Hojo originally was a Web site development company. Gessner says in a statement that Hojo will concentrate on actively pursuing acquisitions of companies involved in real estate and wireless telecom. The company's real estate will focus on the commercial, hospitality and residential sectors, emphasizing land development, hotels and service stations.
"We have a clearly defined mission," Gessner said. "We want to take advantage of the burgeoning real estate industry and find unique businesses, specifically technology-based companies that are synergistic to our core real estate holdings."
The company's senior management, who have vast experience in the hospitality and real estate sectors, have a significant pipeline of acquisitions lined up in different stages of negotiations, according to Gessner. Two of the acquisitions are under contract, and the company anticipates they will close by the third quarter, he states.
Gessner explains Hojo Holdings' new direction will be found in Global WiFi Corp., a recently formed wholly owned subsidiary that will focus on the wireless Internet market. In addition, Global WiFi has entered into an agreement, whose terms were undisclosed, to purchase the assets of Global Web TV Inc. of Fort Lauderdale.
"Global WiFi's agreement to acquire the assets of Gobal Web TV is a positive step in achieving this company's new vision," Gessner says. "The acquired assets include revolutionary technology, which offers high-speed wireless Internet bandwidth for commercial and residential consumption with signals capable of broadcasting up to a 25-mile radius at greater than T-1 speeds.
"We are very excited about this new technology because now you can be poolside or at the local deli and still be connected," Patel added.
In the next few days, Hojo Holdings Inc. plans to announce a formal name change and a new corporate identity to reflect the company's new direction.
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