Majic Signs LOI to Acquire Majority Interest in Bamboo Wellness

Houston, Texas, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) ("Majic" or the "Company"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, announces it has signed a letter of Intent (“LOI”) with Bamboo Wellness Holdings Limited.

Bamboo Blockchain and Analytics Competency Center aims to create a holistic healthcare ecosystem that will drive a data-driven decision-making model. Supported by Artificial Intelligence and Machine Learning, the Bamboo ecosystem aims to drastically bridge the health protection gap and bring insurance to everyone.

According to a market size, share & trends analysis report by Grand View Research: “The global insurtech market size was valued at USD 2.72 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 48.8% from 2021 to 2028. The increasing need for digitization of insurance services is expected to propel the market growth. The health segment led the market and accounted for more than 24.0% share of the global revenue in 2020. The increasing demand for digital platforms, which connect exchanges, brokers, providers, and carriers in health insurance, is anticipated to fuel the demand for the health segment. Life and health insurers are focusing on using advanced analytics to better serve and understand their customers. Numerous health insurance companies are adopting insurtech solutions to streamline claims processing procedures.”

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Bamboo’s business model derives its incomes streams from several product offerings.

• Smart Contracts for Life & Health Insurance,
• Smart Contracts for Agriculture Insurance,
• (RE)Insurance Profit Commissions Sharing,
• Food Traceability,
• Network Fee,
• Data Insights

“We have been following Majic’s journey for some time now and could not find a Company whose values and mission are more aligned with ours. Blockchain as a technological infrastructure to create value for users and shareholders is part of our DNA. With this first step towards becoming part of the Majic family, we expect our combined journey to take us further and higher than we ever imagined when we first started Bamboo” said Ian Lim Teck Soon, Co-Founder & Executive Chairman of Bamboo Wellness Holdings Limited

“Blockchain is the future and its successful implementation in the insurance industry is beyond a doubt the most impressive one so far. Insurance can easily be qualified as one of the most technophobic industries. Companies like Bamboo are part of the players spinning that narrative on its head. Strategically, this transaction can only further the Company’s plan to become a worldwide leader in the Fintech, Blockchain and Technology space.” Said David Chong, Chief Executive Officer of Majic Wheels, Corp.

About Majic Wheels Corp.

Majic Wheels Corp., a Delaware corporation, intends to position itself as a player in the disruptive industries of Fintech and software development by means of acquisitions and mergers. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol "MJWL".         

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About Bamboo  Wellness Holdings Limited

Bamboo Blockchain and Analytics Competency Center aims to create a holistic healthcare ecosystem that will drive a data-driven decision-making model. Supported by Artificial Intelligence and Machine Learning, Bamboo ecosystem will drastically bridge the health protection gap and bring insurance to everyone. BAMBOO has a strong foundation of algorithms based on Artificial Intelligence (AI) and Machine Learning (ML) to perform analysis of the data. Bamboo will provide Data Visualisation and Data Analytic Services to its partners like Drug Research and Manufacturing companies, Govt. Organisations, and Insurance Companies.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

SOURCE: Majic Wheels Corp.

FOR MORE INFORMATION, PLEASE CONTACT:

David Chong

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