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The executive management of Bebuzee, Ltd. f/k/a Engage Mobility, Inc (OTC Pink: ENGA) announced today that its corporate group will undertake a corporate reorganization. As previously announced, Bebuzee (UK), Ltd., an entity organized under the laws of England and Wales, had acquired the controlling stock interest in Engage Mobility, Inc. To better align with its long-term operational objectives, the Board of Directors of Bebuzee (UK) have elected to transfer the assets of the company to Bebuzee Group Holdings SEZC, an entity organized under the laws of the Cayman Island’s Special Economic Zone.
“The Cayman Island’s Special Economic Zone together with the jurisdiction’s long established favorable business environment has made this reorganization a fairly easy decision,” stated Joseph Onyero, Chief Executive Officer of both Bebuzee, Ltd. and its future Cayman Islands holding company. “In order to grow a global organization of the scope in which we intend to, the move was necessary and will undoubtedly prove beneficial to our stockholders, stakeholders and operational partners,” he continued. In addition to the corporate reorganization, Bebuzee will be opening a development office in the Cayman Islands to further the growth of its proprietary social media platform.
Following the reorganization, expected to close in the coming weeks, Bebuzee Group Holdings SEZC will become the controlling stockholder of Bebuzee, Ltd f/k/a Engage Mobility, Inc. In addition, the corporate group will be transferring its proprietary intellectual property assets to the Cayman Islands holding company. Those assets will, in turn, be licensed to the Florida-domiciled public company which will serve as the operational arm of the corporate group.
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