Toronto, Ontario--(Newsfile Corp. - January 29, 2024) - Blue Horizon Global Capital Corp. (CSE: BHCC) (the "Company"), an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies, or both, is pleased to announce that it has entered into a securities purchase agreement (the "Agreement") dated as of January 26, 2024 with Miss Globe Group Inc. ("MGGI"), an arm's length party to the Company.
Pursuant to the terms of the Agreement, the Company has agreed to acquire 2,000,000 common shares (the "Purchased MGGI Shares") in the capital of MGGI at price of $2.10 per MGGI Share. The Purchased MGGI Shares represent approximately 20% of the issued and outstanding securities in the capital of MGGI.
The purchase price for the Purchased MGGI Shares is $4,200,000 (the "Purchase Price"). The Purchase Price will be satisfied through a combination of cash and/or securities in the capital of the Company. In the event that Company satisfies the Purchase Price in full through the issuance of securities, the maximum number of common shares to be issued will be 10,500,000 common shares (the "Consideration Shares"). The Consideration Shares will be issued at a deemed price of $0.40 per Consideration Share.
"The acquisition of a 20% interest in MGGI, represents a significant milestone in the expansion of BHCC's portfolio," stated Mr. Philip Wong, the Chief Executive Officer of the Company. "This strategic acquisition underscores the Company's dedication and commitment to identifying and investing in promising opportunities that align with its long-term vision and corporate strategy. We feel that this transaction positions the Company at the forefront of innovation and growth in the global market. The Company looks forward to working collaboratively with MGGI to capitalize on the immense potential of this partnership and drive mutual success."
About Miss Globe Group Inc.
MGGI is the proud owner of a trademark registered in the United States Patent and Trademark Office for "Miss Globe". Acquired from the founder's estate in 2016, this rich intellectual property has a storied history. Prior to the global pandemic, MGGI co-produced the world final show with a Chinese culture company for three consecutive years. During COVID, MGGI established an operating subsidiary company in Hong Kong ("MGGIHK"), integrating showbiz with a social media live sale platform to create a novel business model generating significant sales revenue via social media platform.
In 2021 and 2022, MGGIHK's wholly-owned subsidiary, Wellwise Health ("Wellwise"), achieved annual sales in China and Hong Kong exceeding $23 million CAD each year. Following a successful two-year trial, MGGIHK plans to replicate this business model in other countries. Wellwise, having obtained gemstones and precious metal trading licenses recently, intends to extend its existing operations to include wholesale and live sales in jewelry through its existing and expanding network. The overarching objective is to utilize the Miss Globe intellectual property to build a community that shares valuable experiences, culture, and promotes a healthy lifestyle.
About Blue Horizon
Blue Horizon is an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies or both, using management's extensive experience in deal sourcing and capital combination to maximize returns for its shareholders. Blue Horizon will invest its funds with the aim of generating returns from capital appreciation and investment income. It intends to accomplish these goals through the identification of and investment in securities of private and publicly listed entities across a wide range of sectors and industry areas, including but not limited to the technology, software development and biotechnology industries.
Corporation contact:
Philip Wong
Chief Executive Officer
email: info@precious-investment-group.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Blue Horizon's current belief or assumptions as to the outcome and timing of such future events. Forward looking information in this press release includes information with respect to the proposed Offering, including the amount of proceeds expected to be raised, the timing for closing, the receipt of required regulatory approvals and the intended use of proceeds. Forward-looking information is based on reasonable assumptions that have been made by Blue Horizon at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Blue Horizon is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that may cause actual results to differ materially from those anticipated by these forward looking statements include: the risk that the Company may not be able to raise the proceeds required to complete the Offering; the failure of the Company to effectively obtain the approval of the Canadian Securities Exchange for the Offering; the inability of the Company to satisfy all conditions to the completion of the Offering and the risk of unforeseen delays in the completion of the Offering, if at all, whether as a result of market conditions or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195993
SOURCE: Blue Horizon Global Capital Corp.
