Concord, Ontario, April 29, 2021 – OTC PR WIRE – Ultrack Systems Inc. (OTC Pink: MJLB), a total fleet-management GPS tracking and monitoring solution provider, is pleased to provide its valued investors an update regarding the approval of Ultrack’s flagship DriveLineELD.
Investors have formerly been made aware that FP Innovations is handling all the ELD certification for Canada. Ultrack contacted FP Innovations recently and was informed that the Company should expect a delay on the ELD approval. This delay is not unique to Ultrack as it is due to a reformed testing protocol outside of the J1708/J1939 mandate. Therefore, Ultrack is making the hardware/software changes and will submit the updated DrivelineELD for certification. https://web.fpinnovations.ca/certification
Ultrack is still extremely confident that its flagship ELD will receive this necessary approval. Once granted final approval, Ultrack’s name and DriveLineELD product will appear at this official government link: https://tc.canada.ca/en/road-transportation/electronic-logging-devices/list-certified-electronic-logging-devices
Ultrack CEO Michael Marsbergen commented: “This slight speed-bump hasn’t lowered our morale or our resolve to make the DriveLineELD the premier ELD product throughout North America. We are living in unprecedented times and there are occasions when issues arise that are completely out of our control. We are doing everything we possibly can to ensure approval of the DriveLineELD and are simply waiting for others to do their part. All of our premier ELD Ads continue to run in earnest and we continue to expand our reach in full anticipation of the DriveLineELD being available before this summer.”
The Company invites current and future shareholders to check back regularly at our website http://ultrack.ca, Facebook page www.facebook.com/UltrackSolutions and Twitter page https://twitter.com/UltrackI.
About MJLB: Located in Concord, Ontario, Ultrack Systems Inc., (www.ultrack.ca) is a publicly traded company listed on the OTCMARKETS under the MJLB trading symbol. Ultrack Systems Inc., is a provider of GPS tracking solutions. We develop, implement, and distribute electronic monitoring and tracking systems for companies in leasing, transportation, construction, disposal, and many other service driven industries. Our platform includes live tracking, reports, and alerts on a web-based platform. Our mission is to provide the best fleet tracking, reporting systems and our commitment to service. The Company plans to launch a new ELD product in 2021 in partnership with major corporations that will take the trucking industry by storm.
Safe Harbor Statement: This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Led by ex-Amazonians, Acquco raises $160M to buy and scale e-commerce businesses
There has been a flurry of investments in startups focused on acquiring third-party sellers on Amazon and helping them build their businesses.
The latest is Acquco, which aims to stand out from the others in that it was formed by a pair of founders — Raunak Nirmal and Wiley Zhang — who actually worked at Amazon, and then built multimillion-dollar businesses on its platform.
The New York City-based startup has raised $160 million in debt and equity in a Series A round that it says will fund its “aggressive growth plans.” CoVenture, Singh Capital Partners, Crossbeam and other notable investors such as GoDaddy CEO Aman Bhutani put money in the equity portion of the round. Acquco would not disclose the valuation at which the money was raised, nor the exact breakdown of debt and equity, other than to say “a significant portion was equity.” But CEO Raunak Nirmal did share a few other notable things.
For one, the company has already scaled to over $100 million in revenue since its founding (in a year’s time) while deploying less than $2 million of equity capital. Plus, it’s been profitable “since day one,” he said.
Nirmal also claims that Acquco’s proprietary technology and “proven playbooks” give it an edge against competitors such as Thrasio and Perch. Specifically, the company says it helps Amazon sellers exit their business within 30 days and continue to scale their business “to the next level” post-acquisition. It also claims to offer flexible terms and that it does not prevent entrepreneurs from selling again on Amazon.
Acquco says it identifies the best businesses to acquire, and leverages what it describes as “flexible founder-friendly deal structures,” which essentially gives sellers a way to make money from the exit and then still get a cut of revenues down the line. The company claims that it on average achieves over 100% revenue growth after migrating brands onto its platform.
Forming Acquco was not an overnight story, but rather was years in the making.
