CUMMING, GA / ACCESSWIRE / May 15, 2023 / Metavesco, Inc. (OTC PINK:MVCO) (the "Company"), a publicly-traded Web3 enterprise, is thrilled to announce that it has entered into a Binding Letter of Intent to acquire a cutting-edge web3 Consumer Packaged Goods company and its sister company, a web3 infrastructure development lab.
The acquisition will position Metavesco in a $42 billion industry with a projected CAGR of 5.7% over the next five years. The Company will pay $45,000 in cash and issue 500,000 restricted shares of common stock at closing to the owner, with additional milestone equity awards of up to one million restricted shares based on annual revenue achievements. Metavesco will also enter into a five-year employment contract with the owner.
Ryan Schadel, President and CEO of Metavesco, commented, "This is an incredibly exciting opportunity. Not only are we picking up an amazing CPG opportunity but also a highly scalable infrastructure play in the fast-growing web3 space. The owner's vision is inspiring and he's just brilliant. I am confident that this acquisition will provide substantial value for our shareholders. We are currently finalizing a definitive agreement and expect to close the acquisition within the next four weeks. Given the sensitive nature of the acquisition, major details are being withheld until closing. I'll provide further updates as the acquisition process progresses."
Metavesco is a publicly traded web 3 enterprise. The Company generates revenue as a liquidity provider on decentralized crypto exchanges, from bitcoin mining, and invests in promising NFT projects and virtual land, primarily on EVM protocols.
Safe Harbor Statement
This press release contains statements that constitute forward-looking statements. These statements appear in a number of places in this press release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of 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; and (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 that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is included in the Company's filings on sec.gov.
SOURCE: Metavesco, Inc.
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