found this on the net on OLBG:
The OLB Group, Inc 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 e-Bay 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 e-Bay’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 e-Bay without the hassle of doing the fulfillment of orders is a clear benefit to many or OLB Group's customers."
AI
