TORONTO, Jan. 29, 2019 (GLOBE NEWSWIRE) — Nutritional Higher International Inc. (“Nutritional Higher” or the “Firm”) (CSE: Consume, OTCQB: SPLIF, FRANKFURT: 2NU) is pleased to announce that is has entered into a letter of intent to obtain a controlling 51% interest in in Tres Ojos Naturals, LLC d/b/a SolDaze (“SolDaze”), a restricted liability organization from Santa Cruz, California. SolDaze produces cannabis infused fruit snacks in California which are distributed by the Company’s distributor, Calyx Distributions. For additional info on SolDaze solution lines, please see their website www.soldazesnacks.com.
The Firm will obtain a 51% interest in SolDaze for total gross proceeds of USD$1,530,000 (CAD$two,028,565) (the “Buy Value”) with an choice to obtain the remaining 49% interest (the “Alternative”).
The Buy Value is comprised of USD$450,000 (CAD$596,637) payable in money with the balance payable by means of the issuance of frequent shares in the Firm (“Consideration Shares”) primarily based upon the higher of either: (i) CDN$.30 per Consideration Share or (ii) Consideration Shares priced at the 20-day volume weighted typical trading price tag (“VWAP”) of the Consideration Shares for the 20 trading days instantly preceding 3 (three) organization days just before closing.
The Alternative shall be exercisable by the Firm in between the 24th month following the date of closing and ending on the 36th month following the date of closing. Should really the Firm pick out to exercising the Alternative, the Firm shall spend the sellers the worth of six (six) instances the EBITDA of SolDaze, in the type of either money, Considerations Shares or a mixture thereof at the time of closing.
Shawn Shelvin, CEO of SolDaze, commented, “We are excited to have Nutritional Higher come aboard as this strengthens SolDaze’s all round production, distribution and know-how in our worth chain. We appear forward to operating with the group at Nutritional Higher and developing synergies moving forward.”
Jim Frazier, CEO of Nutritional Higher, commented, “We are really pleased to be acquiring SolDaze and its revolutionary solutions. In creating this acquisition, we are bringing however a further dynamic brand into our solution portfolio. Going forward we will continue to seek to obtain higher good quality assets and additional implement our California approach to generate added worth for our shareholders.”
Veterans Capital Fund II, LP – Gear Sale & Leaseback
The Firm is additional pleased to announce it has completed the sale and leaseback financing of USD$370,570 with Veterans Capital Fund II, LP (the “Purchaser”) of specific gear situated at its Pueblo, Colorado facility, of which Nutritional Higher is the landlord (the “Gear”). In connection thereto, Nutritional Higher issued 132,346 frequent share obtain warrants (every single, a “Warrant”) to the Purchaser. Each and every Warrant entitles the Purchaser to obtain one particular frequent share in the capital of the Firm (a “Widespread Share”) at a price tag of $.70 CDN per Widespread Shares for a period of 24 months from the date of issuance.
Termination of JMEDS Acquisition
In connection with its press release dated November 22, 2018, the Firm wishes to announce that it has agreed with Vibrant Green Lights LLC d/b/a JMEDS (“JMEDS”) to mutually terminate the agreement dated November 21, 2018, whereby the Firm intended to obtain specific assets from JMEDS. The Firm will, rather, proceed to create and launch cannabis infused difficult candy solutions below its FLI brand.
About Nutritional Higher International Inc.
Nutritional Higher develops, manufactures and distributes cannabis extracts and edible solutions below recognized brands for healthcare and adult recreational use. The Firm functions exclusively with licensed facilities in jurisdictions exactly where such activity is permitted and regulated by state law.
Nutritional Higher has brought its flagship FLÏ™ edibles and extracts solution line from production to industry by means of its wholly owned subsidiaries in California and Oregon, as nicely as Colorado exactly where its FLÏ™ solutions are manufactured by a third-celebration licensed producer. In California, the Firm distributes its solutions and solutions manufactured by other top producers by means of its wholly owned distributor Calyx Brands Inc. and is getting into the Nevada, Washington State and Canadian markets in the close to future.