“My first job out of college was actually at Amazon. I worked as a business analyst on the merchant technologies team there, which was really focused on third-party selling and helping empower third-party sellers to grow on the platform and then just growing that segment of the business,” Nirmal recalls. “At the time, third-party selling was smaller than the retail side for Amazon.”
A lot has changed since then, of course, as that segment of the e-commerce giant’s business has grown dramatically.
In recent years, most sales on Amazon have come through Amazon Marketplace, where millions of outside sellers compete to find customers. Many pay Amazon to store and ship their goods, making them eligible for Prime shipping through an arrangement known as Fulfillment by Amazon, or FBA. This is where Acquco is focusing.
While at Amazon years ago, Nirmal was tasked with starting a brand on the site so he could better understand sellers’ pain points, as well as the tools that could be built “to really help them grow.”
Eventually, Nirmal left Amazon to pursue selling on Amazon full time because the brand he’d started ended up selling over $7 million in its first year. After that, he and COO Zhang built and sold multiple brands in the Amazon ecosystem before going on to consult for “some of the largest sellers in the marketplace,” primarily based in China but selling in the U.S. market.
“A lot of these guys are actually public companies now,” Nirmal said.
The duo went on to co-found a seller outsourcing firm in the Philippines, which helps to minimize the cost of operating the brands for sellers and make it more accessible for sellers that don’t have a huge team to build something on Amazon.
Then they founded a company called Refund Labs, a seller tool that helps sellers essentially automatically identify issues in the payments that they receive from Amazon as well as recover money on their behalf for things like inventory that gets damaged or lost or the fees that are being charged that might be incorrect.
Nirmal stepped down as CEO of Refund Labs to form Acquco.
“What we wanted to do is take this knowledge and experience that we really have built up over the last seven years, and apply it in the best way possible,” Nirmal told TechCrunch. “And rather than building brands from the ground up, or consulting for some of these large sellers, we thought, ‘Why not go and buy the best brands, and then help grow them using our expertise?’ ”
The company says its proprietary algorithms analyze thousands of criteria sets and millions of data inputs “to automate and maximize the performance of the core functions within supply chain and brand management” across their portfolio.
Acquco plans to use its new capital to enter “hypergrowth mode,” according to Chief Strategy Officer Jerel Ho, who most recently led corporate development and strategy at WeWork, where he closed over $40 billion in M&A deals.
The startup has the ambitious goal of scaling its portfolio to over $500 million in revenue by 2022. It plans to put the new money toward continuing to build out its technology platform — including tools that can automate the management of an entire brand on Amazon and across other retail channels — as well as continuing to acquire brands. It’s also, naturally, going to do some hiring.
“We’ve done a lot with very little,” Ho told TechCrunch. “But hyper growth plans require a much larger team across all functions.”
CoVenture founder Ali Hamed says that the Amazon third-party seller ecosystem does $200 billion of revenue and is growing at a compounded annual growth rate (CAGR) of over 50%.
“It’s the most attractive market we’ve seen since founding our firm,” he told TechCrunch. “And of all the people we’ve talked to, Raunak is as plugged into the Amazon ecosystem as anyone we could find. In many ways, he taught us how to look, think and deploy capital into the market.”
To say Hamed is bullish on Acquco would be an understatement. Since first investing in the company in 2020, Nirmal “has exceeded” all of CoVenture’s expectations.
“We’ve been begging him to take more money every three months since writing our first check,” Hamed added. “Raunak is able to help buy businesses and make them better than they ever were before. He has a vision of how to operate these assets post-purchase that other operators who are not Amazon-native just don’t have.”
Besides Thrasio, other players in the space that have recently raised funding include Branded, which recently launched its own roll-up business on $150 million in funding, as well as Berlin Brands Group, SellerX, Heyday, Heroes and Perch. And, Valoreo, a Mexico City-based acquirer of e-commerce businesses, raised $50 million of equity and debt financing in a seed funding round announced in February.
SIBANNAC, INC. LAUNCHES THE CAMPUS CO. PLATFORM
Scottsdale, Arizona, May 11, 2021 – OTC PR WIRE – Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the “Company”), announced the following:
Sibannac, Inc. is pleased to announce the public launch of the Campus Co., a community for start-up and emerging brands in the solutions and lifestyle category.
