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LOS ANGELES, CA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- via newmediawire -- wpf holdings, inc. (OTC PINK: WPFHD) announces today that it has acquired online and e-commerce assets from KPOP 1004 operations. This reflects the more technology-focused direction of WPF Holdings and modifies and closes out the acquisition agreement prior announced between the parties. KPOP 1004 has received 10,000 shares of WPF Holdings common stock along with agreements to operate as the sole distributor of all K-Pop and K-Beauty products for WPF Holdings and its subsidiaries.
As part of the asset acquisition, WPF Holdings will form a subsidiary company called K-Shop, and will place all of these acquired assets and operations within the newly formed company. KPOP 1004 will operate as sole distributor for all K-Pop and K-Beauty merchandise for K-Shop.
KPOP 1004 is the largest K-Pop retailer in the United States (by square footage). The asset acquisition and exclusive online license is designed to leverage WPF Holdings' marketing and technology to increase sales and grab online K-Pop fans who are not able to visit the retail locations.
In addition to the online presence, K-Shop will also provide physical kiosks in every KPOP 1004 location to allow for consumers to purchase online only or non-stocked items. K-Shop plans to expand its kiosk program beyond the initial location in the Ontario Mills Mall (CA), San Francisco Premium Outlet (CA), Westfield Valencia Town Center (CA) and Las Vegas South Premium Outlets (NV) to several additional locations in multiple states by the end of 2023. K-Shop plans to focus on the rapidly growing K-Beauty market, which accounts for $10.3 Billion in revenue and is estimated to grow to $31.6 Billion by 2029.
About WPF Holdings, Inc.
WPF Holdings, Inc. is a dynamic e-commerce and digital consultancy company that helps businesses navigate the ever-evolving digital landscape. With a team of experts in various fields such as web design, digital marketing, and e-commerce strategy, we provide a holistic approach to help businesses increase their online presence and revenue. Our goal is to empower businesses to take full advantage of the opportunities that the digital world has to offer. Whether you're just starting out or looking to take your business to the next level, we're here to help. Let's work together to achieve your goals and drive success for your business.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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