POWDER SPRINGS, GA, July 11, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Conservative Broadcast Media & Journalism “CBMJ” (OTC:CBMJ) announces the completion of an asset sale of its e-commerce business to Stonewall Enterprises, Inc., a Nevada company, for $1.247 million.
The transaction is valued at $1,247,000, including $120,000 in cash, $380,000 in debentures and installments over the next two years, along with the transfer of certain liabilities. In addition, 59,760,000 shares, valued at $747,000, previously owned by former DeDonato President and current CEO of Stonewall Enterprises, Brandon Vallorani, will be returned to the Treasury.
The divested e-commerce business was previously consolidated and is primarily run through the website www.patriotdepot.com and other feeder websites and customer lists. Patriot Depot is an online retailer that distributes and sells Conservative and Christian themed merchandise, clothing, pins, flags, patriotic gifts, glasses, novelty items, books, DVDs and more. Patriot Depot was acquired by CBMJ in mid-2021. Also included in the sale was a brick-and-mortar coffee shop in Hiram, GA and an e-commerce website www.thrashercoffee.com/ .
The company will maintain its flagship news website www.flagandcross.com along with its customer service business, database management including email list rental, web development and consulting business.
Commenting on the transaction, Mark Schaftlein, CEO of CBMJ said: “We are very pleased to have completed this transaction. Exiting the e-commerce retail business will allow us to focus our efforts on higher-margin businesses in media, web hosting, web development, and database management. It also enables the company to significantly reduce operating costs and move towards cash flow positive businesses. With the share reduction, the number of shares issued and outstanding was reduced to 359.4 million, including a free float of 92.7 million.”
The company sold its Vallorini Cigars cigar business in two smaller transactions last month www.valloranigars.com and the domain http://constitution.com/ .
About DeDonato Enterprises : DeDonato Enterprises, LLC is a Metro-Atlanta-based digital media company focused on reaching conservative/libertarian/religious audiences along with its customer service business, database management, including email list rentals, web development, and consulting business. DeDonato was acquired by CBMJ in October 2020.
About CBMJ: (CBMJ) Conservative Broadcast Media and Journalism is a Metro-Atlanta-based digital media company focused on reaching conservative/libertarian/religious audiences. CBMJ has an active database of over 20 million email subscribers and publishes the Marquis’s monetized politics/news website www.flagandcross.com . CBMJ also broadcasts the increasingly popular TV, radio and social media segment, The Schaftlein Report, hosted by business analyst and political commentator Mark Schaftlein. https://schaftleinreport.com/ .
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain and are based on current expectations and assumptions regarding future events or the Company’s future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which are predictions only and speak only as of the date of this release. In evaluating such statements, prospective investors should carefully consider various risks and uncertainties identified in this press release and disclosed at www.otcmarkets.com . These risks and uncertainties could cause the company’s actual results to differ materially.
Conservative broadcast media and journalism