DALLAS, Dec. 11, 2020 /PRNewswire/ — World Series of Golf, Inc. (USOTC: WSGF) (“WSGF”), through its new subsidiary, Vaycaychella, today announced a transaction underway expected to be completed by month end that will reduce balance sheet reported debt by $1.25 million.
In January of this year, WSGF acquired Vaycaychella, a sharing economy technology company with a P2P App to connect entrepreneurs seeking to acquire short-term rental vacation properties with investors to back them. WSGF is in the process of making a corporate name change in conjunction with its new Vaycaychella business focus.
Vaycaychella is a three-year-old operation that has built a business model focused on financing short-term vacation rental properties outside of conventional financing channels. Vaycaychella’s mission is to empower entrepreneurs looking to get into the short-term vacation property rental business marketed through sharing technology apps such as Airbnb, Booking.com and Vrbo.
Now that Vaycaychella has established a proven model through developing a portfolio of properties that includes 10 Caribbean beach front vacation homes, a boutique hotel, and a recently acquired 3 unit building in Puerto Rico with an overall estimated cumulative value of $12 million, the company is scaling that model with the introduction of a peer-to-peer (P2P) application (App) designed to connect new and existing short-term vacation property rental operators with prospective investors.
Management has targeted closing 10,000 short-term vacation property rental purchase transactions within the first twelve months after releasing the production version of its P2P App producing over $100 million in estimated revenue.
WSGF acquired Vaycaychella in exchange for a $1.5 million purchase note. Vaycaychella brought to WSGF a $1.25 million note receivable asset secured by short-term vacation rental properties with approximately $10 million in real estate enterprise value. The $1.5 million note holders have agreed to exchange the note for a control block of preferred shares. At the same time, the current majority shareholder has agreed to surrender his control block of preferred shares in exchange for a $250,000 note. The net reduction in debt will be $1.25 million.
To learn more and keep up with the latest updates at Vaycaychella, visit https://www.vaycaychella.com/. At the company website, you will find a blog with frequent industry publications on the short-term rental market in general, as well as entries specific to Vaycaychella.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
William “Bill” Justice
SOURCE World Series of Golf, Inc.