NEW YORK, March 15, 2018 (GLOBE NEWSWIRE) -- SoOum Corp. (OTCPINK:SOUM) (“SoOum” or the “Company”), a Physical Commodities Arbitrage Trading company offering a web-based International Trade platform, SoOum.com, announces it has signed a Letter of Intent (LOI) to acquire TradeBoss.com, a Worldwide B2B Marketplace for Commodities and other various products based in Bucharest, Romania.
Upon signing of the LOI, a period of due diligence will take place to ensure the negotiation and execution of a mutually satisfactory definitive agreement. Currently, the Company is reviewing all past revenue and expense reports, profitability estimates, business and platform structure, and operational budgets.
TradeBoss.com boasts 655,423 registered members, over 164,000 posted trade leads, 107,100+ products and 8,060,300+ responses to contact member companies. TradeBoss has been in business since 2002.
SoOum Corp CEO, William Westbrook said; “TradeBoss is a perfect fit for our current strategy and mission. Not only does it give us further credibility in the marketplace, it also allows us to add our cutting edge platform into the TradeBoss community, adding a transaction close option for the current TradeBoss members and users.”
Initially, SoOum.com and TradeBoss.com will be linked to one another to allow users to experience each “Platform” without disrupting overall user activity. SoOum’s short-term integration strategy will begin combining the two to work in unison with each other, showcasing both “Platforms” best capabilities in a clean, organized fashion.
SoOum’s management team said maintaining the value of the TradeBoss platform while opening new doors through integration is a priority, and the team is hopeful this acquisition will be a testament to their dedication in building value for SOUM shareholders, and future investors.
About SoOum Corp
SoOum Corp (OTCPINK:SOUM) is a Physical Commodities International Trading firm. Specializing in arbitrage based transactions of Physical Commodities, as well as offering a web based International Trading Platform. www.sooum.com
For more information regarding this press release please contact SoOum Corp Investor relations - investors@sooum.com
Cautionary Note Regarding Forward-Looking Statements in this press release regarding the Company’s business which are not historical facts are “ forward-looking statements” that involve some risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company’s annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Contact:
Steve Messina
646-801-3772
investors@sooum.com