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SAN FRANCISCO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- APPlife Digital Solutions, Inc. (OTCQB: ALDS) (“APPlife”, the Company”), a business incubator and portfolio manager that invests in and creates e-commerce and cloud-based solutions announced today that they have entered into a non-binding term sheet to acquire a company that provides plant-based food distribution and an end-to-end, technology-driven supply chain management system dedicated to improving connectivity, and driving efficiencies, transparency and waste reduction throughout the food industry.
The terms of the acquisition and the target’s name will be disclosed upon the execution of a definitive agreement, which is anticipated to be completed by December 20th, 2020.
The target company’s plant-based food distribution division has posted revenue of approximately $1 million for the trailing 12 months and is expected to produce $3 million in revenue by the end of 2021 and $5 million in revenue by mid-2022. The supply chain SaaS (software as a service) technology division is forecasted to achieve $1 million in revenue in 2021 and $10 million in revenue by the end of 2022.
“We chose the target based on the revenue, the business model and a strong and driven management team that will stay on and continue to operate and grow the business as a subsidiary of APPlife,” stated Matt Reid CEO of APPlife. “We are looking forward to a very exciting 2021 and we will continue to provide our shareholders and investors with updates on this transaction as well as other corporate developments as we are able,” added Reid.
ABOUT APPLIFE DIGITAL SOLUTIONS, INC.
APPlife Digital Solutions Inc., with offices in San Francisco CA. and Shanghai China, is a business incubator and portfolio manager that uses digital technology to create and invests in e-commerce and cloud-based solutions. The Company invests in and creates solutions for work, home life, recreation and research that makes users more productive and more efficient, whether at work, home or traveling the world. APPlife's cloud-based businesses are designed to provide easy-to-use life solutions, often to address everyday issues and needs. They include a wide array of topics and needed services to cover the full marketplace across the spectrum. For more information visit www.applifedigital.com.
Current APPlife Digital Solutions, Inc. e-commerce solutions:
B2BCHX - Background check a Chinese company. Easy due diligence. Prevent fraud or scams.
OfficeHop - A global sharing model platform for short term rentals of office and meeting rooms. (beta testing to begin end of 4th quarter 2020)
APPlife Digital Solutions
Tel: (585) 232-5440
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, acquisitions, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to APPlife Digital Solutions, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.