ATLANTA, April 11, 2018 (GLOBE NEWSWIRE) — Incumaker, Inc. (OTC Pink: QMKR) announced today that it has entered into an Agreement and Plan of Merger with uBid Holdings Inc. (“UBID”), whereby UBID would merge with and into Incumaker and Incumaker would be the surviving corporation. Under this Alternative Public Offering, or “APO” transaction, shareholders of UBID would own 90% of the issued and outstanding shares of Incumaker of the newly combined company that will seek to change its name to “uBid Holdings Inc.” as well as its ticker symbol post-merger to better reflect the company’s new technology related business model. Under the terms of the merger agreement, UBID’s current officers and directors would become the officers and directors of the newly combined company.
Ketan Thakker, UBID’s Chief Executive Officer, a position he will retain following the merger with Incumaker, stated: “The consummation of a definitive agreement to merge represents another significant step in recapturing value for our stockholders. Our management believes that the APO will offer UBID greater visibility within the marketplace and increased access to much-needed growth capital. Over the coming weeks, our singular focus will be taking the necessary steps to close the contemplated transaction and increase shareholder value for both shareholders of UBID and Incumaker.” Darren Bankston, CEO of Incumaker, commented: “After reviewing many merger candidates over the past six months, I feel that uBid Holdings, Inc., and, in particular, Mr. Thakker and his team, represent the best option for Incumaker and its shareholders. I am extremely impressed with what I have learned about uBid Holdings, its growth plans and its very impressive and seasoned incoming board of directors. This merger represents a very exciting time for all parties involved.”
Under the terms of the Agreement and Plan of Merger, Incumaker and UBID must close the merger by May 31, 2018. The closing of the transaction is subject to UBID completing one acquisition and having the financing to consummate a second acquisition of target companies and other customary conditions, including approval by the shareholders of both companies.
About uBid Holdings, Inc.
uBid Holdings, Inc. (“uBid” or the “Company”) is an e-commerce company focused on operating a growing number of online auction and bargain-sale e-commerce marketplaces offering thousands of products to both consumers and businesses. uBid provides a unique shopping experience that offers buyers the opportunity to either set their own prices or receive competitive fixed prices on popular, brand name products at a significant discount to prices found at bricks-and-mortar stores and large internet retailers. The Company’s online marketplaces provide manufacturers, retailers, distributors and other suppliers with an efficient and economical channel for maximizing revenue on their merchandise while at the same time moving new, overstock, close-out and recertified products and providing consumers and businesses with a convenient method for obtaining this merchandise virtually anytime and anywhere at substantial savings. uBid currently operates through its internet site, uBid.com, which the Company’s management believes was one of the first and remains one of the most recognized names among auction sites and currently features a rotating selection of computer products, consumer electronics, watches, jewelry and gifts, sporting goods, collectibles, home goods, travel and fashion products, which typically sell at significant discounts to prices found through traditional retailers. The Company operates its online auction and bargain-sale marketplace 24 hours a day, seven days a week, 365 days a year, currently offering unique merchandise on its sites.
Incumaker, Inc (QMKR: OTC PINK) is a diversified holding company whose strategic plan is to acquire interests in young businesses, and provide financing, advice and guidance to assist them in realizing their potential. We continue to identify and evaluate other potential acquisitions that we believe will create shareholder value and return. Additional information is available in our filings on otcmarkets.com. For additional information please email Incumaker@gmail.com
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