Public Company Platform Will Enhance Gesturetek Brand Growth
NEW YORK, NY / ACCESSWIRE / November 1, 2022 / Winning Brands Corporation (OTC PINK:WNBD) www.WinningBrands.com reports that its acquisition of the GestureTek brand and operations is now complete. The union of GestureTek's business interests with Winning Brands, by way of acquisition, was predicted by Winning Brands management in earlier disclosures as a key element of its VISION 21 program for growth of Winning Brands' intrinsic value.
A Receiver's Certificate has been filed with the Superior Court that states in part, "…The Purchaser has paid and the Vendors have received the Purchase Price for the Purchased Assets payable on the Closing Date pursuant to the APA; The conditions to Closing as set out in the APA have been satisfied or waived by the Vendors; and the Transaction has been completed …." The appeals period has passed. There is no further recourse by other parties to the acquisition, and the transaction has therefore been fully closed.
The acquisition brings important benefits to GestureTek customers and associates. GestureTek is the inventor and early developer of the burgeoning tech sector of "immersive gesture control" of digital displays and devices. GestureTek's technology has for many years been at the leading edge of innovation in touchless immersive gesture control of a wide array of visual display systems, across diverse industries. The GestureTek brand is well known and respected in this market, and enjoys a large installed commercial customer base worldwide. A brief overview of GestureTek's award-winning history in medical and other sectors can be seen in its websites or easily found in any internet search with the search term "GestureTek". Company websites include: www.GestureTek.com and www.GestureTekHealth.com. Abundant video resources are also available at https://vimeo.com/search?q=GestureTek. The benefits of this union to GestureTek customers and associates flow from the enhanced visibility of the GestureTek brand in the public company realm. New resources will also become available to GestureTek to implement its next generation of applications and enhanced service.
Winning Brands CEO, Eric Lehner, describes for WNBD shareholders how Winning Brands will treat future financing to optimize the health of Winning Brands stock.
"As a result of this transaction, all previous GestureTek intellectual property and asset ownership held by others in these proceedings is now vested with Winning Brands instead. Winning Brands will be creating a new GestureTek corporate entity for all future commercialization of GestureTek and will utilize a minority portion of that new entity for the purpose of future GestureTek financing, rather than relying on Winning Brands common stock dilution. Therefore, future Winning Brands stock issuances can be utilized to accelerate the retirement of debt faster than would otherwise have been possible. The new GestureTek subsidiary will have a valuation that is significantly higher than Winning Brands' present market cap. This arises from many factors, including specific existing GestureTek patent rights and goodwill factors that follow from years of tech industry leadership. This will make it possible to raise significant GestureTek growth capital with only modest equity encroachment into the subsidiary, rather than utilizing WNBD common shares for that purpose. The new GestureTek equity investor positions will not enter the OTC market system for the foreseeable future. This approach will benefit current and future WNBD shareholders greatly."
Mr. Lehner will be addressing this topic and related issues continuously in social media www.Twitter.com/WinningCEO and other communications venues, in order to provide further context and discuss myriad associated details. Comments contained in this disclosure should be read in conjunction with such further official statements, to be provided publicly.
Going forward, GestureTek will retain its identity and culture, both in terms of legacy and operations, however, GestureTek customers will be informed that GestureTek has become a part of the Winning Brands organization.
ABOUT WINNING BRANDS CORPORATION
Winning Brands has been a manufacturer of record of a variety of environmentally oriented consumer products. Winning Brands indicated in its public communications that it seeks to enhance shareholder value by curating additional business ventures with broader scope, including the launch of a Tech Division. This Tech Division will be the new home of the GestureTek brand.
Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
CONTACT:
Eric Lehner
Winning Brands
+1 705-737-4062 ext. 8
eric@winningbrands.ca
Visit us on social media:
Twitter
SOURCE: Winning Brands Corp.
View source version on accesswire.com:https://www.accesswire.com/723219/Winning-Brands-Acquisition-of-the-GestureTek-Brand-is-Complete
