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Labwire, Inc (OTC: LBWR) Announces Acquisition of Gas Station with Convenience Store in northern Arizona
Labwire, Inc (OTC: LBWR) Announces Acquisition of Gas Station with Convenience Store in northern Arizona.
About this update from Labwire, Inc.
[{"type":"text","content":"Labwire, Inc (OTC: LBWR) Announces Acquisition of Gas Station with Convenience Store in northern Arizona Labwire has executed a purchase agreement to acquire a gas station in AZ to leverage its current assets and operationsPHOENIX, Arizona, March 20th, 2023 (OTC Markets) - Specialty retail company Labwire, Inc. (OTC: LBWR) announced its second acquisition to leverage its current assets and operationsAcquisition of Gas Station in northern ArizonaOn 3/20/2023, Labwire executed a purchase agreement to acquire a Valero gas station located in northern Arizona with undisclosed cash payment to the seller. Due to the confidentiality, the Company plans to provide more detailed information on its first quarter financial statements expected to be filed in early May. The company expects to close the transaction by April 30th.The gas station, located in northern Arizona, met the Company’s strict criteria in acquiring a business: i) private company valuation, ii) generated a consistent cash flow, iii) fully trained and cooperative employees and iv) potential synergy with Cessil for leverage.With this acquisition, the Company plans to generate additional cash flow by stocking consumer products from Cessil stores to this location. In addition, there will be several changes in this gas station to maximize the operational performance.Mr. Hwang states, “Since our management team took over Labwire as a new management and major shareholders, our mission stayed same – building a small business to become competitive by utilizing our knowledge in various areas. With this acquisition, it allows us to expand our business segment as planned and the Company will be one step closer to launch a back-office operation (BPO) unit where it consolidates repetitive tasks for both our businesses and clients.”He also states, “While we have been contacted by small to midsize business owners as well as commercial brokers, we maintain our strict criteria in acquisition for our shareholders. Every dollar we invest whether in operation or in acquisition, it belongs to our shareholders. With this approach, we are confident that the company will generate a consistent operating cash flow which we then re-invest into the existing businesses or pursue an acquisition. Labwire has no interest in any cash burning or pre-revenue venture as it will put the company in cash cru...