New World Completes Acquisition of Panyo AI Technologies
Toronto, Ontario--(Newsfile Corp. - June 12, 2024) - New World Solutions Inc. (CSE: NEWS) (OTC Pink: REGRF) (FSE: RT5) ("NEWS" or "New World" or the "Company") is pleased to announce the successful acquisition of Panyo AI Technologies Inc. ("Panyo") previously announced on June 4, 2024 that marks a significant expansion of New World Solutions' portfolio by enhancing its presence in the electric vehicle (EV) sharing market.
In this strategic move, New World has acquired 100% of the issued and outstanding shares of Panyo, a leading company in the electric vehicle (EV) rental market known for its innovative and eco-friendly transportation solutions.
Paul Haber, CEO of the Company, commented, "The acquisition of Panyo marks a significant milestone for New World as we continue to expand our portfolio and strengthen our position in the electric vehicle market. We are excited to integrate Panyo's operations and look forward to the growth opportunities this acquisition brings."
The acquisition was completed as a share exchange whereby as consideration for all of the issued and outstanding common shares of Panyo, the Company issued 20,000,000 units (the "Units") consisting of one common share and one common share purchase warrant of the Company to the shareholders of Panyo with each shareholder receiving a pro rata number of Units. See the news release dated June 4, 2024 for additional details regarding the transaction.