The revised agreement also strengthens the company’s exclusivity and right of first refusal to acquire future exclusive commercialization licenses for new market-ready technologies (retail and commercial) from Soft Tech Development Corp.;
Defenses against the change-of-control pill strengthen the company and shareholders against hostile or undervalued takeover attempts.
JACKSONVILLE, Florida / ACCESS CABLE / Jul 21, 2022 / Webstar Technology Group Inc. (OTCQB:WBSR) a software marketing and technology company that identifies, incubates and acquires the exclusive rights to promising proprietary technology products and services and provides its shareholders with access to participate in cutting-edge Internet-centric technology opportunities and global data delivery capabilities, announced that it has taken additional steps in response to its recently published New Plan of Operations, which it has recently announced by amending its current Amended and Restated Technology License and Commercialization Agreement by adding a 2nd Amendment thereto.
By amending the company’s principal asset, its amended and reformulated second technology commercialization and licensing agreement with Soft Tech Development Corp., the company
additional Defenses Against “Poison Pill” Change of Control in the revised license. The safeguards are designed to strengthen the company and protect shareholders from hostile takeover attempts by third parties seeking to acquire control of the company to gain access to exclusive licensed technology by reducing the market value of the common stock. in the market in an effort to acquire the required majority of shares.
The Amendment also strengthened the exclusivity of the Company and right of first refusal to acquire future exclusive marketing licenses for new market-ready technologies (retail and commercial) from Soft Tech Development Corp., thereby increasing the value of its primary asset and potentially increasing the stability of additional Company technologies available for licensing to third parties, which is part of the New Plan.
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One of the provisions of the Poison Pill now incorporated in the 2nd Amended Agreement, in effectgrant the Licensor, Soft Tech Development Corp., the option to cancel the License in the event that: “Any person or entity, or series of persons or entities, ultimately becomes the beneficial owner, directly or indirectly, of the License. common property Values securities of the LICENSEE that represent fifty-one (51%) percent of the total securities issued and in circulation, unless such shares have been acquired at an average of not less than five ($5.00) dollars per shareon the free market or in private sales.
Don Roberts, CEO of the company, said: “The change of control and other provisions of the second amended license would negate any hostile takeover attempt to acquire the prize… Soft Tech Development Corp.’s technology licenses to the company if the shareholder compensation may not be considered adequate. We wanted additional control over the minimum threshold for a takeover and felt we had created a safety net, which would increase the Company’s leverage in any negotiations or in response to any hostile takeover attempts.”
He continued: “At the same time, we also seek to generate immediate revenue by licensing the technology to third parties and engaging in strategic acquisitions or investments in leading-edge technology to generate initial and residual revenue for the company.”
The recent presentation and publication of the New Operations Plans discussed a change in approach aimed at utilizing a faster path to revenue with minimal time and expense. The plan included a possible acquisition of the Company by a third party through a change of control of the Company. The plan also included licensing the technology to third parties; 2) Sell the technology under a Permanent License to a third party; and 3) acquisitions or strategic investments in state-of-the-art technology.
The Company disclosed that the specific acquisition partners would be experienced and globally recognized entities with everything necessary for a rapid launch/use of the Company’s technology.
About Webstar Technology Group, Inc.
Webstar Technology is pioneering a new era of innovation that will unleash the power of the Internet and global data delivery capabilities that have never been realized before. Our Warp-G enterprise software and Gigabyte Slayer mobile app are designed to increase data flow delivery well beyond existing 4G and projected 5G. Combined with our “Smart-Caching” encryption technology and advanced storage optimization capabilities, Webstar will provide disruptive global data protection, storage and delivery capabilities for every business, every customer. Webstar Technology Group: “Transforming the connected world through innovative technologies that help businesses prosper and enrich people’s lives!”
For more information about Webstar Technology Group Inc., please visit our website: https://webstartechnologygroup.com
Forward-Looking Statements Disclaimer: This release may contain statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Webstar Technology Group Inc.’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such forward-looking statements include the words “vision,” “seek,” “grow,” “plan” and other expressions of a forward-looking nature. Further information on potential factors that could affect business and financial results is and will be included in Webstar Technology Group Inc.’s filings with the OTC Markets, Securities and Exchange Commission and/or will be posted on the company’s website. .
webstar technology group, inc.
Harold Hutchins, CFO
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