VeeMost Technologies Expands Growth Strategy, Provides Update on FINRA Approval & Strategic Direction
RED BANK, NEW JERSEY, March 14, 2025 (GLOBE NEWSWIRE) -- VeeMost Technologies Inc. (OTC: $GDVM) is pleased to provide key updates on its strategic growth initiatives, government contracting progress, and corporate updates that reflect the company's commitment to delivering long-term value for shareholders.
Strategic Decision to Prioritize Internal Growth Over Acquisition
As part of its long-term growth strategy, VeeMost Technologies made a strategic decision to redirect funds originally earmarked for the acquisition of a Dallas-based company into strengthening the company's internal operations.
After careful evaluation, we determined that proceeding with the acquisition was not in the best financial interest of VeeMost at this time. While the acquisition initially aligned with our expansion plans, further due diligence revealed challenges in securing favorable financing terms.
Although we received offers for financing, a thorough review of the proposed terms revealed that they could have resulted in excessive shareholder dilution and unfavorable financing conditions. Many of these offers came from firms specializing in high-risk funding structures, which could have placed undue financial strain on the company and negatively impacted shareholder value. Rather than pursuing an acquisition under these terms, VeeMost made the strategic decision to reinvest capital into core growth areas, ensuring long-term value creation while protecting shareholder equity.
While this particular acquisition was not the right fit at this time, VeeMost remains actively engaged in evaluating other strategic acquisition opportunities. The company continues to seek financially viable businesses that align with its growth strategy and can be acquired under terms that are fiscally responsible and beneficial to shareholders. Management remains committed to pursuing opportunities that strengthen VeeMost's market position while maintaining financial discipline and protecting long-term value.
Instead, VeeMost channeled resources into high-growth areas, including:
✅Expanding government contracting capabilities by initiating the GSA Schedule approval process with Government Services Exchange (GSE)
✅Winning new E-Rate contracts, positioning the company for continued success in the education sector
✅Securing contracts with a company serving the defense sector, expanding its cybersecurity and IT solutions footprint
✅Forming new vendor partnerships with Vertiv, Nutanix, Lenovo, and more, enhancing its technology offerings
✅Marketing and positioning the newly launched VeeStore platform ( store.veemost.com) as a trusted technology store for organizations.
This decision fortifies VeeMost's financial future while ensuring that resources are allocated toward revenue-generating initiatives that enhance shareholder value.
FINRA Approval Process Nearing Completion
VeeMost Technologies is also pleased to provide an update on its corporate restructuring process with FINRA. The company has worked diligently to resolve legacy SEC reporting gaps dating back to 2006, and other key requirements before FINRA could finalize the company name change, ticker change, and implementation of the newly approved CUSIP.
With these compliance matters now largely addressed, VeeMost is in the final stages of securing FINRA approval.
'The process has been meticulous, but we are confident that we are now very close to completing this transition,' said Melvin Ejiogu, President of VeeMost Technologies. 'Once finalized, these changes will provide greater transparency, streamline trading access, and strengthen our standing in the public markets. This completion will also allow us to move forward with key board appointments as part of our broader corporate growth strategy.'
Looking Ahead
With a stronger financial foundation, new contracts in key sectors, and a pending FINRA approval that will bring corporate clarity, VeeMost Technologies is well-positioned for sustained growth.
The company remains committed to:
✅ Expanding its government contracting business through the GSA Schedule process
✅ Securing more E-Rate contracts to support schools and educational institutions
✅ Strengthening its cybersecurity and IT services footprint through new strategic vendor partnerships
✅ Delivering shareholder value through smart financial decisions and targeted growth initiatives
With newly secured contracts from a company serving the defense sector, VeeMost is further expanding its presence in government-focused IT solutions, reinforcing its ability to provide cutting-edge technology and security-driven services.
The company appreciates the patience and support of its investors as it continues to execute on its long-term vision.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words 'may,' 'will,' 'should,' 'plans,' 'expects,' 'anticipates,' 'continue,' 'estimates,' 'projects,' 'intends,' and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
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