CBMJ sells e-commerce business for $1,247,000 and retires 59.76 million shares; Increases profitability while reducing operating expenses
Powder Springs, GA, July 11, 2022 (Globe Newswire) – via newmediawire — The Conservative Broadcast Media and Journalism “CBMJ” (OTC: CBMJ) acquired Stonewall Enterprises, Inc. of Nevada Corporation.
The value of the transaction is $1,247,000, which includes the transfer of certain liabilities as well as $120,000 in cash, $380,000 in notes and installment payments over the next two years. In addition, 59,760,000 shares worth $747,000, owned by former DeDonato chairman and current Stonewall Enterprises CEO Brandon Velorani, will be returned to the Treasury.
The sold e-commerce business was previously consolidated and operated primarily through the website www.patriotdepot.com and other feeder websites and customer lists. Patriot Depot is an online retailer that distributes and sells Conservative and Christian themed supplies, apparel, pins, flags, patriotic gifts, glasses, novelties, books, DVDs and more. Patriot Depot was acquired by CBMJ in mid-2021. The sale also included a brick-and-mortar coffee shop in Hiram, GA, and the e-commerce website www.thrashercoffee.com/ ,
The company will retain its flagship news website www.flagandcross.com With data base management including your customer service business, email list rental, web development and consulting businesses.
Commenting on the transaction, Mark Shaftlin, CEO of CBMJ, said the following: “We are very pleased to have completed this transaction. By exiting the retailing e-commerce business, we will continue to grow with high margins in media, web hosting, web development.” business. The share count has come down to 359.4M including a float of 92.7M.”
In two small transactions last month, the company sold its cigar business to Vallorini Cigars. www.valloranicigars.com and domain http://constitution.com/ ,
About DeDonato Enterprises DeDonato Enterprises, LLC is a digital media company based in Metro-Atlanta that specializes in reaching a conservative/liberal/religious audience with its Client Services business, Data Base Management including Email List Rental, Web Development and Consulting Business. DeDonato was acquired by CBMJ in October of 2020.
About CBMJ: (CBMJ) Conservative Broadcast Media & Journalism is a digital media company based in Metro-Atlanta that specializes in reaching conservative/liberal/religious audiences. CBMJ has an active database of over 20 million email subscribers, and publishes a Marquis monetized political/news website. www.flagandcross.com , CBMJ also distributes the increasingly popular TV, radio and social media segment “The Shaftlin Report”, hosted by economic analyst, political commentator Mark Shaftlin. https://schaftleinreport.com/ ,
Forward-looking statements: This release contains forward-looking statements within the meaning of section 27A of the Securities Act, 1933 as amended and section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain based on current expectations and assumptions regarding future events or the company’s future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which are predictions only and speak only as of the date herein. In evaluating such statements, potential investors should carefully review the various risks and uncertainties identified in this release and the matters disclosed in: www.otcmarkets.com , These risks and uncertainties could cause the Company’s actual results to differ materially.
Conservative broadcast media and journalism
Mark Shaftlin
