Boosh (CSE: VEGI) Acquires Salt Springs Harvest Ltd. in Substantially All Asset Purchase
Vancouver, British Columbia - July 15, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTC Pink: VGGIF) ("Boosh" or the "Company") announces that on July 12th it entered into an Asset Purchase Agreement with Saltspring Harvest Ltd. ("Saltspring Harvest") pursuant which Boosh will acquire the assets comprising Saltspring Harvest's business.
Founded in 2016 by Chef Zoe Currelly, Saltspring Harvest was formed to provide a plant-based, protein rich alternatives to meat and dairy focused pâtés and spreads. Saltspring Harvest specializes in producing a line of végé-pâté, as well as seed based spreadable dips. The vegan végé-pâté and spreadable dips use organic sunflower seeds, vegetables and other whole-foods ingredients. The products have a high content of plant-based protein and are free from gluten, eggs, dairy and nuts.
"We're delighted to welcome Chef Zoe and her team at Salt Spring Harvest's into the Boosh family," states Connie Marples, founder of Boosh. "At Boosh we strive everyday to offer our customers high quality, delicious, plant-based heat-n-eat entrees. Now with the purchase of the Saltsprings Harvest assets, we're able to expand our offerings to include high quality appetizers and snack foods with this line of végé-pâté and vegan and seed based spreadable dips. Best of all, organic sunflower seeds are so sustainable! The flowers are drought resistant, and they take so much less water to grow than nuts and the birds and bees love them. It compliments our growing portfolio perfectly. We can't wait to expand the végé-pâté and spreadable dips throughout Canada and into the US."
"We're extremely excited that Saltspring Harvest is now part of the Boosh Brands. The Boosh team has so much skill and expertise. Connie has been transformative in the plant-based industry, as well as being a visionary, and we can't wait to expand our vegan végé-pâté and spreadable dips beyond the greater Vancouver area. We are eager to see the products we have lovingly nurtured over the past several years be redefined, refined, and grown," states Zoe Currelly.
The purchase price for the Salt Spring assets was $150,000 of which $50,000 will be paid on closing, anticipated to occur on or around July 23, 2021, and the remaining $100,000 of which shall be paid following completion of a three month transition period as $75,000 in cash and $25,000 through the issuance of 28,409 common shares of the Company at a deemed price of $0.88 per share, representing the discounted market price of the common shares on July 14, 2021, which shares will be subject to resale restrictions of a four month and one day period once issued. On closing the Company will also pay to Salt Spring the value of inventory and prepaid expenses then held with an approximate anticipated value of $5,000. The Company has also engaged Chef Zoe as a branding manager for a minimum six-month period.
On behalf of the Board of Directors
Chief Executive Officer
Telephone: (833) 882-6674
Contact - Edge Communications Group
Telephone: (236) 237-1315
About Boosh Plant-Based Brands Inc.:
Boosh Plant-Based Brands Inc., through its wholly owned subsidiary, Boosh Food, is the gateway to experiencing high quality, non-GMO, gluten free, 100% plant-based nutritional comfort foods for the whole family. We currently offer six frozen meals which are sold throughout Canada, and in the summer will be expanding our meals to include three refrigerated products. Boosh, good for you and good for planet earth.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company's proposed use of the proceeds of its initial public offering. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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