Incumaker Inc. Update to Previous Announced Merger with uBid Holdings, Inc.
ATLANTA, July 31, 2018 (GLOBE NEWSWIRE) -- Incumaker, Inc. (OTC Pink: QMKR) is providing this shareholder update on the progress of the Agreement and Plan of Merger with uBid Holdings Inc. (“UBID”). As previously announced, UBID agreed to merge with and into Incumaker and have Incumaker be the surviving corporation. Under this Alternative Public Offering, or “APO” transaction, shareholders of UBID will own 90% of the issued and outstanding shares of the newly combined company. The Company will seek to change its name to “uBid Holdings Inc.” as well as its ticker symbol post-merger to better reflect the company’s new technology related business model. Under the terms of the merger agreement, UBID’s current officers and directors would become the officers and directors of the newly combined company.
Under the initial terms of the prior Agreement and Plan of Merger, Incumaker and UBID were to close the merger by May 31, 2018, which was extended to July 31, 2018. The closing of the transaction is subject to UBID completing the acquisition of Sky Auction and having the financing to consummate a second acquisition, and other customary conditions, including approval by the shareholders of both companies.
Ketan Thakker, UBID’s Chief Executive Officer, stated: “We are disappointed that that the merger timeline was not met but the audits have been more complex than expected. We are pleased to announce, however, that as of July 31st, these audits have been completed. The completion of these PCOAB audits along with Incumaker currently being PCOAB audited are necessary steps to up-list to the OTCQB market, which we intend to do.”
“We remain excited about the planned merger and our focus continues to be taking the necessary steps to close the contemplated transaction,” Both companies have agreed to mutually extend the Merger timeline. We are working daily to complete the needed steps to consummate this merger as soon as possible.” Darren Bankston, CEO of Incumaker, commented.
About uBid Holdings, Inc.
uBid Holdings, Inc. (“uBid” or the “Company”) is an e-commerce company focused on operating a growing number of online auction and bargain-sale e-commerce marketplaces offering thousands of products to both consumers and businesses. uBid provides a unique shopping experience that offers buyers the opportunity to either set their own prices or receive competitive fixed prices on popular, brand name products at a significant discount to prices found at brick-and-mortar stores and large internet retailers. The Company’s online marketplaces provide manufacturers, retailers, distributors and other suppliers with an efficient and economical channel for maximizing revenue on their merchandise while at the same time moving new, overstock, close-out and recertified products and providing consumers and businesses with a convenient method for obtaining this merchandise virtually anytime and anywhere at substantial savings. uBid currently operates through its internet site, uBid.com, which the Company’s management believes was one of the first and remains one of the most recognized names among auction sites and currently features a rotating selection of computer products, consumer electronics, watches, jewelry and gifts, sporting goods, collectibles, home goods, travel and fashion products, which typically sell at significant discounts to prices found through traditional retailers. The Company operates its online auction and bargain-sale marketplace 24 hours a day, seven days a week, 365 days a year, currently offering unique merchandise on its sites.
Incumaker, Inc (QMKR: OTC PINK) is a diversified holding company whose strategic plan is to acquire interests in young businesses, and provide financing, advice and guidance to assist them in realizing their potential. It continues to identify and evaluate potential acquisitions that its management believes will create shareholder value and a return on investment. Additional information is available in its filings on otcmarkets.com. For additional information please email Incumaker@gmail.com
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