Business
Infrax Systems, Inc. Announces Agreement and Plan of Merger to Acquire Food Distributor Mi Pulpe LLC
Infrax Systems, Inc. Announces Agreement and Plan of Merger to Acquire Food Distributor Mi Pulpe LLC.
About this update from Infrax Systems Inc.
[{"type":"text","content":"Mi Pulpe revenues exceeded $20 million in 2021SPRING, TX / ACCESSWIRE / May 11, 2022 / Infrax Systems, Inc. (OTC PINK:IFXY) today announced that it recently entered into an Agreement and Plan of Merger to acquire Mi Pulpe LLC. Mi Pulpe is an US Distributor of food and beverage products catering to the Latin American segment and is expanding rapidly to other crossover market segments with new and exciting products.Mr. Jose Pineda, President of IFXY, stated, "Mi Pulpe has experienced rapid growth and tremendous demand for its products over the six years of its existence. As a private company, Mi Pulpe exceeded $20 million dollars in revenue in 2021, and we are excited about our growth prospects going forward. We expect to double Mi Pulpe's revenue run rate in the next 12-18 months through new credit facilities and investments that we are working on now. We also have plans to add additional products to our current offerings, and we are positioned to capture an even bigger percentage of the estimated 900+ Billion food market in 2022 and beyond."The acquisition is non-dilutive to current IFXY shareholders and will not require the issuance of any new stock. Infrax Systems, Inc. was one of two entities purchased by Krisa Management, LLC in 2021. Pursuant to the agreement, Krisa Management will give up 80% of its common and preferred stock to the current owners of Mi Pulpe, LLC. Mr. Pineda will serve as the company's President and Treasurer and will oversee the company's operations. Mr. Carey Cooley will stay on as CEO and Corporate Secretary and will handle public compliance issues for the company. The merger agreement is binding and is expected to close in July 2022.Mr. Cooley stated, "This merger marks a huge turning point for IFXY shareholders. In 2021, we purchased this entity with hopes of bringing in a strong team with an aggressive growth mindset. Our goal from the beginning was to deliver the best opportunity we could find on the most favorable terms to shareholders. Having gotten acquainted with the new team over the past few months, I have no doubts that we made the right choice."As previously announced by the Board of Directors, there are no current plans for a reverse split or increase in the number of authorized shares. Mi Pulpe is the first of several acquisitions we expect to complete for Infrax Syste...