Vancouver, British Columbia, March 18, 2022 (GLOBE NEWSWIRE) — Simply Better Brands Corp. (“”society” Also “Just a good brand(TSX Venture: SBBC, OTCQB: PKANF) today has a stock purchase agreement dated March 18, 2022 (“”spa“) We have acquired Hervé Edibles Limited (“Elbe”), We are expanding the portfolio of SimplyBetter Brands, an innovative brand with potential for domestic growth.
Hervé develops processes, recipes and patent protection technologies to create exquisite types of desserts, candies, macaroons and other delicacies that combine contemporary design with stunning flavors. Launched in 2020, Hervé proudly blends decades of traditional French culinary history with innovative processes to create the world’s first intricately blended luxury dessert. As of March 18, Hervé’s net working capital is approximately $ 1,038,235. For the most recently completed fiscal year ending December 31, 2021, Elbe’s unaudited financial statements reported assets of $ 1,898,798 and liabilities of $ 57,770.
Under the terms of the SPA, we acquired all of Elbe’s outstanding common stock for a purchase price of approximately $ 8,000,000 and paid in the form of issuance of 1,705,755 common stock (“Consideration share”) For our shareholders Elbe, the price per share calculated based on the volume-weighted average closing price of our shares on the TSX Venture Exchange is $ 4.69 (“TSXVIt will be determined based on the 15 trading days immediately before the deadline. In addition, if we meet certain sales targets for Elbe products, we may issue additional consideration shares of $ 1,000,000.
This acquisition is treated as a reviewable acquisition in accordance with Policy 5.3 of the TSXV Corporate Finance Manual and requires final approval from TSXV. SBBC shares issued for consideration will be subject to contractual lockup for 6 months from the date of issue, and for the next 12 months, 1/12 of the consideration will be released from the monthly transfer restrictions. We will pay a $ 300,000 finder fee in the form of the issuance of SBBC shares in connection with the acquisition of an independent intercompany third party. Shares issued in accordance with Finder fees are subject to the statutory four-month holding period. The acquisition was negotiated on the principle of inter-independent companies. All figures in this news release are displayed in Canadian dollars unless otherwise stated.
About Simply Better Brands Corp
Simply Better Brands Corp. is a leader in an international omni-channel platform with diverse assets in the emerging plant-based and holistic wellness consumer goods category. The company’s mission is to lead informed millennial and Generation Z innovations in the area of fast-growing plant-based natural and clean ingredients. We continue to focus on expanding into the high-growth consumer product category, including CBD products, plant-based foods and beverages, and the global pet and skin care industries. For more information on Simply Better Brands Corp., please visit https://www.simplybetterbrands.com/investor-relations.
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.
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Simply Better Brands Corp. Completes Acquisition, Canadian Business Journal
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