SoOum Corp (OTCMKTS:SOUM) shares surged 54.41% on Friday after the company announced its Exchange Agreement to acquire Western Grade LLC. Share prices have been trading in a 52-week range of $0.00 to $0.10. The company has a market cap of $80,927.00 at 4.99 million shares outstanding.
SoOum Corp is a Physical Commodities Trading firm that specializes in arbitrage-based transactions of Physical Commodities, as well as offering an internet based Trading Platform, allowing costumers/subscribers to be a part of a unique community of Physical Commodities Traders, Suppliers, Buyers, and Procurement Agents engaging in the purchasing and selling of Products and Commodities across the globe. Its Physical Commodity Arbitrage Trading business consists of algorithms designed to hone in on supply and demand conditions of a range of Physical Commodities across the globe.
In a press release on September 1, SoOum Corp announced that it entered into a definitive Exchange Agreement to acquire all outstanding ownership interests of Western Grade LLC. Under this agreement, Western Grade members will exchange their ownership interest for 420,000,000 shares of the common stock of SoOum Corp, representing 42% ownership.
Management of both companies believe that the transaction will be mutually beneficial. SoOum Corp can improve Western Grade’s solid performance through business development while the latter will provide raw materials for the former’s e-commerce platform and existing customers. Western Grade LLC is a general contractor capable of domestic, as well as Commercial and Industrial projects.
Western Grade brings on board current projects namely a large scale water extension at the Painted Desert, AZ, road construction on the US-Mexico border, Show Low, AZ sanitary reconstruction, the Willow Beach Fish Hatchery and other projects ranging from highways to parking lots. Apart from that, the company already has state-of-the-art equipment, highly skilled operators, and technical capabilities that meet customer needs.
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