BlockChain Loyalty Corp. (OTC:BBLC) Inks LOI to Acquire a Minority Stake in FOR US TV
There were a large number of companies that had come into focus among investors for one reason or another on Thursday, and one of those was BlockChain Loyalty Corp. (OTC:BBLC). Yesterday, the company came into focus after it announced that it intended to keep its promise to turn into a ‘lifestyle brand’ through certain strategic moves. It announced yesterday that it had recently picked up a 20% ownership stake in For US TV, a subscription-based streaming platform.
The company revealed that it would continue to try to break into new markets through such deals so as to spark further growth. The thrust would be on sectors in the lifestyle sector. The Chairman and Chief Executive Officer of BlockChain Loyalty Corp., Joel DeBellefeuille, spoke about the company’s strategy. He noted that the company’s vision was to acquire creative and innovative brands that would pique the interest of customers from across the world. There are many customers globally who are always on the lookout for high-quality products and services from brands.
He went on to add that each BlockChain Loyalty Corp. brand would adhere to its values so as to deliver boundless excellence by sticking to the same vision as the wider group. As per the provisions of the agreement regarding the transaction, BlockChain Loyalty Corp. would pay a total of $600,000 through 1,428,571 consideration shares for the 20% stake.
The transaction would be closed at most by October 15, 2023. Over the course of the past few weeks, the company has been locked in negotiations with US TV. It was noted that both companies were pleased with the terms of the transaction. It was further noted in the news release that the companies were going to move forward with the closure of the transaction by the above-mentioned date.
On October 3, the company was in the news after it announced that it had been successful in closing the acquisition of True + Luscious, a clean beauty brand that had emerged as a disruptor in the cosmetics and skincare space. A letter of intent had been issued previously on May 19 of this year, notifying BlockChain Loyalty Corp. that it had acquired all the assets of True + Luscious.
The transaction was eventually closed on October 2, 2023. In the news release, the company announced that the acquisition had actually been a major part of its growth plans. The company seeks to grow through clever acquisitions of a range of product lines and geographic expansion. The company noted that it was focused on the promotion of a lifestyle dedicated to health, beauty, and wellness by way of the acquisition and development of innovative brands in those spaces.
At the time, the company noted that in the upcoming weeks it would make other announcements that would have a bearing on the fortunes of the company in the future. The company’s CEO noted at the time that True + Luscious was the new flagship brand of BlockChain Loyalty Corp., and the acquisition constituted a major milestone.
