Boxabl announces acquisition of 500 Group Inc. and 60+ patent filing portfolio/ Founders pledge proceeds to charity

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Jun 27, 2023, 14:28 ET

LAS VEGAS, June 27, 2023 /PRNewswire/ -- In a $30 million stock only deal, Boxabl acquired 500 Group Inc. ("500 Group") and Build IP LLC ("Build IP," and together with 500 Group, the "Acquired Companies"), and all building construction patents and intellectual property from the Acquired Companies. Boxabl founders Paolo and Galiano Tiramani pledged all proceeds from the acquisition to charity.

Co-founder Paolo Tiramani stated: "We plan to create the 'Boxabl Charitable Foundation' using the stock proceeds received from this transaction which we hope will plant the seed for impactful charitable works in the future. This is good for Boxabl and good for those in need. It feels great. Boxabl was created to solve the global housing crisis, and this deal is aligned with that goal. We hope this can be the beginning of a larger program of charitable giving."

"Strategically, we decided the IP license was no longer in the best interest of the company. This deal eliminates the 1% royalty fee on each unit previously owed by Boxabl on a going-forward basis," added Galiano Tiramani.

On the intellectual property side, Boxabl is only warming up. The building construction industry is rudimentary and there are overwhelming opportunities for innovation to slash costs, speed production and raise quality in an environmentally sound manner – opportunities for such improvements are where Boxabl plans to grow and accelerate value.

"I'll look forward to leading our Boxabl teams in those endeavors and further fortifying Boxabl's patent portfolio to an extreme degree," said Boxabl founder Paolo Tiramani

Boxabl's mission is to revolutionize the standard of housing construction and affordability with its innovative, technology-based solution to mass-produce homes through advanced manufacturing.

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SOURCE Boxabl