Immudyne Acquires 51% of PDFSimpli With Proceeds From Direct Institutional Investment
NEW YORK, June 01, 2018 (GLOBE NEWSWIRE) -- ImmuDyne, Inc. (OTCQB:IMMD) (“ImmuDyne” or the “Company”), a technology-driven e-commerce company, today announced the closing of a strategic acquisition of 51% of LegalSimpli Software, LLC, the creators of PDFSimpli.
PDFSimpli is disrupting the fragmented $6 Billion dollar market for creating, editing, and converting the most commonly used file format in the world (89.2% of all electronic document formats on the Web.) With this acquisition, ImmuDyne gains a prolific operations and marketing team led by Sean Fitzpatrick, a former attorney from Silicon Valley turned digital entrepreneur, most recently playing an integral role in turning an emerging company in the career space into a multi-hundred million dollar business.
“PDFSimpli fits our branded product portfolio perfectly, with a proven customer acquisition model that we believe is rapidly-scalable with ImmuDyne’s expertise and infrastructure. Sean Fitzpatrick and his team at LegalSimpli Software, LLC are an incredibly effective addition to our growing team of professionals,” stated Justin Schreiber, ImmuDyne’s President and CEO.
The acquisition is being financed with proceeds from a $500,000 direct investment from an institutional investor. ImmuDyne has advanced $150,000 to LegalSimpli Software, LLC and will pay up to an additional $200,000, subject to certain performance metrics over the next 180 days, including recurring monthly revenue of at least $150,000 with a 25% net profit margin. While the terms of the Agreement require a minimum revenue and profit threshold, both ImmuDyne and the team at PDFSimpli are confident in their combined ability to achieve these milestones and possibly exceed them.
Sean Fitzpatrick, Founder and CEO of LegalSimpli Software, LLC, commented, “The vast synergies between our team and ImmuDyne were immediately visible when we were negotiating our partnership. I admire the Company’s unrelenting drive to protect and endlessly enhance shareholder value. That was clear in the terms that we mutually agreed on. My team is ecstatic about our partnership with ImmuDyne and looks forward to the collaboration.”
lmmuDyne, Inc. (the "Company") is a technology-driven e-commerce company that builds innovative and proprietary brands. Immudyne’s scalable and global advertising technology infrastructure leverages the world’s largest social media, search and e-commerce platforms (Facebook, Google & Amazon) to rapidly and profitably grow our continually expanding product portfolio. To learn more about our corporate strategy, brands or for investor relations please visit www.immudyne.com or email us at [email protected].
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
Released June 1, 2018