HUMBL Acquires BM Authentics
HUMBL announced the acquisition of BM Authentics, a provider of sports merchandise, to enhance its product offerings.
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Rhea-AI Summary
HUMBL announced the acquisition of BM Authentics, a provider of sports merchandise, to enhance its product offerings. The deal involved 90 million shares of HUMBL stock and $110,000 in cash. This strategic move aims to integrate verified sports memorabilia into the HUMBL platform, utilizing blockchain for authentication and tracking. Brian Meltzer from BM Authentics joins HUMBL as Vice President, Sales and Revenue, emphasizing the importance of combating fraud in the collectibles market. The acquisition aligns with HUMBL's goal to drive product sales and revenues through innovative technology.
Positive
- Acquisition of BM Authentics enhances HUMBL's product offerings in sports merchandise.
- Integration of authenticated merchandise on the HUMBL platform using blockchain technology.
- Appointment of Brian Meltzer aims to leverage expertise in sports collectibles.
Negative
- Transaction involves a significant issuance of 90 million shares, potentially impacting shareholder value.
Details
News Market Reaction – HMBL
The recorded move for HMBL in the trading session of this news was -2.86%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
San Diego, CA, Nov. 03, 2022 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC Markets: HMBL) announced today the acquisition of BM Authentics, a trusted provider of sports merchandise and memorabilia headquartered in Chicago, Illinois.
BM Authentics works with clients such as professional athletes, brands, representation and marketing agencies, to provide sports merchandise ranging from autographed jerseys, bats, balls, helmets, photos and more.
“As we focus on driving product sales and revenues through the HUMBL platform, the acquisition of a trusted merchandise provider was an important part of HUMBL’s strategic vision,” said Brian Foote, CEO of HUMBL.
“We look forward to pairing physical merchandise, alongside HUMBL technologies such as the HUMBL wallet, search engine, tickets and NFTs, to deliver an integrated digital experience for customers,” said Brian Meltzer, Founder of BM Authentics, who joins HUMBL as Vice President, Sales and Revenue.
BM Authentics merchandise will be made available on the HUMBL platform and will be verified, registered and cataloged on blockchain. This will include Certificates of Authenticity, along with cataloging on the BLOCKS Registry™, a decentralized global database that can be used for the lifetime tracking of collectible merchandise.
The HUMBL Wallet will hold and validate the Certificates of Authenticity, thus providing an additional layer of security with consumer and brand protection over the life of the physical asset or digital collectibles.
“Fraud, forgery and chain-of-custody are major issues on Web 2 marketplaces in our industry,” said Brian Meltzer. “Having been in sports merchandise and collectibles for over 16 years, I’m excited to revolutionize the industry with the Web 3 team here at HUMBL.”
The purchase price for the transaction was 90,000,000 shares of HUMBL common stock and
About HUMBL
HUMBL is a Web 3 platform that integrates the HUMBL Wallet™, HUMBL Search Engine, HUMBL Tickets™, HUMBL NFT Gallery™ and HUMBL Marketplace™ into digital experiences for customers.
About BM Authentics
Founded in 2005 by Brian Meltzer, BM Authentics specializes in merchandise such as autographs, jerseys, bats, balls, helmets, gloves and more.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
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