LAS VEGAS and NEW YORK, Jan. 13, 2020 /PRNewswire/ -- Remaro Group, Inc. (OTC:REMO) ("Company"), a Nevada corporation, announced today that it consummated an Agreement and Plan of Share Exchange ("Exchange Agreement") with Boomer Naturals Holdings Inc., holding company for the Boomer Naturals brand ("Boomer"), a health and wellness company headquartered and organized in the state of Nevada. Boomer is a leading developer and omni-channel marketer, distributor and retailer of wellness products geared toward being a substitute for CBD products. The Boomer products are infused with a proprietary and patent pending formulation called CB5, among other proprietary formulas currently progressing through R&D. Boomer partners with a multitude of key participants and stakeholders within the broader natural products, sports, health and wellness, beauty, skin care, branded consumer and retail sectors to produce and deliver safe, regulatory compliant, products with maximum efficacy, targeting both the markets for multi-generational adults and pets.
Pursuant to the Exchange Agreement, the Company completed the merger via a share exchange for 40,326,913 shares of the Company's common stock with Boomer becoming a wholly owned subsidiary of the Company. The Company's management consists of Boomer's management team and includes Chief Executive Officer Mike Quaid, Chairman and President Daniel Capri and Chief Operating Officer Tom Ziemann. The Company, which currently consists of over 40 employees and advisors, will be renamed Boomer Holdings Inc. and will imminently commence trading on the OTCQB market under a new symbol to reflect its new name.
Mr. Quaid, CEO commented, "As a publicly traded company, Boomer will now have more levers to pull and allow us to more actively and intimately engage not only with our core demographic, but with a broader addressable market while capitalizing from a more global and sophisticated investor base. I'm happy to say that our pipeline across all our channels continues to grow double-digits sequentially, and our discussions with strategic partners are more than exceeding our expectations as well. Over the next 12 to 24 months, we expect to have multiple new offerings available to our existing and future customers with footholds established internationally, particularly across East Asia."
Mr. Ziemann, COO added, "We believe that our unique and time-tested proprietary formulations that serve as a proven alternative to CBD, our current supply chain and the overall marketability of our products, provides Boomer with a clear alternative path towards market share gains and high double-digit revenue growth over the next 3 years. Our gross margins are higher versus the overall industry as well, which is partly due to our improving revenue mix. Based on our existing revenue run-rate forecast of $45 million for calendar year 2020, we anticipate breaking even by September of this year, and subsequently improve cash flow while still carrying out a multi-faceted expansion strategy, including a New York City flagship store. Our goal is to double revenue year over year in both calendars 2021 and 2022, while continuing to stress R&D and address key trends within the overall wellness ecosystem."
Pete Rinato, outside legal counsel to Boomer and special advisor on New York market growth added, "By expansion into the largest metropolitan area in the United States combined with the ability to actively market through all mediums due to regulatory compliant products, Boomer will be well positioned to become the pre-eminent brand in the health and wellness space."
Share Exchange and 8-K
Pursuant to the Form 8-K filed on January 8, 2020, the Company consummated the Exchange Agreement with Boomer and Boomer became a wholly-owned subsidiary of the Company and the Company adopted the business plan of Boomer. The Company's Board of Directors also approved an amendment to its Articles of Incorporation to change its name to Boomer Holdings Inc.
About Boomer Holdings Inc.
Boomer Holdings Inc. ("Boomer"), www.boomernaturals.com, a company headquartered and organized in the state of Nevada in 2019, is a leading developer and omni-channel marketer, distributor and retailer of a proprietary line of wellness products that are infused with a proprietary and patent pending formulation called CB5, among other proprietary formulas currently progressing through R&D. Boomer partners with a multitude of participants in the sports, health and wellness, beauty, skin care, branded consumer and retail sectors to produce and deliver innovative products targeting both the baby boomer and pet markets. All products are third-party lab tested by batch run and all ingredients are Generally Recognized as Safe by the Food and Drug Administration.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
SOURCE Boomer Naturals
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