Cataca Resources, Inc. (OTC Pink: CATQ) is engaged in the exploration, acquisition, and development of minerals and precious metals resources. Shares of the metals explorer are rallying 11%, during afternoon trading on Friday, October 7, 2016. Over the past three months, Cataca Resources, Inc. has seen average daily volume of 272,792 shares. However, nearly 279,260 shares or dollar volume of $251,334, has already exchanged hands through afternoon trading on Friday.
Shares of Cataca Resources, Inc. are rallying Friday, after management released news of a potential non-mining acquisition. According the press release, Cataca Resources, Inc. has entered into a definitive agreement to acquire 100% of FlitWays Technology, Inc. FlitWays is engaged in ground travel booking services and scheduling solutions. Under the proposed acquisition, Cataca Resources, Inc. is set to acquire 100% of FlitWays, in an all-stock deal. Here is the complete press regarding the potential acquisition:
Cataca Resources, Inc. Press Release:
CULVER CITY, CA–(Marketwired – Oct 6, 2016) – Cataca Resources, Inc. (“Cataca Resources” or the “Company”) ( OTC PINK : CATQ ) is pleased to provide additional information regarding the current business model of FlitWays Technology, Inc. (“FlitWays”), a Los Angeles-based ground travel booking and scheduling company. Cataca Resources has entered into a definitive agreement to acquire 100% of FlitWays in an all-stock transaction.
FlitWays Technology’s business model is focused to offer corporations and travel suppliers a seamless pre-booked ground transportation service that meets their unique travel and service needs. To achieve this, FlitWays has already internally established direct contracts with over 15,000 local licensed and certified drivers in over 175 cities and 400 airports.
The FlitWays network empowers several Fortune 100 corporations and travel suppliers with reliable, safe, and affordable ground transportation service, including American Express, Amazon, Samsung, Rolls-Royce, Xerox, TUI Group, and many more. In addition, FlitWays has simplified the process of booking ground travel by building direct API integrations with major travel suppliers (e.g. Booking.com, Kayak) to offer seamless ground travel booking to their travelers. FlitWays currently has 20+ Active Revenue Agreements with corporate accounts and travel resellers, and additional Beta Test Agreements in place with several Fortune 100 companies.
Tobi Mac Aro, president of Cataca Resources and CEO/founder of FlitWays, commented, “FlitWays was built with corporate travel needs in mind and is now the ideal platform to schedule and manage their global ground transportation services. We know that businesses and travel providers can accomplish more on FlitWays than compared to what can be achieved on Uber or Lyft.”
The Company is also pleased to announce that the required audit of FlitWays has been completed, including unaudited statements for the most recent quarterly periods ending March 31, 2016, and June 30, 2016. As a result, the Company anticipates completing the acquisition of FlitWays within 10 days.
Aro concluded, “Structuring FlitWays as a publicly traded company is a key component of our plan to grow and expand the company into new markets and internationally. With the audit and financial statements now completed, we look forward to closing the transaction very quickly and launching the next phases of our expansion strategy.”