Under the Symbol:
On Monday May 13, 2019, FAVO Realty Inc Sent a Letter Of Intent to Make a Formal Offer to Acquire up to 100% of OrbVest Limited (Listed on the MERG Exchange in the Republic of Seychelles) for $11.6Mil USD or $.40 Per Share
Thursday, May 16, 2019 1:15 PM
The $.40 Per Share Offer Is A 36.5% Premium To The Closing Price on Friday May 10, 2019. A Formal Offer Will Be Made Within 30 Days. FAVO Has Confirmed That It Has Sufficient Resources To Satisfy Full Acceptance Of The Offer To OrbVest Shareholders.
GARDEN CITY, NY / ACCESSWIRE / May 16, 2019 / FAVO REALTY, INC (OTC PINK: FAVO):
Assuming the closing of this transaction, FAVO intends to purchase several income-producing real estate assets with long-term credit tenants and seek to uplist to the NASDAQ Capital Markets. OrbVest currently has slightly over $6.2mil in income producing commercial real estate (CRE) assets and generates over $800,000 in annual revenue.
If traded on the NASDAQ Capital Markets FAVO could open the US Independent Broker-Dealer (IBD) Channels to exponentially drive the capital raising efforts here in the US while the OrbVest sales team continues to raise capital from foreign investors seeking to invest in quality CRE assets in the US.
FAVO will also offer all OrbVest shareholders a "OrbVest Shareholder Warrant". In addition to the 36.5% premium being offered for OrbVest Shares, for every 1000 shares of OrbVest an OrbVest shareholder owns, they will have the right to purchase 100 shares of FAVO stock at $2.00 per share for 5 years from the date of the closing.
OrbVest's current management team is seeking to dilute shareholders by 25% through an Executive Share Incentive Scheme and seek to increase some Senior Management salaries by nearly 100%, while the company operates at a loss.
FAVO REALTY, INC ("FAVO" OTC PINK), a real estate investment company, is pleased to announce today that on Monday May 13, 2019 they sent the Directors of OrbVest Limited ("ORB" - Incorporated in the Republic of Seychelles on October 5, 2015 and began trading on July 1, 2018; Share Code ORB; ISIN: SC9998EIJC16) a Letter Of Intent (LOI) to make an offer to the shareholders of OrbVest to acquire a minimum of 50.1% and a maximum of 100% of the issued and outstanding ordinary shares of OrbVest Limited pursuant to the terms of the Seychelles Securities Takeover regulations of 2008.
Vincent Napolitano, the Founder and CEO of FAVO Realty Inc, stated, "This transaction is beneficial to FAVO and OrbVest's shareholders alike, a win-win for all involved. The synergies and cost savings coupled with the ability of both teams to raise capital here in the United States and abroad should ramp up our real estate acquisition pipeline exponentially."
The final offer will be submitted by June 14th, 2019 and will be subject to shareholder approval at both companies, regulatory review and other customary conditions.
FAVO will also request that the OrbVest Directors postpone the planned Annual General Meeting on May 24, 2019 in order to give their shareholders an opportunity to understand FAVO's offer and make an informed decision.
McMurdo Law Group, LLC is acting 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 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. www.favogrp.com.
More About OrbVest Limited:
OrbVest Limited ("ORB" - Incorporated in the Republic of Seychelles on October 5, 2015 and began trading on July 1, 2018; Share Code ORB; ISIN: SC9998EIJC16) is a global real estate investment company that uses an online platform where investors can invest as little as $5,000 US. OrbVest invest directly into low risk commercial real estate assets primarily in healthcare sector. www.orbvest.com.
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SOURCE: FAVO Realty, Inc. and FAVO Group, LLC