WOWIO Sets Out its Path to Success

Henderson, NV, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Wowio, Inc. (OTC Pink: WWIO) “WWIO or The Company.”  Your Board has attached a letter to shareholders.

Tony Anish, CEO of Wowio, Inc. stated; “  We are excited by the new business opportunities that we are purchasing and we continue to look for  new acquisition candidates.  We are currently negotiating with a number of those candidates.  We plan to continue to improve the Company’s base of business.  Keep tuned as we will issue more information as it becomes available.”

About Wowio, Inc.

WOWIO, Inc., has in the past been a digital media and technology development company with a patented process and a proprietary mobile ad-delivery platform that planned to disrupt the eBook distribution landscape by exploiting a previously untapped marketplace: ad-supported eBooks.

However, with the introduction of the new management team, WWIO will be a holding company supporting a number of investments in entertaining, restaurants, tourism and other businesses including housebuilding in Northern California and the development of property in Arizona.

Safe Harbor and Informational Statement

This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.

The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.

November 29, 2017

To our Shareholders;

Dear Shareholder,

Over the last few weeks we have made two announcements regarding the future plans for Wowio, Inc.

We thought it appropriate to provide a little more detail about our plans for the Company in the short and medium term.  This is an exciting time for the Company.

Over the last couple of years, the Company has been dormant due to a lack of funding and the inability to take the products they have been working on to market.  Much of the prior funding was done using convertible common stock transactions and there is a considerable amount of that paper still to be converted.  In addition, there is other debt, some of which we are just learning about that will need to be resolved.

Notwithstanding the convertibles and other debt, we believe that over time, we can make Wowio a very successful company.

We would first like to share internal points that are relevant to the success of this reinvigorated company:

Step#1,  Reinvigorate management:  That process has already begun with the introduction of two new officers and with the new team that will come with the acquisitions.  The team will bring a new and better attitude while moving this company forward.  It is important that we recognize that the Company is ready for success.

Step #2,  Stop hiding and provide real facts about what the Company is doing and its plans for the future.

Step #3,  Bring the financial statements current and keep them current.

Step #4,  Concentrate on bringing good acquisitions to the group that will generate profit and will enable us to focus on our cash flow.

Step #5,  Work with and negotiate with all our holders of debt.

Step #6,  Complete our new web site.  The plan is to have this ready in December.

In addition, there are some further steps we need to take

Step #7,  Repair Wowio’s identity and attract new capital in order to broaden its overhead break-even coverage. Management will be working on this as soon as we are able to bring the Company current and prepare forecasts and cash flows.                        

Step #8,  Continue to build a pipeline of acquisition candidates that add positive benefits to the growth of our business.  We are already negotiating with some acquisition targets and will give updated information when it is available.

Step #9,  More Communication with our shareholders to keep you well informed. There has been little communication over the last two years.  This will change.

Step #10,  Translate all our efforts now and in the future into true Shareholder Value!

Over the last few weeks we have made two announcements and we would like to explain more fully about these transactions and what our plans are.

The first transaction was an option to purchase Castlerock Group Holdings, Inc.  This Company owns the assets of Castlerock Bar and Grill, LLC.

The transaction calls for a purchase price of $2.5 million to be paid in stock and debt over five years.  The seller will hold a UCC over the assets until the cash portion is paid in full. 

The transaction will not close until we have completed the final due diligence including the audit of the books and records.

Castlerock is a bar and grill located in Arizona.  It is located on a 38-acre site owned by Castlerock that also has an event center that can be used for events such as rodeos, star performer attractions such as solo singers, country and rock bands and is licensed for up to 8,200 people. 

In addition to the Castlerock Bar and Grill, two additional locations are owned by the LLC.  The Canyon Café is located in Dolan Springs.  It is a small café/restaurant mainly catering to breakfast and lunch customers.  Dolan Springs is a small town on route to the Grand Canyon.  The restaurant seats 70 people and is consistently busy, has good cash flow and is profitable.  Castlerock owns the property.

Across the road from the Canyon Café is the Wishing Well restaurant that is currently closed but is expected to open in the new Year.  This property is leased.  The restaurant seat 200 people inside and on the patio.  It will be a barbecue style western restaurant.

As well as these current locations, The Board is negotiating for another three or four restaurant locations in the Arizona area.  Our plans are to acquire these restaurants as soon as possible.

In addition to the restaurant business our Company has acquired the membership units of Pjyke Company One, LLC (“Pjyke”) by acquiring it’s parent Company BLRR, Inc. Pjyke owns an 11.2 acre site in Huron California with completed plans to build 30 low cost homes in two phases. We will not need to pay for the site initially but will pay for it as the homes are sold sharing profit with the original owners and investors.  The overall net profit per property will be between 15 and 20% of the selling price of $220-240,000.

Currently the land is subject to a lawsuit between the City of Huron and Pjyke, but we are confident this can be resolved to everyone’s benefit.

Our commitment to our shareholders is to

1/.  Complete our due diligence and close potential new acquisitions over the next few weeks. 

2/.  File our quarterly and annual financial statements as soon as possible.

3/.  Continue to negotiate and resolve as much of the Company’s debt as soon as possible.

4/.  Continue to keep our shareholders fully informed as to our progress.

To close I would like to thank you for being one of our shareholders. I know it has not been easy dealing with a lack of information but I hope we can show you how we will, over time, improve shareholder value.

Sincerely,

Tony Anish

CEO


For more information contact

Anthony L. Anish
tony@nmfsi.com