LQR House Inc. Announces Share Acquisition by MeiFang Group at $1.58/Share and Agreement for Share Acquisition by Winz Technology Co. at $2.85/Share, Along With Highly Qualified Board Nominations
MIAMI BEACH, FL / ACCESSWIRE / November 27, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche e-commerce platform specializing in the spirits and beverage industry, announced today a transformative step forward under the guidance of activist investor David Lazar. Mr. Lazar has entered into a Securities Purchase Agreement (the "SPA") with both MeiFang Group & Winz Technology Co., signaling a strategic alignment aimed at advancing LQR House's market position and fostering sustainable growth.
As part of the agreement, MeiFang Group acquired 821,818 shares of common stock from Mr. Lazar for $1,300,000, representing a valuation of $1.58 per share. Similarly, Winz Technology Co. is set to acquire 280,000 shares of common stock from Mr. Lazar for $800,000, reflecting a valuation of $2.85 per share.
Thanks to David Lazar's extensive network, LQR House is pleased to announce the nomination of two highly qualified candidates, Yilin Lu and Hong Chun Yeung, to its Board of Directors. These appointments are pending shareholder approval and, with their exceptional expertise in capital markets and business strategy, are expected to elevate the Company's leadership and drive its future growth.
Yilin Lu, a Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM), brings over 15 years of experience in equity investment and trading. Since June 2023, Mr. Lu has served as the Founder and CEO of Senchi Morgan Capital Market and Senchi Morgan Asset Management, renowned broker-dealer and asset management firms. Mr. Lu began his investment banking career at Goldman Sachs in 2006 and subsequently held leadership roles at China International Capital Corporation (CICC) and Cantor Fitzgerald Capital Market in Hong Kong. He established his first investment bank in 2016 and later served as the Founder and CEO of Cheung On Securities Limited. His extensive background in global financial institutions positions him as a key asset in guiding LQR House's growth and market strategy.
Hong Chun Yeung, a practicing member of the Hong Kong Institute of Certified Public Accountants, has around 13 years of experience in auditing, M&A advisory, and pre-listing consultation. As a Director of Zhonghui Anda CPA since 2014, Mr. Yeung has provided strategic oversight to companies in manufacturing, mining, logistics, and engineering. His expertise in audit and assurance services complements LQR House's focus on operational transparency and financial growth.
Sean Dollinger, CEO of LQR House, expressed his enthusiasm for the new appointments:
"I've had the privilege of meeting Yilin Lu, and I could not be more impressed with everything he has accomplished. His extensive background at some of the world's most respected investment banks is an invaluable asset to LQR House. We are incredibly excited to see how his vision and expertise will shape the future of our Company. With both Mr. Lu and Mr. Yeung on our board, we are confident that LQR House is poised to reach new heights."
With the strategic partnership with MeiFang Group & Winz Technology Co. and the addition of highly experienced board members, LQR House is set to strengthen its capital markets strategy, broaden its investor network, and unlock new opportunities in the spirits and beverage industry.
Additionally, LQR House has filed a definitive proxy statement on Schedule 14A with the Securities and Exchange Commission, which is publicly available at www.sec.gov. The proxy statement includes information about the director nominees. We anticipate commencement of the dissemination of the proxy statement will begin on November 27, 2024.
About LQR House Inc.
LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivered to homes across the United States. Beyond its role in an e-commerce sector, LQR House is a marketing agency with a specialized focus on the alcohol industry. The Company measures campaign success by directly correlating it with sales on CWSpirits.com, demonstrating a return on investment. Backed by an influential network of over 550 figures in the alcohol space, LQR House strategically drives traffic to CWSpirits.com, enhancing brand visibility. LQR House intends to disrupt the traditional landscape of the alcohol industry, driven by its dedication to providing an unparalleled online purchasing experience and delivering tailored marketing solutions.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. Forward-looking statements contained in this press release are made only as of the date of this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other reports and documents that the Company files from time to time with the United States Securities and Exchange Commission (the "SEC"). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the headings "Risk Factors". Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other reports and documents that the Company files from time to time with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
Investor and Media Contact:
Contact Information
Sean Dollinger
CEO
SOURCE: LQR House
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