WSGF - Vaycaychella Solidifies Balance Sheet To Bolster $100M Revenue Target
December 11 2020 - 12:34PM
InvestorsHub NewsWire
Dallas, TX -- December 11, 2020 --
InvestorsHub NewsWire -- World Series of Golf, Inc. (USOTC:
WSGF) (“WSGF”), through its new subsidiary, Vaycaychella, today
announced a transaction underway expected to be completed by month
end that will reduce balance sheet reported debt by $1.25
million.
In January of this year, WSGF acquired
Vaycaychella, a sharing economy technology company with a P2P App
to connect entrepreneurs seeking to acquire short-term rental
vacation properties with investors to back them. WSGF is in
the process of making a corporate name change in conjunction with
its new Vaycaychella business
focus.
Vaycaychella is a three-year-old operation
that has built a business model focused on financing short-term
vacation rental properties outside of conventional financing
channels. Vaycaychella’s mission is to empower entrepreneurs
looking to get into the short-term vacation property rental
business marketed through sharing technology apps such as Airbnb
(ABNB),
Booking.com (BKNG)
and Vrbo (EXPE).
Now that Vaycaychella has established a
proven model through developing a portfolio of properties that
includes 10 Caribbean beach front vacation homes, a boutique hotel,
and a recently acquired 3 unit building in Puerto Rico with an
overall estimated cumulative value of $12 million, the company is
scaling that model with the introduction of a peer-to-peer (P2P)
application (App) designed to connect new and existing short-term
vacation property rental operators with prospective
investors.
Management has targeted closing 10,000
short-term vacation property rental purchase transactions within
the first twelve months after releasing the production version of
its P2P App producing over $100 million in estimated
revenue.
WSGF acquired
Vaycaychella in exchange for a $1.5 million purchase note.
Vaycaychella brought to WSGF a $1.25 million note receivable asset
secured by short-term vacation rental properties with approximately
$10 million in real estate enterprise value. The $1.5 million note
holders have agreed to exchange the note for a control block of
preferred shares. At the same time, the current majority
shareholder has agreed to surrender his control block of preferred
shares in exchange for a $250,000 note. The net reduction in
debt will be $1.25 million.
To learn more and keep up with the latest
updates at Vaycaychella, visit https://www.vaycaychella.com/.
At the company website, you will find a blog with frequent industry
publications on the short-term rental market in general, as well as
entries specific to Vaycaychella.
Disclaimer/Safe Harbor: This news release
contains forward-looking statements within the meaning of the
Securities Litigation Reform Act. The statements reflect the
Company's current views with respect to future events that involve
risks and uncertainties. Among others, these risks include the
expectation that any of the companies mentioned herein will achieve
significant sales, the failure to meet schedule or performance
requirements of the companies' contracts, the companies' liquidity
position, the companies' ability to obtain new contracts, the
emergence of competitors with greater financial resources and the
impact of competitive pricing. In the light of these uncertainties,
the forward-looking events referred to in this release might not
occur.
WSGF
Contact:
William “Bill” Justice
bill@vaycaychella.com
(800) 871-0376
Expedia (NASDAQ:EXPE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Expedia (NASDAQ:EXPE)
Historical Stock Chart
From Apr 2023 to Apr 2024