Business
Starfleet Innotech and PPM Toys Execute an MOU Agreement for Starfleet to Acquire a Majority Ownership Interest in PPM Toys
Starfleet Innotech and PPM Toys Execute an MOU Agreement for Starfleet to Acquire a Majority Ownership Interest in PPM Toys.
About this update from Starfleet Innotech Inc.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - March 13, 2023) - Starfleet Innotech, Inc. (OTC Pink: SFIO) (\"Starfleet\"), a US global investment holding company, and PPM Toys (the \"Company\"), a Mexican founded toy manufacturing and licensing Company, with offices in Hong Kong and the US, announced today that they have signed a Memorandum of Understanding (MOU) for Starfleet to acquire a majority investment in the Company. For this press release, individually each is the party (the \"Party\") and together the parties (the \"Parties\").Following an initial Letter of Interest (LOI) signed by the Parties, this MOU serves as the culmination of a period of due diligence and the negotiation of the fundamental terms and conditions for the acquisition. This includes the Company restructuring and change in headquarters location to the US. This will enable better access to capital resources and to enhance the development of a combined global strategy focused on accelerating the growth and valuation efforts of both Companies by more cost-effectively applying their resources to the changing technology and business conditions of the industry. Under this agreement, PPM Toys CEO Carlos Iga Saade will continue to lead the Company's operations as Chief Executive Officer, and he will also remain as a minority stockholder in the Company.Currently, PPM Toys, with headquarters in Monterrey, Mexico, has a US-based company presence and office in Hong Kong. The Company specializes in the commercialization, development, and distribution of toys and electronic entertainment. PPM Toys has a 35-year business history in these fields and has sold millions of toys for brands including Barbie (Mattel), Tonka, Peanuts, Hasbro properties, and Warner Brothers properties. PPM counts regional giants such as Walmart, Amazon, Mercado Libre, Liverpool, and Coppel (Mexico's largest department store chain) among their clients. PPM Toys' CEO Carlos Iga Saade said, \"We are overly excited to be joining the Starfleet community and being able to leverage their strategic management, financial support, and improved target marketing due to their global presence. Additionally, the utilization of their technology resources will further enhance our ability to provide better quality traditional products and develop e-commerce and new digital products that are consistent with the ch...