MGO Global and Heidmar Agree to Business Combination

June 20, 2024

DENVER, Colo., Jun 20, 2024 (247marketnews.com)- MGO Global Inc. (NASDAQ:MGOL) agreed to a business combination with Heidmar, Inc., with the combined company moving forward under the Heidmar name and be listed on the Nasdaq Capital Market under the symbol “HMAR.”

Heidmar is a single platform aggregator of maritime services for the tanker and dry bulk industry with unique and proven asset light business model with an established and diversified customer base leading to net income of $19.6 million for fiscal year ended December 31, 2023

Maximiliano Ojeda, Founder, Chairman and CEO of MGO, commented, “We are thrilled to announce this Business Combination Agreement with Heidmar, which we believe will position the combined company to capitalize on the evolving, underserved demands of the massive $370 billion global tanker shipping market. The fundamental strength of Heidmar’s profitable business, coupled with anticipated future growth fueled by its leading asset-light business model, provides a compelling and potentially transformative opportunity for our fellow MGO shareholders. As MGO has worked through this process, we have been particularly impressed with the significant public company experience of Heidmar’s leadership team, as well as their long track record of success in driving growth and sustainable value creation for shareholders and the world’s leading oil and energy companies, traders and ship owners.”

Heidmar’s CEO, Pankaj Khanna, added, “Today marks a key inflexion point in the ongoing evolution of Heidmar as a global leader in the marine transportation services industry. Having profitably grown Heidmar’s revenues ten-fold, from $5 million in 2021 to nearly $50 million in 2023, we also generated net income of $19.6 million in 2023 leading to approximately 40% net margins. Heidmar has established a sound foundation that is expected to effectively support substantial future growth through diligent execution of our business expansion strategies. I am very proud of what the Heidmar Team has achieved since we assumed leadership of the Company in 2020 and look forward to leveraging the Heidmar brand and relationships built over the last four decades to fuel further growth. Heidmar has a critical role to play in the decarbonization of the shipping industry by providing operational and technical measures to our clients to reduce CO2 emissions.”

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