously untapped marketplace: ad-supported eBooks.
However, with the introduction of the new management team Wowio plans to become a holding company supporting a number of investments in entertaining, restaurants, tourism and other businesses including the development of various properties that Wowio is acquiring as a part of its expansion.
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