CUMMING, GA / ACCESSWIRE / June 13, 2023 / Metavesco, Inc. (OTC PINK:MVCO) (the "Company"), a publicly-traded Web3 enterprise and digital asset innovator, announced on May 15, 2023 the Company had signed a Binding LOI to acquire a cutting-edge web3 Consumer Packaged Goods company and its sister company, a web3 infrastructure development lab. Today the Company is pleased to announce the successful acquisition of Boring Brew, LLC and Boring Coffee Lab, LLC, known collectively as Boring Brew.
Boring Brew, a web3 startup known for its unique and limited edition coffee bags, partners with influential NFT holders to transform their intellectual property into an exquisite collection of specialty coffee. With every purchase, Boring Brew dedicates 3% of the sales proceeds to support non-profit organizations, local artists, and fellow NFT holders, giving back to the community that drives the blockchain ecosystem.
Under the terms of the agreement, Metavesco has purchased 100% of the limited liability company interests in Boring Brew, LLC and Boring Coffee Lab, LLC from Mr. Eddy Rodriguez, the founder, and owner of the companies. The acquisition includes all assets, rights, and obligations of the companies, allowing Metavesco entry into a new and exciting market.
The total purchase price for the acquisition comprises a cash payment of $45,000 to Mr. Rodriguez, along with 500,000 restricted shares of Metavesco, Inc. common stock, restricted for 24 months. The transaction was completed on June 13, 2023.
"We are thrilled to announce the acquisition of Boring Brew and Boring Coffee Lab," said Ryan Schadel, CEO of Metavesco. "This strategic move aligns with our web3 ethos and vision of expanding our presence in the future of ecommerce. The addition of Boring Brew's expertise and technical resources will enhance our capabilities and enable the company to build out future product offerings and onboard traditional business models into web3."
With this acquisition, Metavesco aims to leverage the emerging brand reputation of Boring Brew to scale up operations in the specialty coffee market. The company plans to combine its existing expertise with the acquired assets to drive innovation and create unique coffee products and experiences that resonate with consumers.
Mr. Rodriguez will stay on as Founder and join Metavesco as Strategic Advisor. Eddy is a serial entrepreneur and small business advocate. He currently serves as Strategic Advisor to a European Bank seeking crypto and blockchain opportunities in the North American Region. Eddy was an early activist and proponent of blockchain technology, having begun his first Bitcoin mining operation in 2016. Since then, Eddy has taken his involvement to new heights, trailblazing as an advocate and facilitator of new and innovative DeFi protocols and NFT communities. He is an active participant in the BAYC (Bored Ape Yacht Club) community and helped found the LatAmApes - the largest BAYC community in Latin America. Most recently, Eddy co-founded Immutable Consulting, an advisory firm focused on the adoption and advancement of NFT strategies for Small and Medium Enterprises.
Compensation includes equity incentives tied to the performance and growth of the acquired companies as follows:
- 200,000 restricted shares of Metavesco, Inc. common stock upon Boring Brew exceeding annual revenue of one million dollars ($1,000,000),
- 300,000 restricted shares of Metavesco, Inc. common stock upon Boring Brew, exceeding annual revenue of three million dollars ($3,000,000),
- 500,000 restricted shares of Metavesco, Inc. common stock and Three Hundred Thousand Dollars ($300,000) upon Boring Brew exceeding annual revenue of five million dollars ($5,000,000).
Metavesco is a publicly traded web3 enterprise and digital asset innovator. The Company generates revenue as a crypto liquidity provider via decentralized exchanges such as Uniswap, and the Company farms tokens via Proof of Stake protocols. Additionally, the Company commenced bitcoin mining operations in February 2023 at a hosted facility in Texas. The company also invests in promising NFT projects and virtual land including OthersideMeta. In April 2023, the Company announced plans to diversify its operations into five distinct divisions: Blockchain, Real Estate, Staffing and Recruiting, Content and Media, and Energy.
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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