The Campus Community will serve as the portal for all consumer and commercial relationships of Sibannac moving forward. In addition to developing revenues through contract manufacturing, the Campus will be focused on recruiting, incubating, and developing brands in the health, fitness, and sports categories, with a concentration on nutraceuticals and functional foods. The platform will be operated by Eric Stoll and the Lifetime Branding team who will manage the collaboration between the brands and resources, offering them the Campus’ “big company” capabilities.
The state-of-the-art services provided by the platform will include branding, market intelligence, and expertise, manufacturing, sales, and distribution. The Campus Co. is designed to bring usually scarce resources to new brands and centralize growth capital, product innovation, operational efficiency, and sales reach. The platform will be highly discriminating in its selection of partners regarding core branding services, adding to the portfolio only those products offering true innovation or diversity.
Lifetime Branding has already taken equity positions in two brands in exchange for services, which will ultimately be acquired by Sibannac. Until that time, the Campus will be paid for all support services and manufacturing under direct contracts. These brands will continue to be cultivated under the Campus umbrella until such time as controlling interests are acquired by Sibannac or sold in a “spin-out” where the company will cash-out and retain a minority equity position while continuing to provide contracted marketing and manufacturing services.
On the manufacturing and logistics side, the Campus Co. platform will support our internal and associated brands, along with external wholesale accounts, and centralize all manufacturing, sourcing, distribution and fulfillment services. The Campus will also integrate sales management through Lifetime’s long-established broker networks and provide back-end customer service.
“We are beginning to see the fruits of all the hard work that has gone into developing the foundation of the Campus”, said Sibannac Chief Executive Officer, David Mersky. “The combined resources and experience between Sibannac and Lifetime has resulted in producing a very lean and fully integrated platform that is ideal for the early growth of start-up brands offering new and innovative products in the wellness space. No other company is set up to realize this kind of efficiency.”
Cautionary Note Regarding Forward-Looking Statements.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Noho, Inc. (the “Company”), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
GEMXX CORPORATION PROVIDES CORPORATE UPDATE
Las Vegas, NV, May 11, 2021 – OTC PR WIRE – GEMXX Corporation, f/k/a BrainyBrawn, Inc. (OTC PINK: BRNWD) $BRNW States achievements to date, and aggressive milestones to upgrade to OTC Markets Pink Current Status.
“The Company is pleased to announce significant achievements for the sole benefit of the Company and the shareholders” stated Jay Maull, CEO of GEMXX Corporation.
The Company is highlighting four significant achievements.
First, the OTCIQ application has been received and accepted. This achievement is essential as the Company officers are now able to post, update and disclose reports onto OTC Markets and the Company’s profile page. This also allows the Company to release information from the transfer agent regarding Float, Outstanding and Authorized shares on a more frequent and automated basis.
Second, a PCOAB auditor has been retained. The auditor has audited the trailing quarters of the Company and our financials are currently in “Review” as you read this press release. This is exceedingly rare and incredibly positive that the Company, being an alternative reporting company, would go through the process of auditing its financials. The activity is not necessary for basic disclosure but is a prerequisite for future endeavors. One aspiration of the Company is an “up list” for which audited financials are required.
Third, a CPA has been retained for general accounting and specific ASC and FASB standards applicable to our SEC/industry accounting needs. The CPA is knowledgeable of mergers and acquisitions, share structure and optimizing the best usage of funds. They can act as a guide for our structuring or restructuring needs. By restructuring, the Company means that as the company grows it will restructure assets, liabilities to optimize divisions.
Fourth, the Company’s business strategy is simple, GROWTH. In order to meet current wholesale demands GEMXX must grow, and due to this demand, our business plan has expanded to encompass a more aggressive growth strategy focused on the profitable direct-to-consumer revenue model of distribution and sales. Management’s strategy of growth through acquisitions of other mining companies and new mining opportunities will bolster current revenue streams and offer more and new product lines of gemstones and related products such as gold and silver. Management is always looking for bulk purchasing opportunities for raw materials that we currently use in order to lower the cost of goods sold and increase profits.
