Business
CBMJ Sells E-Commerce Business for $1,247,000 and Retires 59.76 Million Shares; Increases Profitability While Reducing Operating Expenses
CBMJ Sells E-Commerce Business for $1,247,000 and Retires 59.76 Million Shares; Increases Profitability While Reducing Operating Expenses.
About this update from Conservative Broadcast Media & Journalism Inc.
[{"type":"text","content":"\n POWDER SPRINGS, GA, July 11, 2022 (GLOBE NEWSWIRE) -- 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 which will be returned to treasury.      The e-commerce business sold had previously been consolidated and operates primarily through the website www.patriotdepot.com 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 mid-2021. Also included in the sale was a brick-and-mortar coffee shop in Hiram, GA, and e-commerce website www.thrashercoffee.com/ .  The company will retain its flagship news website www.flagandcross.com along with its client services business, data base 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 data base 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 has 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 ww.valloranicigars.com and the domain  http://constitution.com/ .  About DeDonato Enterprises : DeDonato Enterprises, L.L.C. is a Digital Media Company based in Metro-Atlanta that specia...
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