SPRING, TX / ACCESSWIRE / July 19, 2022 / Infrax Systems, Inc. (OTC PINK:IFXY) announced today that it expects its acquisition of Mi Pulpe LLC to close the week of July 25, 2022. All due diligence items have been completed and the final acquisition documents have been signed. The company also announced that it has completed the process of changing transfer agents. The acquisition will formally close once all bookkeeping items associated with the transfer of shares have been finalized on the company's official shareholder records. The acquisition is non-dilutive to current IFXY shareholders and will not require the issuance of any new stock.
Mi Pulpe is an US Master Importer & Distributor of specialty nostalgic food and beverage products catering to the Latin American market segment. Mi Pulpe generated over $22 million of revenue in 2021, and the company is expanding rapidly to other crossover market segments with new and exciting products.
Mr. Jose Pineda, President of IFXY, stated, "We have big plans for this company. We started Mi Pulpe in 2015 with first year revenues of around $650,000, and we see no reason why we cannot continue to aggressively grow the company going forward. The Latino/Hispanic population in the US is climbing at an accelerated rate and is expected to grow over 50% in the next decade. We are excited at the possibilities this merger provides to expand the Mi Pulpe product portfolio and meet our aggressive revenue growth targets."
Mr. Carey Cooley, CEO of IFXY, stated, "I cannot imagine a better result for our current shareholders. We are basically delivering them a $22 million revenue company with exciting growth potential at no cost to any shareholders other than myself. I believe that Mi Pulpe is just the beginning. We are already looking forward to other great companies we can bring into the IFXY family."
The IFXY 2022 fiscal year ended on June 30, 2022, and the 2022 annual disclosure will reflect the Company's shell status as of that date. The Mi Pulpe acquisition and financial results will be reflected in the Company's disclosure statement for Q1 2023, which runs from July 1, 2022 through September 30, 2022.
IFXY has developed a short list of potential acquisition targets, and the Mi Pulpe acquisition is the first of several the Company expects to complete in the coming months. IFXY will be filing a request with FINRA for a name and ticker change in the near future to better reflect its overall strategy. As previously announced by the Board of Directors, there are no current plans for a reverse split or increase in the number of authorized shares.
About Infrax Systems, Inc.
Infrax Systems, Inc. is a brand incubator and accelerator. The company plans to build a portfolio of revenue-generating product brands to develop new sales channels and increase brand awareness and revenues.
About Mi Pulpe LLC.
MI PULPE is an US Master Importer & Distributor of specialty nostalgic food and beverage products catering to the Latin American segment and is expanding rapidly to other cross over market segments with new and exciting products.
Contact Information:
https://twitter.com/jpineda100
Shareholder/Investor inquiries for Infrax Systems, Inc.:
Infrax Systems, Inc.
1-888-204-4134
[email protected]
Safe Harbor Statement: In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that would cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: Infrax Systems, Inc.