BUFFALO, N.Y. , Dec. 5, 2023 /PRNewswire/ -- ParagonX Holdings (OTC: CAVR), a holding Company whose strategic plan involves growth through acquisition and operational improvements, announced significant developments in the management and strategic direction of the company.
Strategic Initiatives:
Acquisition Target: Caprino Management has entered into a Letter of Intent with a logistics and transportations company in the Midwest with $4.5 Million in revenue and cash flow nearing $2 Million annually. "We're working towards definitive agreements on this accretive acquisition and hope to close in Q1 2024," Joe Caprino, acting CEO, stated. The company is exploring several other acquisition options as well.
Merger/Strategic Alliance: Caprino Management, LLC has been developing a significant Merger/Strategic Alliance option for CAVR. "We are still in the early stages of this relationship, but it looks very promising, we will keep our shareholders and the market abreast of concrete developments as milestones are reached".
Organic Initiatives:
Management Transition Status: Caprino Management has made substantial progress on the transition plan it was retained to execute. "I'm pleased to announce that Canary is completing its best year since they has been in business, and AV Rover's profit this year is the best it's been in the last 5 years. HRS is also well on the way to profitability, and we anticipate a healthy profit in Q1 of 2024. We've cut expenses, invested in revenue growth, and negotiated with creditors, who are vested in helping the company reach the shareholder value we were asked to create," according to Joe Caprino of Caprino Management and acting CEO.
Consolidation of Share Base: Caprino Management has been responsible for enhancing shareholder value by consolidating Share Base. Caprino has formulated a strategy, which the Board has approved, to significantly reduce the overall number of common shares outstanding.
Litigation: The company recently settled litigation against it – another key component of Caprino Management's transition plan. The company has also filed a lawsuit in the Ruhl Construction Acquisition matter and is exploring other litigation it deems necessary in the best interests of the shareholders.
Balance Sheet Improvement: Caprino Management has decreased the Company's overall debt and has renegotiated terms and balances with its key debt holders. The Company is now in a much more favorable debt situation.
Up-list Process: Caprino Management will drive the up-listing process, positioning ParagonX Holdings for enhanced visibility and access to capital markets with an eye on the QB.
The Board of Directors is excited about the progress the new management team at Caprino Management is making in this transition and about the future of ParagonX Holdings. We look forward to working collaboratively to achieve our shared vision and create lasting value for our shareholders and stakeholders.
PARAGONX HOLDINGS:
ParagonX is a holding company with a portfolio of companies in construction and logistics as outlined in its respective OTC filings. The Company is a Nevada corporation and was founded in the late nineties. The Company website is www.ltbh.com.
FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other essential factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.
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SOURCE ParagonX Holdings
