Simply Better Brands Corp. Closes the Acquisition of the Crisp Group
VANCOUVER, British Columbia, Sept. 17, 2021 (GLOBE NEWSWIRE) — 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 Meadows
Chief Financial Officer
+1 (855) 553-7441
ir@simplybetterbrands.com
