- Conservative Broadcast Media & Journalism ( OTCPK:CBMJ ) said Monday it sold its e-commerce business for $1.247M to Stonewall Enterprises.
- The amount includes $120K in cash, $380K in notes and installment payments over the next 2 years, along with the transfer of certain liabilities.
- Additionally, 59.76M CBMJ shares valued at $747K previously owned by former DeDonato president and current Stonewall Enterprises CEO Brandon Vallorani will be returned to treasury.
- The e-commerce business sold operates primarily as Patriot Depot, an online retailer that distributes and sells Conservative and Christian themed merchandise.
- The sale also included in a coffee shop in Hiram, Georgia, and Thrasher Coffee's e-commerce website.
- CBMJ will retain its flagship news website Flag & Cross, along with its client services business, data base management, web development, and consulting businesses.
- "Exiting the e-commerce business will allow us to focus efforts toward higher margin business in media, web hosting, web development and data base management," said CBMJ CEO Mark Schaftlein.
- He said the sale would help CBMJ significantly reduce operating costs and shift to positive cash flow businesses.
- With the share reduction, CBMJ's issued and outstanding share count is now at 359.4M, including a float of 92.7M.
- CBMJ also sold its cigar business Vallorini Cigars last month.
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Conservative Broadcast Media & Journalism sells e-commerce business for $1.25M