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PayMeOn to Wholly Own US E-Bike Maker Prodeco

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OAKLAND PARK, Florida. – Public held development company PayMeOn Inc and Prodeco Technologies LLC signed a letter of intent which stipulates that PayMeOn Inc is to fully acquire the US e-bike maker.

PayMeOn to Wholly Own US E-Bike Maker Prodeco
Prodeco founding trio Daniel Agulia (left), James Aversa (not on the pic) and Robert Provost (right) will continue to lead the company for new owner PayMeOn. - Photo Jo Beckendorff

PayMeOn is (among others) already a minority shareholder in Prodeco Technologies LLC. PayMeOn develops and markets products which provide retailers and consumers mobile marketing services and offers mobile coupons, mobile business cards, mobile websites, use of SMS short codes and contest management. The company owns a 19.4 percent stake in Prodeco Technologies. Both companies are based in Florida.

Share issue

On 20 November PayMeOn announced to, “Issue about 53.4 million common shares in exchange for the remaining 80.6 percent stake of ProdecoTech.” According to PayMeOn they, “May also assume certain ProdecoTech’s outstanding debt, subject to mutually agreeable terms and conditions.”

Prodeco’s founding trio and GMs Daniel Auguila, James Aversa and Robert Provost will stay on board. Upon closing of the transaction Robert Provost will be appointed to Co-CEO of PayMeOn next to his job as CEO of Prodeco.

2nd generation Made in US e-bikes

Prodeco has a work force of some 60 employees. Last August the US e-bike maker debuted at Eurobike. Here the company’s second generation of ‘Made in USA’ e-bikes for season 2015 was in the spotlight. With this range Prodeco intends to conquer also international markets. Prodeco’s e-bikes were all throttle operated for the US-American market. The at Eurobike premiered range is also offering pedal-assist version. Or models that can be easily changed from throttle operated to a pedal assist versions.

According to a PayMeOn CEO Ed Cespedes, “The ProdecoTech team has built a fast-growing company on the simple premise of making better products. 2013 sales amounted over US$ 5 million. We expect healthy growth for 2014 and an exciting 2015 as ProdecoTech begins selling its newest models”.

Distribution

Currently ProdecoTech’s dealer network  in the US has some 180 stores varying from IBDs to specialized retailers from other sectors. Prodeco e-bikes are also sold through some chains stores such as sporting goods giant The Sports Authority as well as through Amazon. The company’s international presence is said to grow rapidly. ProdecoTech also has distributors in Argentina, Austria, Chile, Colombia and Mexico.

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