Powder Springs, GA, May 11, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — CBMJ Inc., Conservative Broadcast Media & Journalism (CBMJ), today announced the signing of a Letter of Intent to acquire 100% of the assets of USA Depot, Inc. and its wholly owned subsidiary Patriot Depot.
The acquisition, targeted to close between 5-31-21 and 6-15-21, will enable the company to double the size of its annual revenue to approximately $7M.
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.
The consideration paid to USA Depot Inc. is the issuance of 40M shares of Restricted Common stock in an all-stock deal.
At closing Floyd Brown, Chairman of USA Depot, Inc. will join CEO Mark Schaftlein and President Brandon Vallorani on the Board of Directors of CBMJ.
“We are thrilled by the opportunity to combine the resources of the two businesses and deliver additional revenue and earnings potential for our shareholders. Having a long time Conservative Media Industry leader like Floyd Brown join our Board with the wealth of experience and contacts will only open up additional deal opportunities,” stated CEO Mark Schaftlein.
“This is very exciting. Since the Patriot Depot fulfillment center is in close proximity to our office, we’ll be able combine and consolidate our distribution business and utilize the combined digital…