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 Global Wellness Strategies Inc. (formerly Redfund Capital Corp.) (CSE: LOAN) (FSE: O3X4) (OTCQB: PNNRD) ("GWS" or the "Company") signs agreement to immediately acquire KaleidoMyco ("KM") world's first company combining hemp extract, adaptogens and myco based ingredients to produce world-class, data-driven, science-based wellness products.
The Assets to be acquired by GWS and sold by KM include but are not limited to intellectual property, formulae, compounds, solutions, research, data, techniques, processes, brand names, tradenames, trademarks, patents, client and vendor lists relating to functional mushrooms, psilocybin and myco-dosing infused consumer packaged products including sprays, pills, soaps, bath bombs, lotions and salves.
In addition to the Assets, GWS shall purchase all of the membership interests of KM in one (1) tranche representing a seventy percent (70%) membership interest and the second (2nd) tranche representing a thirty percent (30%) membership interest. In consideration for the purchase of the Assets and the membership interest, GWS shall pay KM the sum of CDN$2,000,000.00 represented by shares of common stock of GWS with additional contingent consideration based on the performance of the assets. The bonus of value to CDN$2,500,000.00 in shares if the assets realize CDN$2,000,000.00 in revenues in year two (2) following closing.
The purchase price shall be CDN$1,000,000.00 in restricted common shares upon closing payable in three (3) installments over an eight month period representing seventy percent (70%) of the membership interest. GWS will pay CDN$1,000,000.00 in restricted common shares for the remaining 30% of the membership interest in installments over year 2. The purchase price may be collateralized and further memorialized in a purchase money promissory note.
"The KaleidoMyco acquisition will give us access to huge growth in revenues throughout 2021 and beyond. Building a range of functional hemp infused myco products with access to immediate manufacturing augmented with a solid capital base; we believe our success here will be on an impressive scale." stated Meris Kott, CEO, Global Wellness Strategies Inc.
About Global Wellness Strategies
Global Wellness Strategies is a prospect generator that provides high growth companies with financial, operational, and management assistance in the fast-growing market for wellness consumer products. The focus of the Company is on global wellness, hemp and CBD, healthcare-related target companies.
For further information please visit out website : www.globalwellnessstrategies.com or www.kaleidomyco.com
Or Contact Meris Kott CEO 604.484.0355 or email to info@globalwellnessstrategies.com
Further information about the Company is available on www.SEDAR.com under the Company's profile.
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. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, its financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79654
