Houston, Texas, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) ("Majic" or the "Company"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, today announced the closing of the previously announced Bamboo Wellness Holdings Limited acquisition of 26% equity stake at a post money valuation of US$126 Million.
"Since we announced this LOI, Bamboo's success has been remarkable, and in many ways we are well ahead of our initial expectations.” David Chong, Majic’s CEO said. “We welcome Bamboo to the Majic family and look forward to supporting its expansion with our wide reach of various strategic markets in our global network.”
Bamboo will continue to be led by Chief Executive Officer Vincent Kwo and its existing senior leadership team. The business will continue to operate as a separate company. “This is an exciting day for Bamboo. Being a part of Majic strengthens our position as a leading insure-tech company, enhances our ability to deliver compelling solutions for our clientele and deepens our access to long-term strategic capital,” said Vincent Kwo, Co-founder and Chief Executive Officer of Bamboo.
“Our strong results to date were driven by our people and culture. We are thrilled to be working with the Majic team to capitalize on the significant opportunities we see in front of us. In Majic we have a tremendous partner who shares our values, is aligned around our vision, and committed to our success.” Vincent added.
With the definitive documents duly executed, Majic has acquired 26% of the enlarged capital of Bamboo on a fully diluted basis. The transaction valued at US$26m is being funded partly by cash and new shares of Majic, providing a post money valuation of Bamboo at US$126m. Majic also holds an option to exercise a First Right of Refusal to increase the interest of Majic in Bamboo to 51% based upon the same terms.
About Majic Wheels Corp.
Majic Wheels Corp Inc., a Delaware holding corporation, has positioned itself as a player in the disruptive industries of Fintech and software development by means of multiple acquisitions. The Company's first acquisition is the cryptocurrency exchange, cryptocurrency mining farm and custody services platform: Calfin Global Crypto Exchange (CGCX). Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol "Majic.
For more information about the Company, visit:
Our OTC Markets Profile: https://www.otcmarkets.com/stock/Majic/overview
Our website is: https://majiccorp.co/
Our Twitter account is: https://twitter.com/MajicCorp
Bamboo is a company that offers a broad range of services to improve healthcare through comprehensive healthcare, healthcare network, medical insurance, and health monitoring and recommendations. Bamboo is designed to help the customers address financial challenges with confidence and also works towards reducing food risk and fraud through blockchain technology, AI, and machine learning.
Bamboo Website: http://thebamboo.io
Bamboo is a subsidiary of Malayan Holdings Limited (www.malayanholdingsltd.com), a boutique investment holding company in Insurance, Insurance Services, Reinsurance and Technology & Digitalization.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Majic Wheels Corp.
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