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Infrax Systems, Inc. Announces the Mi Pulpe Acquisition is Expected to Close the Week of July 25
Infrax Systems, Inc. Announces the Mi Pulpe Acquisition is Expected to Close the Week of July 25.
About this update from Infrax Systems Inc.
[{"type":"text","content":"SPRING, TX / ACCESSWIRE / July 19, 2022 / Infrax Systems, Inc. (OTC PINK:IFXY) announced today that it expects its acquisition of Mi Pulpe LLC to close the week of July 25, 2022. All due diligence items have been completed and the final acquisition documents have been signed. The company also announced that it has completed the process of changing transfer agents. The acquisition will formally close once all bookkeeping items associated with the transfer of shares have been finalized on the company's official shareholder records. The acquisition is non-dilutive to current IFXY shareholders and will not require the issuance of any new stock.Mi Pulpe is an US Master Importer & Distributor of specialty nostalgic food and beverage products catering to the Latin American market segment. Mi Pulpe generated over $22 million of revenue in 2021, and the company is expanding rapidly to other crossover market segments with new and exciting products.Mr. Jose Pineda, President of IFXY, stated, "We have big plans for this company. We started Mi Pulpe in 2015 with first year revenues of around $650,000, and we see no reason why we cannot continue to aggressively grow the company going forward. The Latino/Hispanic population in the US is climbing at an accelerated rate and is expected to grow over 50% in the next decade. We are excited at the possibilities this merger provides to expand the Mi Pulpe product portfolio and meet our aggressive revenue growth targets."Mr. Carey Cooley, CEO of IFXY, stated, "I cannot imagine a better result for our current shareholders. We are basically delivering them a $22 million revenue company with exciting growth potential at no cost to any shareholders other than myself. I believe that Mi Pulpe is just the beginning. We are already looking forward to other great companies we can bring into the IFXY family."The IFXY 2022 fiscal year ended on June 30, 2022, and the 2022 annual disclosure will reflect the Company's shell status as of that date. The Mi Pulpe acquisition and financial results will be reflected in the Company's disclosure statement for Q1 2023, which runs from July 1, 2022 through September 30, 2022.IFXY has developed a short list of potential acquisition targets, and the Mi Pulpe acquisition is the first of several the Company expects to complete in the coming months. IFXY ...