Hong Kong -based, operating matchmaking services in emerging Love & Marriage sector.- Owner of multiple patented matchmaker AI technologies.
- Hand-in-Hand branded retail stores, key advantage over competition.
- FY23 royalty revenue of
$1.9 million with licensing agreements in place to deliver$77 million in royalties over the next 3 years.
“Over the past year, the Connexa board and management have been reviewing the company’s potential to directly create meaningful enhancements in shareholder value, especially considering the on-going challenges and costs faced by the company while operating on Nasdaq and, as a result, the Board concluded that this acquisition represented a clear short-term opportunity to deliver shareholder value and, as such, it was clearly in the interest of all shareholders to conclude this acquisition of a majority stake in YYEM, accept a change-in-control of Connexa, as well as divest the Slinger Bag business to a newly established entity,” commented Mike Ballardie, CEO of Connexa.
“Having come to understand the emerging business sector in which YYEM operates, and in realizing the scope of their growth opportunity, which will be delivered through their plans for organic
Established in
Through interrogating and analyzing available Big Data, the YYEM IP supports the identification of its target subscriber base, while also providing subscriber profile analyses and integrating seamlessly with YYEM’s patented matchmaker AI platform — all of which combine to deliver YYEM’s unique matchmaking events and help subscribers to find successful life partnerships.
YYEM has already proven its business model in the
YYEM collected royalties of around
About Connexa Sports Technologies:
Connexa Sports is a leading connected sports company delivering products, technologies, and Sport-as-a-Service across a range of sport verticals. Connexa’s mission is to reinvent sports through technological innovation driven by an unwavering focus on today’s sports consumer.
CNXA Contact Information:
investors@connexasports.com
www.connexasports.com
About
YYEM Contact Information:
info@yuanyuenterprise.com
www.yuanyuenterprise.com
Additional Information and Where to Find It
In connection with the proposed Share Exchange Transaction, the Company will prepare a proxy statement to be filed with the
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. Statements that are not historical facts, including statements about beliefs or expectations, are forward-looking statements. These statements are based on plans, estimates, expectations and projections at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described in this press release include, among others:
- uncertainties as to the completion of the Share Exchange Transaction and the separation agreement, including the risk that one or more of the transactions may involve unexpected costs, liabilities or delays;
- the risks associated with the Company’s relatively low public float, which may result in the Common Stock experiencing significant price volatility;
- the possibility that competing transaction proposals may be made;
- the effects that the announcement, pendency or consummation of the proposed Share Exchange Transaction and the separation agreement may have on the Company and its current or future business and on the price of the Common Stock;
- the possibility that various closing conditions for the Share Exchange Agreement and the separation agreement may not be satisfied or waived, or any other required consents or approvals may not be obtained within the expected timeframe, on the expected terms, or at all, including the possibility that the Company may fail to obtain stockholder approval for the transactions contemplated by the Share Exchange Agreement;
- the effects that a termination of the Shre Exchange Agreement may have on the Company, including the risk that the price of the Common Stock may decline significantly if the Share Exchange Transaction is not completed;
- uncertainties regarding the Company’s focus, strategic plans and other management actions;
- the risks associated with potential litigation related to the transactions contemplated by the Share Exchange Agreement or related to any possible subsequent financing transactions or acquisitions or investments;
- uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions;
- and other factors, including those set forth in the Company’s filings with the
U.S. Securities and Exchange Commission , including its Annual Report on Form 10-K for the fiscal year endedApril 30, 2023 and subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements included in this report speak only as of the date each statement is made. Neither the Company nor any person undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.
Source:
2024 GlobeNewswire, Inc., source