Simply Better Brands Corp. Closes the Acquisition of ‘TRUBAR’ Nutrition Brand Adding to Its Plant-Based Wellness Portfolio
19 8월 2021 - 8:30PM
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 March
3, 2021, the Company has closed its acquisition of TRU Brands Inc.
(“
TRU BRANDS”), a leading health and wellness
brand specializing in nutritious snacks for women.
Founded in 2018 under the female-led parent
company TRUWOMEN, TRU BRANDS has grown into a nationally-recognized
brand and is sold online and through major U.S. retailers,
including Target, Costco, Whole Foods, and Fresh Thyme. Their line
of dessert-inspired protein bars are made with plant-based
ingredients such as cassava, cacao, and brown rice protein, and are
certified vegan, gluten-free and kosher, as well as dairy and
soy-free, non-GMO verified, and free of sugar alcohols.
“We are thrilled to welcome Tru Brands into the
Simply Better Brands family. Their all-natural line of healthy
snack offerings is a perfect fit for our holistic approach in the
wellness space,” said the Company’s CEO Kathy Casey. “With a loyal
customer base and a demonstrated ability to innovate, Tru Brands is
a wonderful asset to Simply better Brands’ growing clean-label,
plant-based portfolio. It fuels our mission to enable wellness
authentically every day. With Tru Brands, we now add the food
category to our growing portfolio of CBD wellness, petcare and
skincare.”
Erica Groussman, the CEO and co-founder of Tru
Brands added - “Gone are the days of sacrificing taste and
texture. TRUWOMEN’s TRUBARS have pioneered an entirely new
snacking category coined indulgent nutrition. We’re beyond excited
to join forces with Simply Better Brands, whose values and
mission, to innovate and expand the plant-based wellness sphere,
deeply align with ours.”
Under the terms of the acquisition, the Company
acquired 24,586,477 shares of common stock with $0.001 par value
per share and 25,000,000 shares of Series A preferred stock with
$0.001 par value per share, and satisfied certain outstanding
indebtedness of Tru Brands for an aggregate purchase consideration
of $7,500,000, paid in the form of issuance of the Company’s shares
to the shareholders and debtholders of Tru Brands, 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 Simply Better Brands
acquisition includes all of the issued and outstanding shares of
common stock and preferred stock in the capital of Tru Brands Inc.
(“Tru Brands”). The acquisition was completed as
an expedited acquisition pursuant to TSXV Policy 5.3, negotiated on
an arm’s length basis and a finder’s fee of 89,462 SBBC common
shares (valued at $407,500 or 5.42% of the purchase price, all as
in accordance with TSXV Policy 5.1) were issued to arm’s length
qualified finder. 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
Simply Better Brands (TSXV:SBBC)
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