OMHI - OM Holdings International, Inc., Wholly Owned Subsidiary: Rydeum Caribbean, Inc., Signs 5-Year LODE-TECH Contract with Jamaica's Largest Taxicab Union (JUTA) with 12,000 Drivers

Rhea-AI Summary

OM Holdings International Inc. (OTC PINK:OMHI) is launching its DoGetGo mobile app in Montego Bay, Jamaica, aimed at connecting local businesses with consumers. Rydeum Caribbean, a wholly-owned subsidiary, has signed a 5-year contract with Jamaica's largest taxicab union, JUTA, which has 12,000 drivers. The app will support transportation and delivery services, targeting a $120 million market. Rydeum is also filing three U.S. patent applications for its decentralized Local On-Demand Technology platform, planning expansion throughout the Caribbean.

Positive

• Launch of DoGetGo mobile app in Jamaica to connect local businesses and consumers.
• 5-year contract with JUTA, enhancing market penetration with 12,000 drivers.
• Potential to expand operations to 27 Caribbean countries.
• Expected increase in business due to the market share of JUTA in the Jamaican taxicab industry.

Negative

• None.

Rydeum Will Soon Launch its First Mobile App, DoGetGo, in Montego Bay, Jamaica

Rydeum is Filing Three U.S. Patent Applications for a Decentralized B2C Local On-Demand Technology (LODE-TECH) Platform

Rydeum States Decentralized LODE-TECH Platform Will Be Exported to Other Caribbean Countries in 2022

MIAMI, FL / ACCESSWIRE / July 13, 2021 / OM Holdings International Inc. (OTC PINK:OMHI), an owner and operator of OneMart super merchandising stores and Builders Depot in the Caribbean, and the parent of its wholly owned subsidiary Rydeum Caribbean, Inc., of British Virgin Islands has signed its first business to business (B2B), Local On-Demand Technology (LODE-TECH) contract, with the largest taxicab company in Jamaica. Rydeum Caribbean, Inc., which was acquired from Rydeum Technologies, Inc., for an undisclosed amount of cash and stock, is developing a platform to connect multiple established businesses with local consumers through an on-demand mobile app.

Rydeum Caribbean, Inc. has a regional exclusive software license and IT managed services agreement with Rydeum Technologies, Inc., based in Atlanta, GA. These exclusive agreements allow Rydeum Caribbean, Inc. to efficiently launch LODE-TECH in 27 additional Caribbean countries at a fairly rapid pace. Rydeum Technologies, Inc. is in the process of applying for three U.S. patents for a novel decentralized architecture which will have the ability to power multiple Local On-Demand Economies, allowing numerous local businesses to onboard and many customers to obtain transportation, delivery, and professional services via a single mobile app.

"This acquisition helps us navigate the competitive environment in several ways," said OMHI CEO Mark Vanterpool. "We can continue to bring the highest quality products, services and convenience to our existing and future customers. This is now at their fingertips through their smartphones. The technology will help us to gain efficiencies, increase our strategic options, reduce our costs and substantially increase our profits."

OMHI will vertically integrate Local-On Demand Economy (LODE) technologies to power the purchase and delivery of retail merchandise and services for all of its customers. Via the app DoGetGo, customers will be able to shop OMHI superstores and the company's Builders Depot from their phones and have these purchases delivered. It supports less expensive ordering and delivery from restaurants, which have struggled to profitably offer delivery services. The app also enables people, both residents and visitors, to get around by car.

In Jamaica, Rydeum executed a 5-year contract with the Jamaican Union of Travelers Association (JUTA), a not-for-profit organization based in Montego Bay. JUTA, founded in 1960 with 50 drivers, now boasts 12,000 drivers. Rydeum Caribbean will receive a percentage of gross bookings from JUTA that is typical for mobile app providers in the transportation industry. Rydeum's relationship with JUTA will position the company to expand beyond transportation into delivery and other professional services that require drivers in Jamaica.

"It is our intention to roll out DoGetGo throughout the Caribbean," Mr. Vanterpool added. "We have begun to establish the app in Jamaica, and we expect to see a significant increase in business thanks to the app, as numerous sources suggest that JUTA has 70% market share of the $120 million (pre-Covid-19) Jamaican taxicab industry. This is the first agreement between a taxicab union and a mobile app technology provider in the region, and we're thrilled to be at the vanguard of contactless transportation and delivery in the Caribbean."

As part of the agreement, the Rydeum team will train JUTA employees and users to help ensure the seamless integration and adoption of DoGetGo as part of JUTA's current model.

The Rydeum platform can be adapted for many business-to-consumer (B2C) and peer-to-peer (P2P) business needs, and OMHI intends to approach third-party vendors in Jamaica to expand the use of DoGetGo throughout the country.

On May 20, 2021, the company announced the formation and start of construction of OM Builders Depot in British Virgin Islands; on May 25, 2021, the company announced it has broken ground on its second location, a 34,000 square foot supermarket in Fat Hogs Bay (East End) British Virgin Islands (BVI).

About OM Holdings International, Inc.

OM Holdings International, Inc. (OTC PINK:OMHI), the holding company of OneMart, founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OMHI will also provide lumber and other construction supplies to contractors throughout the Caribbean. OMHI's delivery subsidiary, Rydeum (DoGetGo), founded by Mark Hannah in 2019, has partnered with Jamacia's largest taxicab union to provide a contactless service model to Jamaican tourists and residents. For more information, please visit https://omholdingsinc.com/.

Forward-Looking Statements

With the exception of the historical information contained in this news release, the matters described herein, may contain 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. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations

Michael J. Porter, President
Porter, LeVay & Rose, Inc.
T: (973) 865-9357
E: mike@plrinvest.com
LinkedIn
@PlRinvest

SOURCE: OM HOLDINGS INTERNATIONAL, INC.

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FAQ

What is the significance of the DoGetGo app launch for OMHI?

The DoGetGo app will connect local businesses with consumers in Jamaica, enhancing service delivery and market reach.

What is the partnership between Rydeum and JUTA?

Rydeum has signed a 5-year contract with JUTA, Jamaica's largest taxicab union, to integrate transportation services through the DoGetGo app.

How will OMHI's technology impact the Caribbean market?

OMHI plans to expand its decentralized LODE-TECH platform to 27 Caribbean countries, increasing its service offerings.

What market opportunity does the Jamaican taxicab industry present?

The Jamaican taxicab industry is valued at approximately $120 million, with JUTA holding a 70% market share.