Anderson, South Carolina--(Newsfile Corp. - October 10, 2022) - JZZ Technologies Inc., (OTC Pink: JZZI) ("JZZ" or the "Company"), a diversified company focused on digital media, biotechnology acquisitions related to human life extension longevity and active lifestyle real estate development, announces the closing of its acquisition of LION Development Group LLC ("LION") for equity.
The Company announced on October 3, 2022 that it acquired LION Development Group LLC, a rapid growth development and construction company focused on residential and commercial projects with emphasis on mobility market. LION's founders have over 30 years combined experience in the real estate development and construction market. The founders of LION successfully executed and delivered construction projects valued at over $1,000,000 in fiscal 2020 and $1,500,000 in fiscal 2021.
This acquisition will strengthen and expedite JZZ Technologies' entrance into the mobility real estate construction market.
Pursuant to the acquisition agreement: (a) JZZ will issue 50,000,000 restricted common shares to LION's stakeholders, (b) JZZ is extending management agreements to LION's management team to continue operating LION's day-to-day business, and (c) JZZ is not assuming any personal or corporate debt of any kind from LION or LION's founders and/or stakeholders. All shares will be issued in accordance with Rule 144 of the Securities and Exchange Commission and will be issued from JZZ's treasury.
The Company and LION also announced the execution of agreements for a further $1.2 million in construction and development projects in South Carolina on October 6, 2022. Revenue recognition of the initial phases of these projects are expected to commence in Q4 2022, however, the majority of the revenues would be recognized in fiscal 2023 and upon project completion. Moving forward, the Company expects that these and new projects will have a significant positive impact on its balance sheet on an annualized basis.
The Company has targeted South Carolina for its profile as one of the best real estate growth markets in the US, mainly due to migration by homeowners fleeing high tax, high regulation and high crime regions. Real estate figures from Redfin confirm that home prices in South-Carolina were up 13.2% year-over-year in August 2022. At the same time, the number of homes sold fell 12.8% and the number of homes for sale fell 3.7%.
About LION Development Group LLC
Based in South Carolina, LION Development Group and its founders have over 30 years of combined experience in the acquisition, development, and management of residential and commercial properties in South Carolina, North Carolina, Florid a, and Georgia. LION has successfully completed dozens of real estate projects in these regions over the past three decades and holds a reputation for excellence in the communities that it serves.
About JZZ Technologies, Inc.
JZZ Technologies, Inc. is a diversified company engaged in several business sectors. Its Active Lifestyle Digital media business includes online media and apps (www.activelifestylemedia.com), content creation, and digital marketing, targeted to active adults 55+. Its strategic biotechnology and bioscience related to Human Life Extension seeks opportunities in quality of life businesses that support the aging population, and its Active Lifestyle Development division acquires, manages, and operates commercial and residential real estate and housing development projects. For more information, please visit www.jzztechnologies.com.
Press Contacts:
JZZ Technologies, Inc.
Charles Cardona, CEO
ccardona@jzztechnologies.com
DISCLAIMER and FORWARD-LOOKING STATEMENTS
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
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