Branded Legacy Inc (BLEG)

[NorfolkIP]

Did they not sell Magic1?

Branded Legacy, Inc. Sells Magic 1 Promotions, LLC For $1 Million
1:02 pm ET December 13, 2022 (Globe Newswire) Print
Strategic Management & Opportunity Corp (OTC: SMPP) Purchases Magic 1 Promotions GlobeNewswireDecember 13, 2022
Orlando, FL, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Orlando, FL -- December 13, 2022 -- Branded Legacy, Inc. (OTCQB: BLEG), a holding company focused on the commercial development of cannabinoid-infused products from CBD topicals and tinctures to edibles is pleased to announce it has sold Magic 1 Promotions, LLC to Strategic Management & Opportunity Corp (OTC: SMPP). Strategic Management & Opportunity acquired all the membership interest in Magic 1 Promotions, LLC in exchange for One Million ($1,000,000), to be paid in a combination of One Hundred Million (100,000,000) restricted common shares of Strategic Management & Opportunity Corp. (OTC: SMPP) and cash.


Brandon Spikes, chairman of Branded Legacy, Inc., stated, "We are really excited about this transaction and the additional value it brings to our shareholders. We recently did a similar transaction with another public company and have seen a very positive response. By strategically spinning off assets that are not our primary focus, we are able to grow the business successfully for the benefit of our shareholders and allow our shareholders to be vested in multiple companies."

Spikes Continued "Following the transaction we plan to issue our shareholders a dividend from the shares of the purchasing company used to purchase Magic 1 Promotions. Furthermore, this may help Magic 1 Promotions obtain the funding necessary for its projected growth. We are currently working with our SEC attorney on one dividend and will be engaging our attorney for this dividend as well. Will release updates as we have them."

In a previous news release, the company announced the acquisition of ReelSkinz. ReelSkinz is more than just a lifestyle brand; it is a company that combines practicality, protection, and fashion into the ultimate ocean and outdoor apparel.

Spikes concluded, "We have been in communication with our transfer agent in regard to updating the authorized shares. We have been assured during their monthly update to OTC Markets, that the transfer agent will be updating the authorized shares to six hundred million (600,000,000)."