FAVO Realty Inc. Will Focus on Acquiring a Diversified Portfolio of Quality Commercial Real Estate (CRE) Assets and RLT will Rebrand Under the Name "FAVO Blockchain Inc."
FAVO Blockchain Will Be Positioned to Be a Market Leader as Blockchain Technology Continues to Meet the Needs of the Commercial Real Estate (CRE) Market
FAVO Blockchain's Dedicated Cryptocurrency Mining Operations Should Add Long-Term Value to Shareholders
Shaun Quin, CEO of RLT Atwood Will Join the FAVO Group, LLC as President. FAVO Group, LLC is the External Manager of FAVO Realty Inc.
GARDEN CITY, NY / ACCESSWIRE / May 7, 2019 / FAVO REALTY, INC (OTC PINK: "FAVO"), a real estate investment company, is pleased to announce today that they have entered into a definite agreement (the "Agreement") to acquire RLT Atwood International Limited LTD ("RLT" - Incorporated in the Republic of Seychelles on 12 April 2018; ISIN: SC2767HDIH83). The world's first vertically integrated listed investment blockchain management company. FAVO will acquire RLT for $2.812 million in a stock swap transaction. FAVO will issue a maximum of 7,400,000 new shares. The transaction is expected to close within 30 days. Pursuant to the closing FAVO intends to conduct a financial audit and seek to uplift to the OTCQB Market.
Vincent Napolitano, the Founder and CEO of FAVO Realty Inc, stated, "This transaction will create a leading commercial real estate (CRE) company that will be at the forefront of the coming integration of blockchain technology and CRE. It also gives FAVO a "call option" on the price of bitcoin. He added "This transaction is another step in creating a world-class company for our shareholders and we intend to ramp up our real estate acquisition pipeline as soon as this acquisition closes. I am excited to work closely with Shaun Quin, Former CEO of RLT as we grow FAVO into a world-class real estate company."
Shaun Quin, newly appointed President of FAVO Group, LLC said "I am looking forward to helping FAVO deliver the most innovative commercial real estate investment opportunities within a highly competitive and dynamic marketplace. The combination of FAVO and RLT creates an exciting opportunity for our company, for our partners and most importantly our shareholders."
The merger agreement is subject to shareholder approval at both companies, regulatory review and other customary conditions and is expected to conclude within 30 days. PKF Indian Ocean and MERJ Exchange Ltd. (formerly known as TROP-X/Seychelle Securities Exchange) acted as independent advisors to RLT and McMurdo Law Group, LLC as Legal Advisors to FAVO Realty Inc.
More About FAVO Realty Inc:
FAVO REALTY, INC is a real estate investment company which intends to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments located throughout the United States and Puerto Rico. "FAVO" is "Honeycomb" in Latin - The Honeycomb (Hexagon) is the most efficient shape in the universe. FAVO Realty Inc. intends to be Efficient, Flexible & Durable.
More About RLT Atwood Ltd:
RLT Atwood Ltd. Is the world's first vertically integrated listed investment blockchain management company. Headquartered in Eden Island, Seychelles as a registered publicly traded investment option that manages a fully diversified, alternative Blockchain investment portfolio and they are pioneers in decentralized systems.
More on FAVO GROUP, LLC:
FAVO GROUP, LLC is the External Manager of FAVO Realty Inc. (FAVO - OTC Markets). They were founded by a Group of Real Estate and Capital Market professionals with over 100 years of collective experience and have transacted in over $6 billion of Real Estate related transactions.
email: [email protected] tel: 833.FAVOGRP
SOURCE: FAVO Realty, Inc and FAVO Group, LLC