16 Sep YuuZoo successfully completes Reverse Takeover of W Corp and starts trading on SGX mainboard
Singapore, 16th September 2014 – YuuZoo Corporation (“YuuZoo”), a leading global 3rd generation social e-commerce company today announced that it has completed the reverse takeover (“RTO”) of W Corporation (“W Corp”) and starting today is trading as “YuuZoo” on the SGX mainboard. Through the RTO, YuuZoo has become the first Singapore-based social e-commerce company to get listed, and is the first ever social media company to be listed on the SGX-Singapore’s mainboard.
W Corp acquired from the YuuZoo Stakeholders an aggregate of 137,613,175 YuuZoo Shares representing approximately: 99% of the total issued share capital of YuuZoo; and 98% of the YuuZoo Enlarged Share Capital (taking into account the total unexercised and outstanding options held by the Non-Participating YuuZoo Option Holders). Following completion, the total issued and paid-up shares of the Company increased from 69,135,910 to 632,075,910 (“Enlarged Share Capital”).
As part of the RTO, The W Corp board also announced that the existing W Corp board will resign and a new board will replace it. The new YuuZoo board will comprise of: Mr Thomas Zilliacus, who has been appointed as Executive Chairman and Chief Executive Officer of YuuZoo; Ms Tang Lay Hoon, appointed as the Lead Independent Director of the Company; Mr Nigel Laurie Lee, appointed as Non-Independent Non-Executive Director and Mr Chong Chee Hoong, an existing Independent Director of the Company. He will be retained with his existing position on the YuuZoo board.
Commenting on the listing of the social e-commerce network, Thomas Zilliacus, Chairman and CEO, YuuZoo said, “We are extremely heartened by the overwhelming interest in YuuZoo from the investment community. In the last few months, we have conducted many briefings and made many presentations to explain our business. The feedback we have gathered on how investors and analysts view our business has been extremely positive.”
“The unique combination of social networking and e-commerce, the localization of the user experience through a global network of franchisees and partners, the optimization of all solutions for mobile use are all things that make YuuZoo a trailblazer with a new business model which we already have seen consumers enjoy and cherish. That we also, during every year of our 5-year existence, have been able to improve our results and for the last 3 years every year have shown improved revenues and improved profits, means also shareholders have been showing smiling faces” he continued.
YuuZoo will continue to create value for its shareholders. We are only at the very first steps of a journey that we believe will make YuuZoo a landmark stock in the social media & e-commerce sector worldwide, and a proud and prominent representative of a company listed on the Singapore Stock Exchange”, Thomas Zilliacus concluded.
Headquartered and listed on the SGX mainboard in Singapore, with access to over 80 million registered users in 164 countries, YuuZoo in a unique way combines social networking and e-commerce in a virtual shopping mall concept optimized for mobile phone use, where the consumer can access hundreds of targeted social networks, targeted shops and targeted entertainment through one single login. All networks are localized for each market as comes to language as well as merchandise and design. To see the networks, log into: www.yuuzoo.com.