OAKLAND, FL / ACCESSWIRE / December 11, 2017 / Basalt America, a wholly-owned subsidiary of PayMeOn, Inc. ("Company") (OTC PINK: PAYM), today announced that it has entered into a Letter of Intent with a group of accredited investors to form a joint venture to manage the sales, marketing and distribution of its products in the New England region of the United States. The joint venture will include management of Massachusetts, Maine, Vermont, New Hampshire and Connecticut. Basalt America and the investor group will each own 50% of a new company to be formed in conjunction with the transaction.
According to Edward A. Cespedes, Chairman and Chief Executive Officer, "We continue to believe that partners will play a key role in the development plan for Basalt America. Our partners for New England are experienced and successful businessmen with experience in construction and construction-related businesses in the region. We believe we will be able to leverage their experience as we begin the sales process in one of the most valuable areas of the country."
Additionally, in conjunction with entering into the joint venture, the investor group has agreed to invest a minimum of $1 million in PayMeOn, Inc. Terms of the investment have not yet been finalized but are expected to be commensurate with other recent investments in the Company. Mr. Cespedes continued, "We are excited that in addition to forming the joint venture, the investor group has decided to invest in PayMeOn, Basalt America's parent company. We believe their investment commitment further illustrates their belief in the Company's potential."
The transaction is subject to a number of closing conditions, including completion of a definitive operating agreement for the joint venture. The Company expects the transaction to close on or before January 31, 2018.
Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products and partnerships, as well as potential transactions the Company may be considering or may have closed. Such forward-looking statements are based on present circumstances and on PAYMEON's AND BASALT AMERICA'S predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations, reliance on representations from third parties that may not execute as planned, development of new markets, success of recently formed partnerships or joint ventures, and other factors over which PAYMEON AND BALSALT AMERICA have little or no control. Such forward-looking statements are made only as of the date of this release, and PAYMEON AND BASALT AMERICA assume no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties, and other factors are discussed in documents filed from time to time by PAYMEON with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any securities. For additional information and potential risk factors, readers should review PAYMEON's filings with the Securities and Exchange Commission, which can be found at www.sec.gov.
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SOURCE: PayMeOn, Inc.