ML Capital Group Inc (OTCMKTS:MLCG) has moved to expand its wings in the tourism industry with the acquisition of First Class Hawaiian coaches also known as Platinum Tours Maui. Chief executive officer, Kevin Bobryk, says the acquisition will go a long way in helping the company pursue growth opportunities in the travel and tourism industry.
ML Capital Targeting More Acquisitions
Platinum Tours already boasts a number of deals with several luxury resorts on the Hawaiian island as a first class travel partner. Terms of the deal remain under wraps with ML capital stating that it will shed more light on the acquisition in upcoming regulatory filings.
The acquisition comes weeks after CEO took a trip to Maui to conduct due diligence on First Class Hawaiian Coaches which he says was a success prompting the acquisition. The executive has also confirmed that the management is already looking into the future with plans to pursue other targets that have the potential to provide a pathway for new opportunities for growth.
The acquisition also comes weeks after ML Capital successfully reduced its authorized capital share limit to 5.01 billion. Former officers, directors as well as insiders previously owned most of the shares withdrawn from the market.
The withdrawal of 1, 562, 250,000 restricted shares should go a long way in reducing unnecessary dilution on earnings going forward. With the reduction of authorized shares now behind, ML Capital Group Inc (OTCMKTS: MLCG) says it is working with Cox CPA services to bring the company’s financial statements up to date.
The reduction according to CEO demonstrates the management team commitment in building a solid growth platform that should steer the company to new heights. The chief executive officer has also moved to quash growing shareholder concerns over a possible reverse split reiterating it will not occur in the near future. Focus according to Mr. Bobryk shifts to growing shareholder value especially with the acquisition of Platinum Tours Maui.
Life Clips Inc (OTCMKTS:LCLP) Expands Global Footprint with New Distribution Agreement
Life Clips Inc (OTCMKTS:LCLP) has yet again reaffirmed its prospects on the global scene with the signing of another distribution agreement for its disposable and recyclable battery Mobeego. The latest agreement is with Brazil’s BConnexion for an annual minimum quota purchase of 500,000 units. The total value of the deal is $800,000.
The deal with BConnexion according to chief executive officer, Bob Gruder, should open the door for new opportunities especially in Latin America. Life Clips has also signed a similar deal in Europe this time with Barak Corporation Spain. The deal is for 400,000 Mobeego units with the potential of generating up to $500,000.
The distribution deals should create new revenue streams for Life Clips, away from the core business of developing action cameras. Given the number of distribution agreement already signed for Mobeego, 2016 could become a milestone year for the company in terms of revenue returns.