LAS VEGAS--(BUSINESS WIRE)--Publicly held MC Endeavors, Inc. (OTC Pink: MSMY) announced today that it has closed its reverse takeover (RTO) with privately held Room 21 Media, Inc., as of September 20, 2017. The RTO transaction was initially announced by the company on August 31, 2017. The completion of the RTO signals MC Endeavors' paradigm business model shift to the technology field with innovative social commerce platforms.
Pursuant to the share exchange agreement, John Stippick has been issued 400,000,000 common shares and 1 share of Series A Preferred Share, representing controlling interest in MC Endeavors, Inc. Through the agreement, Room 21 Media, Inc. has become a wholly owned subsidiary and MC Endeavors has acquired all outstanding shares in the company.
Kelani Long has resigned from all officer and director positions, and Mr. Stippick has been appointed as new CEO of MC Endeavors, Inc. Mr. Stippick will be electing company officers and a board of directors in the coming weeks.
“The successful completion of this transaction represents a significant milestone for MC Endeavors stockholders,” stated John Stippick, Chief Executive Officer. “We are thankful to our stockholders for their continued patience and we look forward to building this new business in the exciting, fast moving online technology field.”
MC Endeavors, Inc will be releasing followup news as to the strategy and company direction going forward in the coming days.
About Room 21 Media, Inc.
Room 21 Media, Inc. is committed to becoming a leading global social commerce company that utilizes a single core platform, Room 21®, to produce, distribute and monetize online communities for individuals and businesses to interact with industries ranging from industrial business to healthcare to entertainment. The Room 21® proprietary platform utilizes an internal replication technology and is branded to each social app, industry vertical, event, film, or online contest we produce. For more information, please visit http://room21media.com/
Statements in this press release that are not historical fact may be deemed 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. Although MC Endeavors Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, MC Endeavors Inc is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.