Simply Better Brands Corp. Closes the Acquisition of the Crisp Group
September 17 2021 - 7:08AM
Simply Better Brands Corp. (the "
Company" or
“
Simply Better Brands”) (TSX Venture: SBBC), is
pleased to announce that, further to a news release issued on
August 19, 2021, the Company has closed its acquisition of Crisp
Management Group Inc. (“
Crisp”), to focus on the
sale and distribution of CBD and Hemp products through an array of
Breakaway Music Festivals in throughout North America as well as
through Crisp’s e-commerce platform.
Crisp sells and distributes CBD and hemp
products through its e-commerce platform, and also holds the
exclusive rights to market CBD and hemp products at Breakaway Music
Festivals throughout North America. “On our plant-based wellness
mission, we relentlessly focus on efficacy, innovation and brand
availability. Our partnership with the Crisp Management Group is
about access to our targeted Gen Z and Millennial consumers during
live experiential events. We remain convinced, CBD and music are
key enablers to overall well-being and are thrilled to fuel the
collaboration."
Under the terms of the acquisition, the Company
acquired 60% of the issued and outstanding shares of common stock
of Crisp for an aggregate purchase consideration of $500,000, paid
in the form of issuance of the Company’s shares to the shareholders
of Crisp, calculated on the basis of the volume weighted average
closing price of the Company’s shares on the TSX Venture Exchange
(“TSXV”) determined based on the 10 trading days
immediately preceding the closing date. The acquisition is treated
as an expedited acquisition pursuant to Policy 5.3 of TSXV’s
corporate finance manual. The SBBC shares issued in consideration
are subject to a contractual lock-up for a period of 12 months from
the date of issuance. In addition, the Company extended a working
capital loan to Crisp in the amount of $200,000. The Company did
not pay any finder’s fees or assume any long term debt in relation
to the acquisition. The acquisition was negotiated on an arm’s
length basis. All figures in this news release are in U.S. dollars,
unless otherwise indicated.
About Simply Better Brands
Corp.
Simply Better Brands Corp. leads an
international omni-channel platform with diversified assets in the
emerging plant-based and holistic wellness consumer product
categories. The Company’s mission is focused on leading innovation
for the informed Millennial and Generation Z generations in the
rapidly growing plant-based, natural, and clean ingredient space.
The Company continues to focus on expansion into high-growth
consumer product categories including CBD products, plant-based
food and beverage, and the global pet care 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
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contact Information
Simply Better Brands Corp.Brian MeadowsChief Financial Officer+1
(855) 553-7441ir@simplybetterbrands.com
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