The OLB Group, Inc (OTC:OLBG), an e-commerce service provider that delivers fully outsourced private label shopping solutions, announced that it expects to become a reporting company upon effectiveness of its Exchange Act registration later this month, at which time it intends to qualify its common stock for quotation on the OTCBB.
The company also announced that it has signed a letter of intent and is currently negotiating to purchase the intellectual property assets of Auction MOJO, Inc., a subsidiary of Samax Enterprises, LLC. Auction MOJO is a provider of turn-key internet auction solutions through the company’s proprietary franchise system. OLB’s Chairman, Mr. Ronny Yakov, stated, “We are very excited about this acquisition. Auction MOJO’s franchise system will complement our existing business and round out our line of product and service offerings. In addition, OLB Group will focus on potential acquisition candidates in the eCommerce sector with a minimum of $ 5 million in revenues and at least 2 years’ operating history with demonstrated positive cash flow.”