Toronto, Ontario--(Newsfile Corp. - June 5, 2024) - New World Solutions Inc. (CSE: NEWS) (OTC Pink: REGRF) (FSE: RT5) ("NEWS" or "New World" or the "Company") is pleased to announce that the Company has entered into an amended and restated share exchange agreement dated June 4, 2024 (the "Agreement") with Panyo AI Technologies Inc. ("Panyo"), a private British Columbia company, and the shareholders of Panyo (the "Shareholders") to acquire 100% of the issued and outstanding shares in the capital of Panyo (the "Panyo Shares")(the "Transaction"). The Agreement supersedes the original share exchange agreement entered into by the Company, Panyo and the Shareholders on May 27, 2024. The Transaction will add five more vehicles of Panyo to the Company's existing EV fleet which currently generates approximately net income of $2,000 per vehicle per month after rental platform costs of approximately $667 per vehicle per month.
"The acquisition of Panyo is a strategic addition to our portfolio, broadening our scope in the electric vehicle sector. We recognize the potential of the EV rental market and look forward to integrating Panyo's operations within our business framework," said Paul Haber, CEO of the Company.
Transaction Terms
Pursuant to the terms and conditions of the Agreement, in consideration for 100% of the issued and outstanding Panyo Shares, the Company will pay $400,000 by way of issuing 20,000,000 units (the "Units") with each unit consisting of one common share of the Company (the "Common Shares") and one Common Share purchase warrant (the "Warrants") to the Shareholders on a pro rata basis. Each Warrant will entitle the holder thereof to acquire one additional Common Share at a price of $0.05 per Common Share for two years from the date of issuance.
The Units will be subject to a hold period under applicable securities laws of four months and a day from the date of issuance.
The Company is at arm's length from Panyo and each of the Shareholders. Upon completion of the Transaction, Panyo's board of directors will be comprised of nominees of Panyo. No change in management or board of directors of the Company is currently contemplated.
The Transaction does not constitute a Fundamental Change nor is it expected to result in a change of control or Change of Business of the Company, within the meaning of applicable securities laws and the Policies of the Canadian Securities Exchange (the "CSE").
The Transaction is subject to a number of conditions, including, but not limited to, the Company is satisfied with the results of its due diligence investigations of Panyo, receipt of any required regulatory approvals including no objections from the CSE, and the resignation of the sole director, President and Corporate Secretary of Panyo.
About Panyo AI Technologies
Panyo AI Technologies is dedicated to advancing eco-friendly transportation by making electric vehicles (EV) widely available through its services. The company is committed to enhancing urban mobility with a selection of stylish and comfortable electric vehicles, designed to meet the diverse needs of customers. Panyo AI Technologies' mission is to democratize access to electric vehicles, providing sustainable and accessible transportation solutions for everyone.
The following table contains select unaudited financial information about Panyo:
New World Solutions is a technology company focused on providing solutions to new world problems. Through our blockchain and technology experience we are leveraging solutions in the decentralized finance space as well as the electric vehicle area. We look to acquire and launch a balanced spectrum of solutions to become a leader in this dynamic tech landscape.
For additional information on New World and other corporate information, please visit the company website at https://www.newworldinc.io/
For further information, please contact:
Paul Haber, C.P.A., C.A., C.Dir Chief Executive Officer, and Chairman New World Solutions Inc. Phone: (416) 318- 6501 Email: [email protected]
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information in this news release are based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the blockchain in general, the risk that the Transaction will not be completed as contemplated or at all. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
