Henderson, NV, October 26, 2017 --(PR.com
)-- Wowio, Inc. (OTC Pink: WWIO) “WWIO or The Company” is excited to announce the appointment of a new board of Directors and a new direction of operations has been forged. Mr. Robert Estareja has resigned as CEO and Mr. Anthony Anish has been appointed in his place. Mr. Estareja and Mr. Zach Pennington have both resigned from the Company’s Board. Mr. Brian Altounian is staying on the Board of Directors and additional Directors will be appointed once the Company is fully current. In addition to these changes, Mr. Jitu Banker has been appointed CFO.
The first step the new Board has taken is to acquire a controlling interest in Castlerock Group Holdings, Inc. (“Castlerock”). Castlerock Group Holdings has an option to acquire all the assets of Castlerock Bar and Grill, LLC. which consists of the following:
1. Land and buildings in Golden Valley, Arizona, consisting of 38 acres of land with a bar and grill and an arena that can handle up to 8,200 people at shows and rodeos. (This property was recently appraised at $2,800,000),
2. Land and Buildings in Dolan Springs, Arizona consisting of a café/restaurant and offices, and
3. A second leased space in Dolan Springs, Arizona with a restaurant located on the site which opens at the end of this month.
These operations including the new restaurant will generate approximately $150,000 per month in revenues while the arena is expected to generate over $700,000 per annum. Mr. Anish commented, “This is just the first acquisition in the new business model. Further acquisitions are currently under negotiation and we expect to close these subsequent acquisitions over the next few months.”
The agreed price for the business net of current mortgages is $2,500,000 to be paid in cash and stock. The seller will hold a UCC filing over all the assets until the full purchase price is paid. Over the next two months, management expects that all outstanding financial statements will be filed and will be kept current.
Management is planning to get all financial data up to date as quickly as possible. New releases will add more information as it becomes available.
About Wowio, Inc.
Wowio, Inc., has been a digital media and technology development company with a patented process and a proprietary mobile ad-delivery platform that planned to disrupt the eBook distribution landscape by exploiting a previously untapped marketplace: ad-supported eBooks.
However, with the introduction of the new management team Wowio plans to become a holding company supporting a number of investments in entertaining, restaurants, tourism and other businesses including the development of various properties that Wowio is acquiring as a part of its expansion.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement 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) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future 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 including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.