via NewMediaWire — Conservative Broadcast Media & Journalism “CBMJ” (OTC: CBMJ) announces the closing of an Asset Sale of its E-Commerce business for $1.247M to Stonewall Enterprises, Inc. a Nevada Corporation.
The transaction is valued at $1,247,000 including $120,000 in cash, $380,000 in notes, and installment payments over the next two years, along with the transfer of certain liabilities. In addition, 59,760,000 shares of stock valued at $747,000 previously owned by former DeDonato President and current Stonewall Enterprises CEO Brandon Vallorani will be returned to treasury.
The e-commerce business sold had previously been consolidated and operates primarily through the website and other feeder websites and customer lists. Patriot Depot is an online retailer that distributes and sells Conservative and Christian-themed supplies, apparel, pins, flags, patriotic gifts, glasses, novelties, books, DVDs, and more. Patriot Depot was acquired by CBMJ in mid-2021. Also included in the sale was a brick-and-mortar coffee shop in Hiram, GA, and an e-commerce website.
The company will retain its flagship news website along with its client services business, database management including email list rentals, web development, and consulting businesses.
Commenting on the transaction, CBMJ CEO Mark Schaftlein stated the following: “We are very pleased with consummating this transaction. Exiting the retail sales e-commerce business will allow us to focus our efforts toward higher-margin business in media, web hosting, web development, and database management. It also positions the company to significantly reduce operating expenses and move toward positive cash flow businesses. With the share reduction, the Issued and Outstanding share count have been reduced to 359.4M including a float of 92.7M.”
In two smaller transactions last month, the company sold its cigar business Vallorini Cigars and the domain.
About DeDonato Enterprises: DeDonato Enterprises, L.L.C. is a Digital Media Company based in Metro-Atlanta that specializes in reaching a conservative/libertarian/religious audience along with its client services business, and database management including email list rentals, web development, and consulting businesses. DeDonato was acquired by CBMJ in October of 2020.
About CBMJ: (CBMJ) Conservative Broadcast Media and Journalism is a Digital Media Company based in Metro-Atlanta that specializes in reaching a conservative/libertarian/religious audience. CBMJ owns an active database of over 20 million email subscribers and publishes the marquis monetized political/news website. CBMJ also distributes the increasingly popular TV, radio, and social media segment “The Schaftlein Report” hosted by the economic analyst, political commentator Mark Schaftlein.
Forward-Looking Statements: This release contains 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. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and the matters disclosed These risks and uncertainties could cause the company’s actual results to differ materially.News Source: Globe Newswire