Branded Legacy Inc., (OTCMKTS:BLEG) announced on August 30, 2022, about signing a letter of intent to acquire Magic 1 Promotions, LLC, a solar & water purification company. Magic 1 Promotions, LLC operates H2O and Solar Solutions, and even markets water purification & solar energy throughout central Florida.
Trading Data
On Tuesday, BLEG stock decreased 15.18% to $0.0157 with more than 1.83 million shares, compared to its average volume of 461.91K shares. The stock moved within a range of $0.0145 – 0.0204 after opening trade at $0.0204.
Branded Legacy, Inc. Signs Letter of Intent to Acquire Solar and Water Purification Company
H2O and Solar Solutions’ goal is to deliver the best solutions possible for water purification and solar energy, in a hassle-free manner. They provide free quotations and free home testing for residences and workplaces to meet the increasing demand for water purification systems and clean energy solutions.
The acquisition is to be held under Branded Legacy’s wholly owned subsidiary, Versatile Industries, LLC. It should immediately add around $250,000 in revenues to the company. Magic 1 Promotions is still in its nascent stage – it runs cash flow positive and is actively looking to expand its sales force. Magic 1 Promotions is focused on expanding its sales team and plans to be over One Million Dollars ($1,000,000) in revenue over the next 12 months.
Brandon Spikes, chairman of Branded Legacy, Inc., refers to the previously announced plans with Versatile Industries as an incubator to bring companies public and spin them off into their own entities. The new entities would generate dividends to be paid out to shareholders. That is why this particular acquisition will be of enormous value to the company and its shareholders.
Key Quote
Brandon Spikes, chairman of Branded Legacy, Inc., stated, “We had previously announced our plans with Versatile Industries as an incubator to bring companies public and spin them off into their own entities. These new entities would result in dividends paid out to our shareholders. We are really looking forward to getting into the clean energy space and we believe this acquisition will be a huge value add to Branded Legacy and its shareholders.”
Technical Data
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0176 and $0.0178 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0311. The company has a total market capitalization of $6.85 million. The stock is down 22% over the past month.
