Yahoo Finance ParagonX Holdings Reaches Agreement on Major Acquisition Adding up to $60 Million in New Annual Revenue
CHARLOTTE, N.C., June 9, 2023 /PRNewswire/ -- The company announced it had finally reached a definitive agreement with a significant infrastructure company to add up to $60 million in annual revenue, the first phase of a multi-phase series of transactions. "We started this process when Russ and Bob brought me in as Chief Executive over two years ago. I made announcements of our intention to become a significant infrastructure company through major acquisitions, fought through delays and difficult capital and interest rate environments, but never gave up on the long-term strategy to deliver as promised to our shareholders and investors," Kevin V. Cox, Chief Executive Officer stated.
"This was an extraordinary effort by the entire management team and an incredible win for our shareholders. This was my vision for some time – I brought in the talent to make it happen, funded the strategy personally, took enormous risks, and fought through the ups and downs. Seeing this to fruition in a way that benefits all the shareholders is incredibly satisfying. There is much more information I'll be sharing over the next few weeks," explained Russell Sinacori, Executive Chairman.
"I came in to support Kevin's transformative efforts with my experience negotiating mergers and acquisitions over the years. I've enjoyed working with Kevin and the entire team to see this through and look forward to working with Grant in the transition," said Joe Caprino, President and COO.
With revenue of over $60 million a year and a laser focus on further growth in the infrastructure space, the company will divest non-infrastructure-related assets and re-organize the leadership team. Kevin V. Cox will remain a Board Member but will be stepping down as Chief Executive. Kevin accepted the role of Chief Executive Officer for SOAAK Technologies, which recently acquired the Company's health tech subsidiary RenuYou. At the close of the transaction, Russell Sinacori will be stepping down as Executive Chairman, Board Member, and COO. Grant Edwards will step into the role of President and Chief Financial Officer, driving the transition and integration of the newly acquired companies.
"Each member of the management team worked on this project diligently. For two years, Kevin and I focused on the long-term shareholder value we could bring by closing these significant acquisitions. I'm glad Kevin will stay on the Board and am thrilled to step into the President role as we move into this incredible new growth phase," said Grant Edwards, Chief Financial Officer.
The company reiterated its expectation to close the transaction by the end of June.
ParagonX Holdings, Inc. (OTC PINK: CAVR)
PARAGONX HOLDINGS is a Real Estate Infrastructure and Land Development Platform Company. To learn more, visit www.paragonxholdings.com
NON-GAAP MEASUREMENTS -- Management believes that certain non-GAAP financial measures may be helpful in providing additional meaningful comparisons between current results and results in prior periods. In addition, within this release, reference is made to earnings before interest, taxes, depreciation, and amortization (EBITDA). EBITDA is a metric used by management to evaluate performance and frequently used by the financial community which provides insight into an organization's operating trends and facilitates comparisons between peer companies since interest, taxes, depreciation, and amortization can differ significantly between organizations as a result of differing capital structures and tax strategies.
FORWARD-LOOKING STATEMENTS -- Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include among other things, statements regarding the offering, the expected gross proceeds, the expected use of proceeds, and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to several risks and uncertainties. These forward-looking statements are identified using words such as "continue," "expect," "believe" and "expand," among others. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market, and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization. The company disclaims any obligation to update these forward-looking statements, except as required by law.
View original content:https://www.prnewswire.com/news-releases/paragonx-holdings-reaches-agreement-on-major-acquisition-adding-up-to-60-million-in-new-annual-revenue-301847328.html
SOURCE ParagonX Holdings, Inc.
