- Transaction’s Conditions to Closing Were Not Likely to be Met
- Both Parties Felt Terminating the Transaction Was in Best Interests of the Shareholders of Both Onfolio and Paramount
WILMINGTON, Del., July 22, 2026 (GLOBE NEWSWIRE) -- Onfolio Holding, Inc. (Nasdaq: ONFO, ONFOW) (OTC: ONFOP) ("Onfolio" or the "Company"), an owner-operator of cash-generative online businesses, today announced the mutual termination of the previously announced binding Letter of Intent (“LOI”) with Paramount Helium LLC (“Paramount Helium”) that contemplated a strategic combination intended to establish the Company in the global industrial gas market.
The contemplated transaction had several conditions to closing, including the completion of due diligence, raising of sufficient capital by Paramount, and delivery of audited financials, which were not met and were not likely to be met. Both Onfolio and Paramount agreed it would be in the best interest of the shareholders of both Onfolio and Paramount to terminate the LOI and no longer to move forward with the strategic transaction and pursue other options.
“Everybody worked hard to try to make this transaction work, but ultimately fell short in our objectives,” commented Dominic Wells, Chief Executive Officer of Onfolio. “We believe Paramount has strong potential to build a strategically important company, but we also required certain conditions be met in order for the transaction to make sense for our existing shareholders.”
“Ultimately, it wasn’t to be, and both parties will now move forward with alternative business plans. We wish the Paramount team the best success, and we will continue to focus on opportunities to deliver value to our existing shareholder base,” concluded Wells.
ABOUT ONFOLIO HOLDINGS
Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) is a holding company that acquires and operates cash-generating online businesses, with a portfolio spanning digital marketing services, online education, and e-commerce. The Company was built through acquisition and uses its publicly listed platform to pursue acquisitions it believes can create long-term shareholder value. Visit www.onfolio.com for more information.
Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of words such as "may," "will," "should," "plans," "expects," "anticipates," "believes," "continues," "estimates," "projects," "intends," and similar expressions.
Any forward-looking statement made by the Company in this press release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, except as required by law.
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