PayMeOn Announces Acquisition and Expansion of its Business Model
FT. LAUDERDALE, Fla., May 5, 2014 /PRNewswire/ -- PayMeOn, Inc. (ticker symbol: PAYM) On April 24, 2014, PayMeOn announced that it had entered into a letter of intent to acquire REI Marketing, LLC, a business dedicated to brand marketing and management, and the exclusive owner and operator of 1-800-SELL-NOW. REI is led by CEO, Kent Clothier, a nationally recognized entrepreneur, speaker, mentor, and business coach.
PayMeOn will issue 3,600,000 restricted common shares in exchange for all the membership interests of REI Marketing, LLC. PayMeOn may also assume some or all of REI Marketing's outstanding debt, subject to mutually agreeable limits.
According to Ed Cespedes, CEO of PayMeOn, "We are excited that REI will become part of our team. REI brings us sophisticated marketing knowhow, the 1-800-SELL-NOW brand, and established revenue."
Mr. Cespedes continued, "I believe the addition of REI's systems and know-how allows us to bring product ideas to market faster and expand our business model by partnering with third parties to sell their products as well. We may even contemplate taking stakes in the companies whose products we help promote."
The closing of the transaction is subject to various conditions, including final definitive documentation.
This press release includes management assumptions about our business prospects, financial forecasts, projections and other forward looking statements regarding PayMeOn, Inc. its business, prospects and potential transactions it is considering. This forward-looking information is based on management assumptions and expectations which, while considered reasonable by PayMeOn management as of the date of this press release, are subject to risks, uncertainties, and other factors that may cause actual results and performance to materially differ from results or performance expressed or implied by the forward looking statements. A description of these risk factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC"), and in our other filings with the SEC, which are available at www.sec.gov. PayMeOn, Inc. undertakes no obligation to publicly revise the forward-looking statements presented, except as required by law. This document is not intended to solicit any investment. Potential investors in PayMeOn should review PayMeOn's public filings prior to any investment. PayMeOn, Inc.'s CEO is a member of REI Marketing, LLC. He will forego any equity due him for his ownership in REI.
SOURCE PayMeOn, Inc.