Chill Brands Group PLC Update re Outstanding Promissory Note (7265E)

TIDMCHLL

RNS Number : 7265E

Chill Brands Group PLC

15 March 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

15 March 2022

Chill Brands Group plc

("Chill Brands" or the "Company")

Update re Outstanding Promissory Note

Chill Brands Group, the international consumer packaged goods company, provides an update clarifying the nature of the related party transaction referenced in its Half-Year Report released on 28 January 2022 (the "Report").

As stated in Note 7 of Report, Chill Brands entered into an agreement with a related party. The counterparty to the Agreement is Ox Distributing LLC ("Ox"), Chill Brands' master distributor, and a substantial shareholder. The Agreement relates to the cost of inventory provided by the Company to Ox during the period 1 April to 30 September 2021 (the "Period").

During the Period, Chill delivered finished goods with a value of GBP943,874 to Ox which in turn would sell the goods to distribution partners and retailers, however many of these deliveries were delayed due to the logistical and supply chain issues outlined in the announcement of 3 November 2021. Due to these and further logistical delays and supply chain issues, Ox was not able to ship the products and generate revenues in a timely fashion to pay its liability to Chill Brands. As a result of this delay, the Company agreed to extend its payment terms to provide Ox with a longer period over which to settle the outstanding balance. The extended payment terms were not finalised or agreed until January 2022.

For the avoidance of doubt, the Agreement does not relate to a cash transfer between Chill Brands and Ox as it is simply an extended payment plan for the value of product shipped to Ox during the period. As of 14 March 2022, the remaining balance owed to Chill Brands will be paid via instalments to the Company no later than 1 May 2023.

-ENDS-

About Chill Brands Group

Chill Brands Group plc is an international company focused on the development, production, and distribution of best-in-class hemp-derived CBD products, tobacco alternatives and other consumer packaged goods (CPG) products. The Company operates primarily in the US, where its products are distributed online and via some of the nation's most recognizable convenience retail outlets. The Group's strategy is anchored around lifestyle marketing that is designed to enhance the popularity of its products, channelling visitors to its landmark chill.com website.

Publication on website

A copy of this announcement is also available on the Group's website at http://www.chillbrandsgroup.com

Media enquiries:

 
 Chill Brands Group plc                 contact@chillbrandsgroup.com 
 Allenby Capital Limited (Financial 
  Adviser and Broker)                           +44 (0) 20 3328 5656 
 Nick Harriss/Nick Naylor (Corporate 
  Finance) 
  Kelly Gardiner (Equity Sales)

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