Acquisition represents Company’s first milestone after pivot
SANTA MONICA, CA – (McapMediaWire – November 29, 2022) – Wanderport Corporation (OTC: WDRP), a holding company with a focus in the automotive, clean tech and manufacturing sectors is pleased to announce the execution of the definitive agreement with OZ Leather Joint Stock Company, accomplishing its first milestone after pivot.
The execution of the definitive agreement represents an initial step whereby Wanderport agreed to acquire ten percent equity of OZ Leather JSC (https://ozleather.vn). Wanderport reserves the rights for additional equity acquisition if certain key performance indicators are met.
Located in Vietnam, OZ Leather is a bulk manufacturer of high-quality leather catering to the automotive, furniture and accessories markets. Through its B2B relationships, OZ Leather provides materials to its partners to produce end products such as car interior linings and floor mats, residential and commercial leather seats, and a host of other consumer products.
OZ Leather initially purchased its raw materials from China. It has since sourced and produced most of its raw materials locally in Vietnam, thus allowing its end products to be highly competitive compared to those from China.
OZ Leather is the largest manufacture of its category in Vietnam. It is currently operating near maximum capacity and is profitable. With additional capital infusion from Wanderport, OZ Leather is slated to dominate the Vietnamese market.
Through the acquisition, Wanderport has gained access to OZ Leather’s long list of customers and wide network of participants in the automotive industry. The Company plans to leverage the contacts for partnerships and/or additional acquisitions as part of its roll-up strategy.
The investment in OZ Leather represents the first milestone for Wanderport after its recent pivot into the automotive, energy and manufacturing sectors. The Company plans to assist OZ Leather to further improve its operating efficiency, gain local and global market shares as well as produce end products for customers such as auto manufacturers, dealers and aftermarket product companies.
Additional details about the new business and Wanderport’s growth strategy will be provided as the Company incorporate OZ Leather into its operation. Information on other potential business opportunities stemming from the transaction will also be forthcoming.
“We are excited to have OZ Leather as part of our family,” commented Miki Takeuchi, CEO. “We are confident that with our collective efforts, we can help OZ Leather become a major international player in the leather industry. This relationship has already begun to populate our pipeline with other potential transactions in the automotive and various industries, which we expect to translate into a significant value for our shareholders.”
About Wanderport Corporation
Wanderport Corporation is a holding company with a focus in the areas of automotive, electric vehicles, energy and manufacturing.
For more information, please visit https://wanderportcorp.com.
Forward Looking Statements:
Statements made herein constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company’s stock price, increased competition, customer acceptance of new products and services to be offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating efforts. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management’s plans and objectives for future operations. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of the business operations of Wanderport Corporation, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release.