VAYK Announces LOI to Acquire $1 Million Home Service Company to Support Airbnb Business

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Aug 01, 2024, 09:00 ET

ATLANTA, Aug. 1, 2024 /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") today announces that the company has reached a letter of intent (LOI) to acquire 50% non-managerial ownership of a home service company based in Atlanta, Georgia. The acquisition target reported over $1 million revenue for the year 2023, with a solid margin of operating profit.

According to the LOI, it will be a non-cash acquisition deal, under which VAYK will issue approximately $250, 000 of restricted shares to the owner of the business, in exchange for the 50% non-managerial ownership. These shares will be priced at $0.005 per share, which is more than 600% higher than the most recent closing price of VAYK's common shares.

This acquisition will be part of VAYK's new strategy to focus on domestic short-rental (Airbnb) market. The home service business and Airbnb operation, according to VAYK's management, are synergistic and will likely help each other to grow.

Earlier this month, VAYK reached a non-cash deal with an Airbnb-management company, to acquire the management rights of an Airbnb property. VAYK is expecting to start receiving cash revenue form the Airbnb property in August.

Earlier this year, VAYK acquired the rights to renovate a historic landmark into a $5 million Airbnb property, and to operate the property upon completion of its renovation.

The goal of VAYK, according to its management, is to become a comprehensive service provider in short-term rental (Airbnb etc.) industry. Short-term rental is an industry of $64 billion domestic market, according to a third-party source AirDNA.

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

VAYK Contact:
[email protected]
+1 470-804-7144

SOURCE Vaycaychella, Inc.