Revised Agreement Also Strengthens Company's Exclusivity And Right Of First Refusal To Acquire Future Exclusive Marketing Licenses For New Market-Ready Technologies (Retail & Commercial) Of Soft Tech Development Corp.;
Change Of Control Poison Pill Defenses Strengthen Company & Shareholders From Hostile Or Undervalued Takeover Attempts.
JACKSONVILLE, FL / ACCESSWIRE / July 21, 2022 / Webstar Technology Group Inc. (OTCQB:WBSR) a software marketing and technology company that identifies, incubates and acquires exclusive rights to promising proprietary technology products and services and provides its shareholders access to participate in cutting edge technology opportunities focused on the internet and global data delivery capabilities, announced it has taken additional steps in response to its recently released New Plan of Operations, which it has recently announced by amending its current Amended And Restated Technology Marketing And License Agreement by adding a 2nd Amendment thereto.[1]
In amending the Company's main asset, its 2nd Amended And Restated Technology Marketing And License Agreement with Soft Tech Development Corp., the Company
added Change of Control "Poison Pill" defenses in the revised license. The safeguards are designed to strengthen the company & protect shareholders from hostile takeover attempts of third parties seeking to acquire the control of the Company in order to gain access to the exclusive licensed technology via driving down the trading value of common shares in the market in effort to acquire the required majority of shares.
The Amendment also strengthened the Company's exclusivity and Right Of First Refusal to acquire future exclusive marketing licenses for new market-ready technologies (retail & commercial) of Soft Tech Development Corp. thereby increasing the value of its main asset and potentially increases the Company's stable of additional technologies available to license to third parties, which is part of the New Plan.
One of the Poison Pill provisions now embedded in the 2nd Amended Agreement would, in effect, allow the Licensor, Soft Tech Development Corp., the option to cancel the License should: "Any person or entity, or series of persons or entities, ultimately becoming the beneficial owner, directly or indirectly, of the common stock securities of the LICENSEE representing fifty-one (51%) percent of the total issued and outstanding securities, unless such shares were acquired at an average of no less than five ($5.00) Dollars per shareon the open market or private sales."
Don Roberts, the CEO of the Company said: "The Change Of Control provision, and others in the 2ndAmended License, would deny any hostile takeover attempt to acquire the prize… the Company's technological Licenses from Soft Tech Development Corp. should the compensation to shareholders not be considered adequate. We wanted some additional control over the minimum threshold for an acquisition and feel that we have created a safety net, which would increase the Company's leverage in any negotiations or in response to any hostile takeover attempt."
He continued: "We are also, at the same time, looking to create immediate revenues via licensing the technology to third parties and engaging in strategic acquisitions or investments in leading edge technologies to generate up-front and residual revenues for the company."
The recent filing and release on the New Plans of Operations, discussed a change in focus meant to utilize a faster path to revenues with a minimum of time and expenses. The plan included a possible acquisition of the Company by a third party via a change of control of the Company. The plan also included licensing the technology to third parties; 2) Selling the technology via Permanent License to a third-party; and 3) the strategic acquisitions or investments in leading edge technology.
The Company revealed that targeted acquisition partners would be experienced, globally well-known entities with everything already in place for a quick launch/utilization of the Company's technology.
About Webstar Technology Group, Inc.
Webstar Technology is pioneering a new era of innovation that will unleash the power of the internet and global data delivery capabilities that have never before been realized. Our Warp-G Enterprise Software and Gigabyte Slayer mobile application are designed to increase data stream delivery well beyond existing 4G and projected 5G. Combined with our "Smart-Caching" encryption technology and advanced storage optimization capabilities, Webstar will provide disruptive global data delivery, storage, and protection capabilities for every business, every customer. Webstar Technology Group-"Transforming the Connected World through innovative technologies that help businesses thrive and enrich people's lives!"
For more information on Webstar Technology Group Inc. please go to our website: https://webstartechnologygroup.com
Forward Looking Statements Disclaimer: This release may contain statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 Webstar Technology Group Inc.'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. Such forward -looking statements include the words "vision," "seek", "grow", "plan" and other expressions of a forward-looking nature. More information about the potential factors that could affect the business and financial results is and will be included in Webstar Technology Group Inc.'s filings with the OTC Markets, Securities and Exchange Commission and/or posted on the company's website.
Contact:
Webstar Technology Group, Inc.
Harold Hutchins, CFO
904-312-9681
info@webstartechnologygroup.com
[1] https://www.otcmarkets.com/filing/html?id=15952480&guid=wyU-kKN3lYdfJth
SOURCE: Webstar Technology Group Inc.
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