Aluf Holdings Inc (AHIX)

[AveragePenny]

$AHIX Aluf Holdings, Inc. to Acquire Bizz Shield Pro, Inc. a Premier Benefits Provider Network and Revenue Generation Platform

https://www.globenewswire.com/news-release/2022/11/03/2547445/0/en/Aluf-Holdings-Inc-to-Acquire-Bizz-Shield-Pro-Inc-a-Premier-Benefits-Provider-Network-and-Revenue-Generation-Platform.html

FT. LAUDERDALE, Fla., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc. ("AHIX") ("Aluf") (OTC PINK: AHIX) a holding company engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software, and technology solutions, today announced the execution of a non-binding Letter of Intent to acquire Bizz Shield Pro, Inc., a privately held company with a technology-based platform providing discount medical and life-style benefit programs, as well as income generation opportunities for entrepreneurs.

The LOI forms the basis of an agreement which, if consummated, is consistent with the Company`s strategic plan to aggressively achieve profitability and growth through insightful value-added mergers and acquisitions. There are several steps outlined in the LOI, and after completion of satisfactory due diligence, a definitive agreement will be executed. Subject to the acceptance of the definitive agreement, closing is expected to take place in early Q1 2023. The Terms of the Letter of Intent contemplate total consideration for this transaction in the amount of $3.5M which includes issuance of restricted common stock of the company, and short-term seller financing in the form of an unsecured promissory note.
No further information is available at this time.