VANCOUVER, BC / ACCESSWIRE / April 11, 2017 / Mezzi Holdings Inc. ("MEZZI", "MEZZI BRAND GROUP" or the "Company") (TSX-V: MZI, FRA: 0MZ) is pleased to announce that it has entered into an agreement to invest and acquire a majority stake in MEKENIX COMMERCE INC. ("MEKENIX").
MEKENIX is a Santa Monica, CA-based management consulting firm that helps companies increase e-commerce sales, based on Business Intelligence, Influencer Marketing, Operational Support, Creative Marketing and Smart Investments. MEKENIX partners with accessory brands, allowing them to focus on their product and IP in exchange for a percentage of e-commerce revenues generated through the management and implementation of strategies by MEKENIX.
MEZZI has retained MEKENIX to manage its own brands: MEZZI Smart Luxury and Capital Eyewear and sees this acquisition as a pivotal strategic move to improve the sales culture of the Company.
Pursuant to the transaction, MEKENIX will receive from MEZZI, 7,650,000 common shares of MEZZI in exchange for a 51% ownership stake in MEKENIX. In addition, MEKENIX will also receive up to USD$300,000 in additional cash funding based upon hitting certain performance milestones.
The transaction is subject to certain conditions, including TSX Venture Exchange and regulatory approval.
"This is another step in the pivot by the Company to assemble a world-class, high-performing e-commerce focused team," commented Keir Reynolds, Chief Executive Officer. "Completing this acquisition will allow us to achieve immediate growth in talent, experience and most importantly revenues."
"Victory Square started working with the MEKENIX team earlier this year with an interest in exploring opportunities leveraging Influencer Marketing. We quickly realized the power behind the team's Business Intelligence and Creative Marketing talents and recognized the value of a mutual partnership with MEZZI due to its e-commerce focus," said Ray Walia, Managing Partner, Victory Square Venture Capital Inc. and Board of Directors member, MEKENIX. "Victory Square is very happy to see this relationship move forward and excited to see positive outcomes for both companies."
About Victory Square
Victory Square is a venture-build studio that provides early-seed stage funding to startups in the web, mobile, gaming, and film industries. Led by seasoned entrepreneurs, Shafin Diamond Tejani and Ray Walia, both with over 40 years combined experience building, growing and scaling over 50 technology startups, in 21 countries, which have generated over $100M in revenue, the Victory Square team works with the founders to help fuel their startup's success. Victory Square specializes in product development, growth strategy, and scalability in sports, health and entertainment technology. Victory Square is not an incubator or accelerator, but a platform for developing innovative founders that want to disrupt traditional industries and provide positive outcomes for their local communities.
About MEZZI BRAND GROUP
MEZZI Brand Group is a Vancouver-based consumer accessory brand management company. We believe that great brands are built one great product and one valued customer at a time. We have gathered a group of young talented experts ranging from accessory design, product development, marketing, branding, e-commerce, digital media and PR to build and scale our millennial-customer focused brands. A well-defined, strategic philosophy and clear mission statement promotes and protects MEZZI Brand Group's most valuable assets - our brands - MEZZI Smart Luxury and Capital Eyewear.
For further information, please contact:
Mr. Keir Reynolds
Tel: (778) 998-9242
ON BEHALF OF THE BOARD
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
SOURCE: Mezzi Holdings Inc.