Efftec Announces the Acquisition of YamYam, LLC as a Wholly-Owned Subsidiary
14 October 2013 - 3:23PM
OTC Markets
TULSA, OK--(Marketwired - Oct 14, 2013) -
Efftec
International, Inc. (USOTC:EFFI): Efftec today announced that it
has
completed the full acquisition of YamYam, LLC ("YamYam" or the
"Company"), a software and mobile application development company
based
in Reno, NV.
YamYam has shown an impressive track record in terms of
business
ability and acumen since its inception in early 2011,
essentially
skipping the 'start-up' phase, producing tangible revenues and
profits
in its first year of business. On a year-over-year basis, the
Company
has shown growth of 350% in top-line revenues from 2012 to 2013,
having
booked over $320,000 in revenues to date this year.
During our diligence period, YamYam stood out as the best choice
for
Efftec and our shareholders amongst the short list of potential
acquisition candidates. The Company was selected not only for
its
impressive operating history, but for its proprietary software and
IP
asset base. YamYam owns the source coding, frameworks, and other
related
IP which serve as the functional basis for a number of games
and
applications which are currently active and in-use.
Dr. Clinton, CEO of Efftec, stated that, "We are very pleased
to
bring the news of this acquisition to our valued shareholders.
With
YamYam, we saw a company which was operating quite well in its
own
regard, in a sector which analysts unanimously agree will continue
to
see excellent growth for the next many years to come. As
importantly,
also as one which, with the backing of our company, could be pushed
to
new heights rather quickly. We intend to grow YamYam into a
true
competitor to the medium and, potentially, to the majors in its
sector."
"We will expand upon the operating history, management, and
current
and upcoming business of YamYam very shortly," continued Dr.
Clinton.
Per discussions between the management of both companies,
YamYam
will retain its name and structure as a limited-liability company
for
the present time, wholly-owned by Efftec. Future plans may
include
incorporation.
About:
Efftec International, Inc. is a holding company with three
wholly
owned subsidiaries. Efftec, is active in the area of acquisition
and
proprietary development of software, platforms, sustainability,
and
general improvements in the efficiency scales in various
industries.
Safe Harbor:
This Press Release may
contain,
among other things, certain forward-looking statements,
including,
without limitation, (i) statements with respect to the Company's
plans,
objectives, expectations and intentions; and (ii) other
statements
identified by words such as "may," "could," "would," "should,"
"believes," "expects," "anticipates," "estimates," "intends,"
"plans" or
similar expressions. These statements are based upon the
current
beliefs and expectations of the Company's management and are
subject to
significant risks and uncertainties. Actual results may differ
from
those set forth in the forward-looking statements. These
forward-looking
statements involve certain risks and uncertainties that are subject
to
change based on various factors (many of which are beyond the
Company's
control).