OLBG (.16) Signs Letter of Intent to Acquire an eBay Retailer
Market Wire "US Press Releases "
NEW YORK, NY -- (MARKET WIRE) -- 05/23/07 -- The OLB Group, Inc. (PINKSHEETS: OLBG) announced today that the company has entered into a Letter of Intent to acquire the assets of Sammex Enterprises, LLC, a privately held New Jersey limited liability company which conducts its internet and storefront businesses under the trademarked trade name "Auction MOJO" (MOJO). MOJO currently has two (2) premium retail locations in New Jersey (East Windsor and Plainsboro). MOJO reported unaudited revenues exceeding $700,000 in the past twelve months, and is forecasting profitable revenue to surpass $1 Million in the next twelve months for the first two locations.
Ronny Yakov, CEO of The OLB Group, said, "We are excited with our new venture which provides OLB Group with a great opportunity to significantly expand our ShopFast business into different venues. In addition, our customers, the storeowners of ShopFast, will now have the ability to list their products on eBay through OLB Group. A prime focus of our business plan is to build our competitive advantage over alternative e-commerce sites, which this acquisition clearly offers to our company. Our initial plans upon closing on MOJO is to expand to an additional 8 locations within 12 months of the acquisition closing."
A newly formed subsidiary of OLB will purchase the assets of MOJO relating to that company's operations, including the registered trademark "Auction MOJO," management, operations, storage of goods and payment systems developed and/or utilized by MOJO, leases for two storefronts in full operation in New Jersey, certain eBay accounts and operations history, in accordance with eBay's requirements, and all rights to the franchise system developed for the Auction MOJO System. Additionally, OLB will acquire all of MOJO's interests in all intellectual property rights, registered rights, common law rights, trade secret and all other such rights, together with all physical properties and operations relating to the MOJO business and locations as well as a feedback response of close to 10,000 satisfied customers with a satisfaction rate of 99.8% on eBay over the last 8 years.
Scott Feder, Founder, will remain involved as an eBay sales and marketing consultant to the OLB group and assist in the development of special joint ventures. "I look forward to building upon this exciting foundation. The synergy between OLB and its access to quality items will allow the Auction MOJO system and franchise to grow profitably with eventual international expansion."
Michael Cohen, Chief Operating Officer for OLB Group's new wholly owned subsidiary, noted, "Incorporating MOJO with The OLB Group's new ShopFast software is a dynamic and innovative combination to the rapidly expanding internet storefront industry. With subscriber clients having the option of selling their products through eBay without the hassle of doing the fulfillment of orders is a clear benefit to many of OLB Group's customers."
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About The OLB Group
The OLB Group is an e-commerce service provider that delivers fully outsourced private label shopping solutions. We provide our clients with a seamless, end-to-end e-commerce solutions, including site creation, hosting, transaction processing, order fulfillment, customer service, sales reporting, as well as a virtual inventory of name-brand products from top-selling categories on the Internet. Our private label shopping site is designed to maintain the unique look and feel of our customer's website, providing seamless e-commerce functionality that keeps users on the shopping site at all times. Order fulfillment and customer service are also provided under the brand names of our clients. We remain invisible to the consumer. Our e-commerce platform also enables our clients to create their own online marketing promotions and to customize product content to meet the needs of their online users. Our turnkey online shopping solutions include "ShopFast Direct Shopping Database" or "ShopFast DSD." and ShopFast PC (profit center). For more information, please visit http://www.olb.com, http://www.shopfast.com
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. The OLB Group, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.
The OLB Group, Inc.
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