ParagonX Holdings Closes Major Acquisitions Adding $60 Million in New Annual Revenue

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Jul 11, 2023, 09:01 ET

CHARLOTTE, N.C., July 11, 2023 /PRNewswire/ -- ParagonX Holdings (OTC: CAVR) is pleased to announce it finalized the acquisition of Asher Homes, Precision Project Management, Inc. ("PPM") and Ruhl Construction (collectively "Ruhl Construction"). The non-dilutive acquisition should create over $60 million in annual revenues and over $8 million in EBITDA based upon the historical performance of the companies being acquired and expected revenue from ParagonX's other subsidiaries, including Hospitality Renovation Services (HRS). These multi-state home and land developers, based in Tulsa, Oklahoma, are well known for their quality and design, which led to consolidated revenues of $48 million for 2022 (unaudited) and have continued strong performance in 2023.

"I am very excited to begin this journey in the public space after years of building strong foundational businesses in the private sector. I look forward to working with the team as we build on our success and expand even further," said Daniel Ruhl, President of Ruhl Construction & Asher Homes.

This acquisition not only brings in well capitalized growth companies but will also allow ParagonX to scale our rapidly growing majority-owned subsidiary, HRS.

With the close of this transaction, the Company will divest its interest in Sinacori Builders, Monument Real Estate Partners, Drip, and its RenuYou subsidiaries. The Company expects to change its name, and replace Board Members stepping down. Russell Sinacori will be stepping down as Executive Chairman, Board Member, and COO and Tim Samuels will be stepping down from the Board.

Kevin V. Cox will be stepping down as the Interim CEO once the divestiture of these entities is complete and the Board of Directors convenes to appoint new leadership. Kevin has accepted the CEO role of SOAAK Technologies, which recently acquired the Company's health tech subsidiary, RenuYou.

"After much effort and work, I'm thrilled to complete these acquisitions, have their founder Daniel Ruhl on board and to have such a strong company as the foundation for our future growth. I appreciate Kevin's leadership and direction over the past few years, and though he will be with us in a different role, I wish him great success in his new venture. I am looking forward to leading our charge towards a major US exchange, where I have spent the majority of my professional career," said Grant Edwards, President & Chief Financial Officer.

The company expects to release more updates soon, adding even more outsized shareholder value!

PARAGONX HOLDINGS:

ParagonX is a platform land development and construction company with multiple subsidiaries as outlined in its respective OTC filings. The Company is a Nevada corporation and was founded in the late nineties. The Company website is www.ltbh.com.

RUHL CONSTRUCTION, PPM & ASHER HOMES:

Ruhl Construction, PPM and Asher Homes are Tulsa-based land development and construction companies which have been recognized by the Parade of Homes and the Tulsa Home Builders Association for 4 years running for their award-winning home designs and construction.

FORWARD-LOOKING STATEMENTS:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.

SOURCE ParagonX Holdings