Due to the acceptance of our company by OTCIQ, having retained an PCOAB Auditor, and having retained our CPA, the Company has decided to be aggressive in expansion and growth. The Company is corporately in good standing, and the financial and business disclosures are in the process of being submitted, pending approval, to the OTC Markets.
ABOUT GEMXX CORPORATION
GEMXX is vertically integrated from gemstone and mineral extraction through worldwide wholesale and retail jewelry distribution. GEMXX controls the entire value chain of activities from mining rough Ammolite to Ammolite gem production to Ammolite jewelry manufacturing to delivering a finished Ammolite jewelry product to wholesalers and consumers globally. Controlling the entire value-chain ensures maximum control of the Company’s product, product development, quality control and profits. GEMXX has over 160 years of combined Ammolite management, operations, and sales experience. Our in-house experience covers every aspect of the Ammolite business from source to sale and will ensure the Company takes advantage of opportunities and avoids industry pitfalls.
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.
/S/ Ms. K Halvorson
FOR MORE INFORMATION, PLEASE CONTACT:
For more information, press only:
PR CONTACT: Kim Halvorson
Flipkart in early talks to raise $1 billion ahead of IPO
Indian e-commerce giant Flipkart has hit the market to raise about $1 billion at up to $30 billion valuation in a pre-IPO financing round, two people familiar with the matter told TechCrunch.
The Bangalore-based startup, which sold majority stake to Walmart in 2018, began exploring funding opportunities with some investors earlier this year. In recent months, the company has also internally discussed pushing its public listing to early next year, the people said, requesting anonymity as details are private. (Media reports last year said Flipkart might file for an IPO in 2021.)
Several major investors of Flipkart declined to comment on fundraise talks early this month. One investor said it made sense that the e-commerce group was planning to raise some capital as the market currently has no shortage of it.
11 Indian startups have turned unicorn this year, more than half of them last month, as some high-profile investors including Tiger Global and Falcon Edge double down on the world’s second largest internet market.
Flipkart, which was last valued at about $24.9 billion last year when it raised $1.2 billion in a round led by Walmart, hasn’t finalized the new investment and the deal size as well as the valuation may change, one of the sources said.
In an earnings call in November last year, Walmart said Flipkart and its payments entity PhonePe had seen the number of monthly active customers reach an all time high. In an earnings call in March this year, Judith McKenna, President and Chief Executive Officer of Walmart International, said Flipkart’s GMV growth was impacted by a 53-day national lockdown in India in the first half of the last year.
“But the business rebounded and exited Q4 with strong momentum, delivering GMV growth roughly double that of the full year,” said McKenna, adding that more than 250 million customers in India engaged with the e-commerce platform during last year’s festival sales.
India was hit by a second wave of the coronavirus in early April, which has again prompted some states to enforce restrictions on servicing of non-essential items on e-commerce platforms.
The Bangalore-headquartered firm competes neck to neck with Amazon in India. The American e-commerce group has invested over $6.5 billion in the South Asian market.
Both the firms are struggling to aggressively expand their footprint in India, where physical stores continue to drive the vast majority of retail sales. A new powerful player arrived in the market last year to further increase the competition.
JioMart, a joint venture between Reliance Retail (India’s largest retail chain) and Google and Facebook-backed Jio Platforms (India’s largest telecom operator), launched last year in over 200 cities and towns across the nation.
At stake is one of the world’s fastest-growing e-commerce markets that is poised to grow even further as more first-time internet users begin to shop online. India’s e-commerce market is estimated to reach more than 300 million shoppers by 2025, according to estimates by Bain & Company. These shoppers would have bought items worth more than $100 billion from online platforms, the firm projected.
In recent years, Flipkart and Amazon have made a number of bets to expand their reach in India. Both of them have rolled out support for Hindi language (Flipkart has added several additional Indian languages as well), and partnered with neighborhood stores.
“34% of the population [in India] are millennials, young people. By 2030, there is an estimate that this young population of millennials and GenZ will be 75% of the total population. 700 million Indians are digital today. And I also want to just quickly acknowledge that Digital India vision of the Government of India, which has actually enabled this. So you have a unique combination of a big market, completely digital, getting wealthier and very young,” said Kalyan Krishnamurthy, CEO of Flipkart, in February.
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