Anderson, South Carolina--(Newsfile Corp. - February 22, 2023) - JZZ Technologies, Inc., (OTC Pink: JZZI) ("JZZ" or the "Company") has entered into a non-binding Letter Of Intent ("LOI") to acquire the Colorado-based mortgage company 02 Mortgage LLC. DBA Oxygen Mortgage ("Oxygen Mortgage"). Under the terms of the proposed agreement, Oxygen Mortgage will become a wholly owned subsidiary of JZZ Technologies, Inc.
Oxygen Mortgage is a Colorado-based mortgage broker with offices in Boulder, Colorado and Chicago, Illinois. The company offers home loans and a variety of mortgage financing products to consumers. Its founder, Robert Egeland, brings 30 years of experience in the mortgage business having closed on more than 28,000 loans through his business ventures with an aggregate value of over $80 million. Oxygen Mortgage is his newest vision of mortgage financing.
Oxygen Mortgage was responsible for over $10 million in home loans during FY2022 and anticipates that it will ramp-up revenues as it scales its growing residential clientele, as well as the new projects being launched through JZZ. Oxygen Mortgage management is forecasting the potential for a four-fold increase in revenues for FY2023.
Management expects that Oxygen Mortgage will become the primary provider of mortgage products for JZZ Technologies' rapidly growing real estate development division. Robert Egeland, as President of the Real Estate Division, will head up acquisitions and Real Estate development. The focus will be on integrating all aspects of the existing businesses and subsidiaries. The vision is to create an integrated real estate project development, sales, financing and marketing business that creates outstanding value for the Company.
The LOI provides that Robert Egeland will also become a director and member of the board of directors of JZZ Technologies, Inc.
Charles Cardona, CEO of JZZ Technologies, Inc., stated, "The acquisition of Oxygen Mortgage brings an important part to our new real estate development ventures. With Robert Egeland at the helm, we will now be able to offer mortgages as part of our service offerings for the many new projects we are developing in the Carolinas, Florida, and elsewhere. Oxygen Mortgage has a strong foundational base and an outstanding track record in the industry. We believe that it will add a tremendous asset to JZZ Technologies, Inc."
Robert Egeland, President and Founder of Oxygen Mortgage, added, 'It's exciting to be joining with JZZ Technologies and their growing opportunities in real estate ventures. We share a vision of providing quality products for families and strategic growth in areas that are seeing major migration, such as Florida and the Carolinas. All my years of experience have led me to this point to be able to contribute at the highest level to help JZZ develop and build some amazing neighborhoods and communities that people will be proud to call home."
About Oxygen Mortgage
O2 Mortgage LLC DBA Oxygen Mortgage (oxygenmortgage.net) is a private mortgage broker based in Colorado, with offices Boulder and Chicago, Illinois. The company was founded in 2022 by Robert Egeland, a veteran with more than 30 years' experience in the residential and commercial lending business with Fortune 500 companies including Keller Williams, and US Bank Corp. Oxygen Mortgage offers home loans, reverse mortgages, and refinancing options with licences in multiple states and growing rapidly nationwide.
About JZZ Technologies, Inc.
JZZ Technologies, Inc. is a diversified company engaged in several business sectors. Its Active Lifestyle Real Estate Development division is engaged in acquiring, managing, and operating commercial and residential real estate and housing development projects. Its Active Lifestyle Digital media business includes online media and apps (activelifestylemedia.com), content creation, and digital marketing targeted to active adults 55+.
For more information, please visit jzztechnologies.com.
Press Contacts:
JZZ Technologies, Inc.
Charles Cardona, CEO
ceo@jzztechnologies.com
DISCLAIMER and FORWARD-LOOKING STATEMENTS
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
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