ALT 5's transactional processing volume exceeded $1.1 billion in calendar 2023, and over
$450 million in Q1 2024
LAS
VEGAS, May 13, 2024 /PRNewswire/ -- JanOne Inc.
(Nasdaq: JAN) announced today that it has executed a Definitive
Agreement to acquire blockchain financial technology provider, ALT
5 Sigma Inc., a Delaware
corporation, and each of its wholly-owned subsidiaries. The
transaction is anticipated to close the week of May 13th, 2024 and is subject to customary
closing conditions and regulatory requirements as applicable.
Launched in 2018, ALT 5 is a fintech that provides next
generation blockchain-powered technologies to enable a migration to
a new global financial paradigm. ALT 5, through its subsidiaries,
offers two main platforms to its customers: "ALT 5 Pay" and "ALT 5
Prime."
ALT 5 Pay is a crypto-currency payment gateway that
enables registered and approved global merchants to accept and make
crypto-currency payments or to integrate the ALT 5 Pay
payment platform into their application or operations using the
plugin with WooCommerce and or ALT 5 Pay's checkout widgets and
APIs. Merchants have the option to convert to fiat currency (US
Dollars, Canadian Dollars, Euros, and British Pounds Sterling)
automatically or to receive their payment in digital assets.
ALT 5 Prime is an electronic over-the-counter trading platform,
that enables registered and approved customers to buy and sell
digital assets. Customers can purchase digital assets with fiat
and, equally, can sell digital assets and receive fiat. ALT 5 Prime
is available through a browser-based access, mobile phone
application named "ALT 5 Pro" that can be downloaded from the Apple
App Store, from Google Play, through ALT 5 Prime's FIX API, as well
as through Broadridge Financial Solutions' NYFIX gateway for
approved customers.
According to Research and Markets.com (1) "The Payment
Processing Solutions Market size is estimated to grow from
approximately USD 100 Billion in 2023
at a CAGR of 9.5% during the forecast period from 2023 to 2030." In
addition the report states, "Technological advancements, including
artificial intelligence, machine learning, and blockchain, are
revolutionizing the payment processing landscape." (1) Source
https://ca.finance.yahoo.com/news/global-payment-processing-solutions-market-121800862.html
"We believe that ALT 5's innovative solutions provide
significant competitive advantages in this market and together we
can help them continue their growth," said Tony Isaac, President and CEO of JanOne Inc.
"The innovative products and services delivered by ALT 5 to its
global customers are at the forefront of the payment processing
industry and have contributed to reducing risk and eliminating
costly credit card charge-backs. In addition, ALT 5 has developed a
profitable business that we can assist to rapidly scale globally.
With ALt5 as the foundation, we will begin working with the Alt5
team to identify additional opportunities for expansion of the
product portfolio, and the scale of the business."
Mr. Andre Beauchesne, President
of ALT 5 Sigma Inc., stated, "Since our beginning in 2018, it has
been one of our objectives to be a part of publicly traded company
and being acquired by JanOne starts a bright new chapter in our
growth story." He added, "As we continue to build on our strong
foundation, JanOne's management team and public listing will help
leverage many opportunities."
Overview of the transaction
At closing, JanOne will
issue to the former stockholders of ALT 5 1,799,100 shares of its
common stock, which represents approximately 19.9% of JanOne's will
issue to the outstanding common stock as of May 10, and (ii) 34,207 shares of its Series B
non-convertible, non-redeemable preferred stock. At closing ALT 5
Sigma Inc. and its subsidiaries shall become wholly owned
subsidiaries of JanOne.
Additional details about the acquisition can be found on
JanOne's website at https://ir.janone.com/sec-filings or in
JanOne's filings with the Securities and Exchange Commission at
https://www.sec.gov/edgar/browse/?CIK=862861&owner=exclude.
About JanOne Inc. — JanOne is a unique Nasdaq-listed
company offering innovative, actionable solutions intended to help
end the opioid crisis. JanOne is dedicated to funding resources
toward innovation, technology, and education to find a key
resolution to the national opioid epidemic, which is one of the
deadliest and most widespread in the nation's history. Its drugs in
the clinical trial pipeline have shown promise for their innovative
targeting of the causes of pain as a strategic option for
physicians averse to exposing patients to addictive opioids.
Please visit www.janone.com for additional information.
Forward Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements
relating to the statements that JAN 101 will treat PAD, that JAN
123 will treat CRPS, the timing of the commencement of clinical
trials, that the FDA will permit approval through a 505(b)(2)
pathway for JAN 123, that upon approval JAN 101 will immediately
disrupt the PAD market, and other statements, including words such
as "continue", "expect", "intend", "will", "hope" "should",
"would", "may", "potential" and other similar expressions. Such
statements reflect JanOne's current view with respect to future
events, are subject to risks and uncertainties, and are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by JanOne, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors could cause JanOne's
actual results, performance or achievements to be materially
different from any future results, performance or achievements
described in this press release. Such factors could include, among
others, those detailed in the Company's periodic reports filed with
the Securities and Exchange Commission (the "SEC"). Should one or
more of these risks or uncertainties materialize, or should the
assumptions set out in the section entitled "Risk Factors" in
JanOne's filings with the SEC underlying those forward-looking
statements prove incorrect, actual results may vary materially from
those described herein. These forward-looking statements are made
as of the date of this press release and JanOne does not intend,
and does not assume any obligation, to update these forward-looking
statements, except as required by law. JanOne cannot assure that
such statements will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. Individuals are cautioned that forward-looking
statements are not guarantees of future performance and accordingly
investors are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty
therein.
Media Contact Investor Relations
IR@janone.com
1-800-400-2247
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SOURCE JanOne Inc.