This is a brief update on the sale of our wholly owned subsidiary, ServeNation, Inc., a prepaid debit program founded by Mark B. Newbauer and Jasmine Raja after purchasing the program name, LLC and national customer lists from its original owner. I am using an email from a shareholder which summarized other questions well, to answer. Please feel free to call us or email with any questions until further public release on the subject.
Is ServeNation 100 percent owned by MIKP:
or just a fraction as stated in your most recent PR about the sale of ServeNation to one of your lenders:
The 27.5% that we will retain in equity ownership and revenue shares is what we agreed on as part of the conditions of the sale, as per the last press release.
Not sure I understand this ServeNation information.
This will be clarified in a release once the deal is consummated in full— this is not something I wanted to give an effective date on as the public markets, and the work involved with being a public company can take a timeline from weeks to months as we’ve all witnessed, I’m sure.
That said—- We agreed to sell ServeNation for $350k to a committed JV Group. Their intent is to take the company public, most likely a bulletin board company and with executives from Chicago that have a great deal of experience and success with large ventures.
I agreed, on behalf of the company, toward collective benefit, to allow for payment once the most suitable scenario for ServeNation was identified and prepared by the buyer. Further, though we have agreed to sell, I will not let ServeNation go casually and terms have been built in to our agreement in which they must satisfy both cash payment along with an actionable plan for program deployment and success.
They have a great head start as, again, we already have established strong relationships with a major financial institution as well as a network for the card, which CURRENTLY includes one or more of the following: Visa, Mastercard, Discover, Amex.
This has been previously announced, however the specific company has not as there was no reason, in my opinion, to do this until the program was closer to launch. Announcement otherwise would have been premature in my opinion and feel that knowing we’re working with a major global network, would suffice.
Per recent discussions, Jasmine Raja will remain on the Board as Director or continue to serve as CEO for ServeNation, Inc. with best collective interests on hand. All announcements by the new company will be shared publicly with MIKP holders via press release as we will be holding a significant stake in the company with the 27.5%.