ORANGE, Calif., May 31, 2017 (GLOBE NEWSWIRE) — Sharing Services, Inc. (OTC Markets:SHRV) announced today it has entered into an agreement for a strategic investment in 212 Technologies, LLC, the provider of advanced marketing technologies including web and mobile-based software applications. The agreement grants Sharing Services, Inc. a license to leverage proprietary intellectual property for developing the Company’s products and services along with a 48% ownership stake in 212 Technologies, LLC in exchange for cash in the amount of $100,000 and an aggregate of 15,628,750 restricted shares of Sharing Services, Inc. Series A Preferred Stock, of which a total of 5,628,750 shares are to be issued in quarterly installments over the next 9 months with the remaining 10,000,000 shares of Series A Preferred Stock to be issued after one year when certain financial milestones have been achieved.
The marketing software and systems developed by 212 Technologies, LLC were developed based upon more than 21 years’ experience in the online marketing and direct sales industries and have been accessed by over 20 million system users. “We are excited about the opportunity to assist Sharing Services in achieving its strategic goals by leveraging our systems and expertise,” said Michael Darling, 212 Technologies’ CEO. “The potential targets we can engage together are too numerous to count.”
The IP acquired by Sharing Services, Inc. was developed over the past 2 years to leverage new cutting-edge technology that has only recently become available. It provides a comprehensive “end to end” technology set, including customer facing websites, back end system management system, unique database schema, specialized client and server side scripting, intuitive mobile applications, and a proprietary AI Module (“automated intelligence”) that monitors data and interacts seamlessly between each system element.
“The acquisition of this technology represents a pivotal milestone for Sharing Services that supports our long-term goals and strategy,” said Jordan Brock, President and CEO of Sharing Services. “It will provide a central engine to help facilitate viral promotion of our products and services. Moreover, by acquiring a stake in 212 Technologies itself we will also benefit as the technology is embraced by other companies.”
As part of the agreement Sharing Services is granted a non-exclusive, non-royalty bearing, perpetual, worldwide license to the technology, allowing it to be customized, modified, and further developed as needed to support the specific needs of the Company in marketing its current and future products and services.
About Sharing Services, Inc.:
Sharing Services, Inc. is a diversified travel holdings company specializing in ride sharing, mobile applications, 4.0 meta-search technologies, relationship marketing, group travel programs, brick-and-mortar travel agencies and now vacation funding. The Company’s direct-to-consumer online travel agent (OTA) platform delivers unprecedented access to many of today’s most popular travel destinations, and all with savings of up to 30% and 80% off published rates.
Precautionary and Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company’s disclosures or filings with the SEC.
CONTACT: Contact: Sharing Services, Inc. Investor Relations (714) 203-6717 [email protected]