(NewMediaWire) - January 23, 2024 - WPF Holdings, Inc (OTC Pink WPFH) today provides updates on its 2024 current projects as well as the status of several transactions initiated at the end of 2023.
Vezbi Pay and Secured Banking Services. Vezbi will be finalizing the integration of the digital wallet it acquired in 2023, which will allow for payment processing, peer-to-peer payments and Andele Pay remittances, which will give Vezbi Users access to 300k locations throughout Latin America. Vezbi & Woohoo will be expanding its partnership and placing Woohoo’s secured banking services card programs exclusively on the Vezbi Super App. The first card program member will be San Jose State University, where it is anticipated to initially bring onboard approximately 30,000 users. In addition, Woohoo has several other card programs under contract with Woohoo set to launch exclusively on Vezbi in 2024.
Mobile Devices & Tablets. WPFH has signed a partnership agreement to provide Vezbi branded tablets and phones which will come pre-loaded with the Vezbi Super App. The sales partnership is presently selling approximately 20k units (tablets and phones combined) each month. This partnership is set to launch in Georgia and will expand to more states throughout 2024.
Live and Streaming Television Vezbi Super App anticipates launching its Live, Linear and On-Demand Television Streaming Services by March/April of 2024. The service will include both free and premium subscription channels. Vezbi is currently in the process of adding to and securing scripted, unscripted and content creator media, with plans to launch with at least a dozen unique channels and networks.
Telemedicine. The initial foray of WPFH into the healthcare market as was previously announced of the acquisition of Virtual Health Holdings, Inc., a telemedicine group of companies with 17 years of operations and a new subscription model, consumer telemedicine offering under the name MyGuardianDoc being launched in 2024. Market projections for that new model, done by an independent marketing company, predict not less than 1 million new subscribers to this service in the next 12 months. Annualized revenues derived from 1 million subscribers to this program would exceed $300 million. An Acquisition Agreement was signed in September 2013 between WPFH and the shareholders of Virtual Health Holdings, Inc., but closing was deferred into 2024, it is expected to close shortly and an Amended Acquisition Agreement with Virtual Health Holdings, Inc., is in place.
Technology Lab Companies. Additional acquisitions agreements signed in 2023 included Kimco, Inc., a Florida corporation operating several KPOP retail store locations, and Distrito Catorce, a bar and restaurant in Greater Los Angeles. Both businesses will be part of the planned Vezbi tech lab to test out new features, services and products. This will give Vezbi complete control over active, live businesses, with the opportunity to develop, test and perfect the latest features, programs and offerings. Both businesses are going concerns with an active customer-base and will add approximately $3 million in gross revenues to WPFH’s consolidated financials for 2024. Following signing of the stock acquisition agreements in October 2023, the acquisitions were restructured by agreement of the parties as asset acquisition deals set to close in early 2024 in new corporate entities.
Safe Harbor Statement:
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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