Onfolio Holdings (ONFO) Acquires Eastern Standard Business

Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (the "Company" or "Onfolio"), a company that acquires and manages a diversified portfolio of online businesses, today announced that it has successfully completed the previously disclosed transaction to acquire the majority interest in the assets of Eastern Standard, LLC.

Eastern Standard provides clients with digital marketing services including integrated branding, and digital customer experiences. Their past client roster includes Neil de Grass Tyson, and Cornell Law, among others.

For the fiscal year ended 12/31/2023, Eastern Standard generated approximately $4,000,000 in revenue and $630,000 in unaudited adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”).

Onfolio purchased 70% of Eastern Standard for a total of $1,660,000, through the issuance of $410,000 of Series A Preferred Shares and two secured promissory notes totaling $1,250,000. The acquisition was completed without Onfolio Holdings paying any upfront cash or issuing any common shares, and the Series A Preferred Shares and secured promissory notes issued by Onfolio are not convertible into Onfolio common shares.

Onfolio's Special Purpose Vehicles "Onfolio Agency SPV LLC" and “Onfolio Agency SPV 2, LLC,” paid a combined $500,000 for a 20% interest in the Eastern Standard business.

“We continue to maintain an active pipeline of profitable companies we can acquire and expect that our Special Purpose Vehicle model, along with our non-convertible Series A Preferred Shares, will continue to play an important part of our future acquisitions,” commented Onfolio CEO Dominic Wells.

A Form 8-K relating to the Eastern Standard transaction was filed with the Securities and Exchange Commission on October 22, 2024 and is available on the SEC’s website at www.sec.gov.

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