PayMeOn Completes Acquisitions of A Better Bike, LLC and E Bikes, LLC
Transaction Leads to 19.4% Ownership Interest in Rapidly Growing e-bike Company
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--PayMeOn, Inc. (OTCBB:PAYM) today announced it has completed the acquisitions of A Better Bike, LLC and E Bikes, LLC. Together the companies own 19.4% of Prodeco Technologies, LLC, one of the most innovative manufacturers in the growing e-bike industry. Prodeco incorporates superior design, craftsmanship and progressive technology in all its e-bike models. Founded in 2010, Prodeco has sold more than 10,000 bikes and has approximately 50 employees to support its rapid sales growth. Prodeco’s 60,000-square foot facility is headquartered in Oakland Park, Florida.
“We believe that we will be able to apply our social income® philosophy to accelerate sales of Prodeco e-bikes and we are very excited to get started.”
“We are very excited about the potential for this investment and the strategic benefits that will accrue to both companies,” said Ed Cespedes, CEO of PayMeOn. “Prodeco’s exceptional management team has recently previewed the launch of its new models and we believe they are the highest quality products in the marketplace.”
In exchange for all the membership interests of each company, PayMeOn issued 2,334,748 and 606,428 shares of restricted common stock to the sole members and managers of A Better Bike, LLC and E Bikes, LLC, respectively.
Mr. Cespedes continued, “We believe that we will be able to apply our social income® philosophy to accelerate sales of Prodeco e-bikes and we are very excited to get started.”
See Prodeco’s current models here: http://prodecotech.com/bikes/category/electric-bikes/
See Prodeco’s state of the art facility here: http://prodecotech.com/videos/
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This press release includes management assumptions about our business prospects, financial forecasts, projections and other forward looking statements regarding PayMeOn, Inc. (“PayMeOn”) its business, prospects and potential transactions it is considering or has completed. This forward-looking information is based on management assumptions and expectations which, while considered reasonable by PayMeOn management as of the date of this press release, are subject to risks (including risks that transactions discussed in this press release may not achieve desired results), uncertainties, and other factors that may cause actual results and performance to materially differ from results or performance expressed or implied by the forward looking statements. A description of these risk factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC"), and in our other filings with the SEC, which are available at www.sec.gov. PayMeOn, Inc. undertakes no obligation to publicly revise the forward-looking statements presented, except as required by law. This document is not intended to solicit any investment. Potential investors in PayMeOn should review PayMeOn’s public filings prior to any investment.
Vincent L. Celentano, the sole member and manager of A Better Bike, LLC, is an affiliate of PayMeOn, Inc.