PRESS RELEASE
Labwire, Inc (OTC: LBWR) Announces Acquisition of Gas Station with Convenience Store in northern Arizona
Labwire has executed a purchase agreement to acquire a gas station in AZ to leverage its current assets and operations
PHOENIX, Arizona, March 20th, 2023 (OTC Markets) – Specialty retail company Labwire, Inc. (OTC: LBWR) announced its second acquisition to leverage its current assets and operations
Acquisition of Gas Station in northern Arizona
On 3/20/2023, Labwire executed a purchase agreement to acquire a Valero gas station located in northern Arizona with undisclosed cash payment to the seller. Due to the confidentiality, the Company plans to provide more detailed information on its first quarter financial statements expected to be filed in early May. The company expects to close the transaction by April 30th.
The gas station, located in northern Arizona, met the Company’s strict criteria in acquiring a business: i) private company valuation, ii) generated a consistent cash flow, iii) fully trained and cooperative employees and iv) potential synergy with Cessil for leverage.
With this acquisition, the Company plans to generate additional cash flow by stocking consumer products from Cessil stores to this location. In addition, there will be several changes in this gas station to maximize the operational performance.
Mr. Hwang states, “Since our management team took over Labwire as a new management and major shareholders, our mission stayed same – building a small business to become competitive by utilizing our knowledge in various areas. With this acquisition, it allows us to expand our business segment as planned and the Company will be one step closer to launch a back-office operation (BPO) unit where it consolidates repetitive tasks for both our businesses and clients.”
He also states, “While we have been contacted by small to midsize business owners as well as commercial brokers, we maintain our strict criteria in acquisition for our shareholders. Every dollar we invest whether in operation or in acquisition, it belongs to our shareholders. With this approach, we are confident that the company will generate a consistent operating cash flow which we then re-invest into the existing businesses or pursue an acquisition. Labwire has no interest in any cash burning or pre-revenue venture as it will put the company in cash crunch situation.”
Labwire’s 2023 Business Outlook
With this potential acquisition of gas station located in northern Arizona, the Company is expected to generate $3M in revenue with a positive cash flow. This projection does not include any other effort in a capital raise as well as the additional acquisition or a successful launch of pre-revenue projects. The management believes that it is the best practice to provide updates on the items that have been realized and to stay conservative in its outlook. Creating hype not only harms existing shareholders but also new shareholders who may invest in the company with unrealistic expectations.
About Labwire, Inc.
Labwire (https://www.labwire.co) is an early-stage retailer connecting a dot between a traditional mom-and-pop shop with a single location in a low-technology environment to a national wide branded business presented in both offline and online. With our expertise in interior design, e-commerce, and capital market, we believe our business model helps small businesses to be more competitive and more affordable to consumers. For any questions, please contact the company at labwireinvestors@gmail.com.
Forward-Looking Statements
This press 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 any such forward-looking statements. Except for historical information, statements about future volumes, sales, growth, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management’s estimates, beliefs, assumptions and projections. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations or could affect the company’s ability to achieve its strategic goals.
The company’s forward-looking statements in this press release are based on management’s current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.