Target Acquisition includes ~$1MM in sales for 2021 and for 2022 with sights on tripling growth by 2023 EOY
BRAINTREE, MA, March 23, 2023 – Torque Lifestyle Brands, Inc. (OTC: TQLB) (“Torque”, “TQLB”, or the “Company”), is pleased to announce it has executed a Letter of Intent to acquire Mcap MediaWire (“Mcap”), a full-service press release distribution, publishing, and multimedia solutions company focused on news, disclosure, and streamlined digital solutions for public companies, with additional recently launched solutions for private companies. MCAP currently serves over 200 public company clients on NASDAQ, NYSE and OTC Markets and has had consistent growth since 2010.
Mcap is a media company serving public and private company clients with public relations services, global distribution of press releases, and disclosure statements. MCAP is expanding its offerings for clients including offering clients AI technologies for rapid content syndication; major innovations in Investor Relations tools and services to lower costs and extend impact; and, new media website properties. Further MCAP projects to expand its client offerings, value, and distribution through acquisition targets in numerous verticals of technology and distribution.
Mcap CEO Jeff Palumbo is an accomplished executive, having served as Chief Technology Officer for several public companies since 2008. He is a marketing and technology expert who has advised many of companies on nearly every aspect of business while cultivating scalable growth initiatives resulting in achievements in revenue, expansion, innovation, and overall growth.
“I am looking forward to the next chapter for our company with Torque. As we continue to serve our clients, we intend to use this opportunity to wholly disrupt the newswire industry with radical new advancements in value-added client solutions, distribution, and technology,” states Palumbo.
TQLB President and CEO Corain McGinn comments, “We are thrilled with the proposed acquisition of Mcap MediaWire and the potential it holds to innovate in this space for the next gen of PR, and for the potential growth in overall shareholder value it brings. The Mcap MediaWire executive team, which includes Jeff Palumbo, Mark B. Newbauer, and Thomas Wolff, have extensive experience serving public company clients at the intersection of marketing and technology.”
About Mcap MediaWire:
Founded in 2010, Mcap MediaWire strives to provide the very best press release, digital media and financial disclosure solutions at highly competitive rates. We earn our clients for the long-term through exemplary service and quality of work. Our press releases include unlimited words, logo, hyperlinks, social media, industry specific media sites and more through the most impactful websites, news agencies, brokerage firms, trading platforms and more. Our services give your company exposure to an audience of millions, including journalists, investors, day-traders, fund managers and social media/messaging platforms. Now your press releases, earnings statements, branded articles, shareholder updates, corporate achievements can reach a vast and diverse audience around the world.
Safe Harbor Provision
This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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Chief Executive Officer
Torque Lifestyle Brands, Inc.