Onfolio Holdings Inc. Acquires RevenueZen Business

WILMINGTON, Del., Jan. 04, 2024 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (the "Company" or "Onfolio"), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, today announced that it has closed on an asset purchase agreement (the "Agreement") with RevenueZen LLC, an Oregon limited liability company ("RevenueZen"), whereby the Company’s subsidiary RevenueZen LLC, a Delaware limited liability company ("RevenueZen Delaware"), acquired substantially all of RevenueZen’s business assets for a total purchase price of $1,105,000, consisting of $240,000 in cash at closing, $425,000 in Onfolio Series A Preferred Shares, and a $440,000 11% secured promissory note due December 31, 2025. In addition, five RevenueZen founders received a total of a 12% roll-over equity interest from RevenueZen Delaware, and they will serve in leadership roles with RevenueZen Delaware team. Also, certain of the founders received a total of 270,000 non-qualified stock options to purchase Onfolio common shares at $0.51 per share.

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