Anderson, South Carolina--(Newsfile Corp. - November 16, 2023) - JZZ Technologies, Inc.'s (OTC Pink: JZZI) ("JZZ" or the "Company") has acquired Portfolio Partners, Inc. ("Portfolio Partners), a Florida Corporation and its wholly owned subsidiary, Travel Zen, Inc. ("Travel Zen"). In a transaction that will provide for JZZ to operate and manage the assets of Travel Zen, JZZ has acquired 100% of the outstanding shares and assets of Portfolio Partners, Inc., including Travel Zen, Inc.
Travel Zen has emerged as a significant player in the vacation rental space. The company owns over 60 deeded vacation rental timeshare weeks, including spring break weeks in some of the most sought-after resorts in the Vail Valley in Colorado. Most of these units are located in Avon, Colorado, providing easy access to the desirable Beaver Creek and Vail ski resorts. Participating resorts include the Sheraton Mountain Vista, Falcon Point Resort, and the Sheraton Lakeside Terrace.
Travel Zen is profitable through the sale of weeks. Each timeshare week is fully acquired and carries no debt, with recurring revenue from each unit in the form of rental income. This produces an extremely high profit margin, ranging from 50% for wholesale to 100% on retail bookings.
Portfolio Partners CEO David Weintraub says, "Joining with JZZ Technologies is a well-timed opportunity for Portfolio Partners. Our shareholders have provided a clear endorsement of this path that allows for rapid growth and immediate access to capital markets as part of a public company. We are excited to be part of JZZ and its vision for a significant role across the vacation real estate market. Fractional ownership is a welcome part of the puzzle."
Weintraub is the former CEO of Swifty Car Wash, which he successfully took public and then returned to private holding. In over 30 years of investment banking experience, David Weintraub has personally raised hundreds of millions of dollars in capital for public companies.
Robert Egeland, who heads up the Company's new Real Estate Development division, states, "The start of COVID created a super surge in the popularity of fractional timeshares and makes the market timing in this space optimal for the future growth of Travel Zen as part of JZZ.
The average timeshare in 2022 was valued at between $27- $30 thousand by the ARDA (American Resort Development Association) and continues to grow year over year. The Travel Zen portfolio has paralleled that growth in size, value, equity, and cash flow since its acquisitions began.
The rentals produce excellent cash flow and provide a solid position for Travel Zen to continue new acquisitions and growth", Egeland added.
JZZ Technologies, Inc. CEO Charles Cardona says the acquisition is an excellent addition to the Company's real estate division.
"We want to build out our real estate and vacation realty prospects in profitable segments. The Portfolio Partners acquisition perfectly aligns with our goals and offers immediate revenue and value as a development company", Cardona says.
Management intends to raise additional capital through a Private Placement (PPM) for additional Travel Zen acquisitions. Its strategic target is to add 300 additional new weeks over the next 12 months through its already-sourced pool of premium properties. Rapid growth will support acquiring more deeds and expanding market share, potentially creating increased shareholder value, revenue, and profits.
About Portfolio Partners Inc. and Travel Zen, Inc.
Portfolio Partners, Inc. is the parent company of Travel Zen, Inc., which acquires deeds to fractional timeshares in a portfolio of premium resorts concentrated during spring break at the best ski resorts in the USA. Purchases are made without mortgages, unencumbered (fully paid), and at significant discounts. The company has multiple sources of revenue, including the resale of prime vacation weeks, the resale of the actual deeds, and the sale of ownership points. For more information, visit https://travelzeninc.com.
About JZZ Technologies, Inc.
JZZ Technologies, Inc. is a diversified company engaged in several business sectors. Its newly launched real estate development division is engaged in acquiring, developing, and operating multifamily, mixed-use, commercial, and residential real estate, vacation rentals and RV resorts, and housing development projects. Its Active Lifestyle Digital media business includes online media and apps, content creation, and digital marketing targeted to active adults 55+. For more information, visit jzztechnologies.com.
Press Contacts:
JZZ Technologies, Inc.
Charles Cardona, CEO
ceo@jzztechnologies.com
Portfolio Partners, Inc.
David Weintraub, CEO
Tel. +1-813-240-2600
DISCLAIMER and FORWARD-LOOKING STATEMENTS
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward-Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the Company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; and the volatility of the Company's operating results and financial condition. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct. Investors are cautioned that actual results may differ materially from the anticipated results.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187627
