
Wednesday, December 18, 2024 10:44:22 PM
DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Capstone Companies, Inc. (OTCQB: CAPC) (“Company”) announced today a new strategic focus to develop and operate in-person sports-entertainment recreational centers to provide social and health benefits to children, families and adults through sports, exercise, and social group activities.
“The challenge for the Company in 2025 is to fund and then execute the new strategic plan.”
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Under the new strategic focus, the Company will seek to develop and operate facilities offering popular competitive sports, such as pickleball and padel, coupled with a food-drink and entertainment center suitable for social activities: birthday parties, corporate events, graduation celebrations and post-school or summer activities. Entertainment may consist of a combination of a small live music stage, sports bar with large screen televisions, and interactive sports video gaming area. The addition of a soccer or other competitive sports field may be added to host corporate or league sponsored tournaments. The centers would be designed to be a social and community activities magnet for the locality. The initial geographic focus for the new strategic plan will be Virginia, North Carolina, Georgia, Florida and New Jersey.
With the Company’s new Chief Executive Officer, Alexander Jacobs, having extensive experience in developing and operating sports entertainment recreational centers for children, adults and families, and being tasked with developing a new business line for the Company, the strategic focus on sports-entertainment center industry is deemed by the Company as the most promising path to creating a new business line for the Company.
“The sports-entertainment industry is an expanding industry with promising opportunities for new ventures with the right concept and competent execution. We intend to develop a concept that can be rolled out on a regional or national basis. Our ability to develop and execute the new strategic plan will require adequate, timely, and affordable funding, possibly coupled with a strategic partnership or merger with another company capable of financially supporting our strategic initiative,” said Alexander Jacobs, the Company’s CEO. “The challenge for the Company in 2025 is to fund and then execute the new strategic plan.”
The Company has not secured third party funding or entered into any agreement for a strategic partnership or merger as of the date of this press release. The Company is currently seeking additional directors for the Company’s Board of Directors and other personnel to assist in the efforts to secure funding and to implement the new strategic plan.
As previously announced, Coppermine Ventures, LLC (“CVEN”), which is owned and managed by Alexander Jacobs, provided $125,914 in working capital funding to the Company under an Unsecured Promissory Note in October 2024 and is obligated to provide $218,640 additional working capital funding to the Company under an October 31, 2024, Management Transition Agreement (“MTA”) through the first fiscal quarter of 2025. CVEN funded $50,018 of the MTA funding amount in late November 2024. Funding under the MTA is in return for right to nominate appointees for CEO position and two board seats, which appointments are subject to verification of nominees’ qualifications to serve in those positions by the Company’s Board of Directors and is not a loan or consideration for any equity interest in the Company. The financial commitments of CVEN do not extend beyond the funding stated in this paragraph. The Company is seeking, and will require, additional third-party funding for the new strategic plan and to cover essential corporate overhead funding for the remainder of 2025 in order to sustain the Company as a going concern.
The Company’s former business line of consumer products was closed in 2024 due to insufficient sales and the Company has no current revenue generating operations. Developing and pursuing a new business line will require adequate, timely and affordable third-party funding, which the Company may not be able to secure. Without revenues, the Company needs to develop a new business line with revenue generating operations to sustain the Company as a going concern. There is no assurance that the Company can secure third party funding, a strategic partnership or a merger, or otherwise implement the new strategic plan.
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