SANTA MONICA, CA / ACCESSWIRE / December 9, 2021 / Demand Brands, Inc. (OTC PINK:DMAN), (“Company” or “DMAN”), announced today that the Company, via Pacific Technologies Group, Inc. http://www.pacifictechnologiesgroup.com, has entered into a Letter of Intent (“LOI”) with CF3 SPV I, LLC, a holding company, consisting of a portfolio of Cannabis operating companies and intellectual property including Viridi Farms, 8T8 & MBX Research Inc. (“Businesses”), to acquire the Businesses in an all-stock transaction. The Businesses are, collectively, currently generating more than $20,000,000 in annual revenue at their present run rates and they have established cultivation and harvest facilities on the Central Coast of California and distribution contracts throughout the entire state. Some of the brands that the Businesses manage supply line for include High Times, Revelry Herb Co., TruLeaf, Lowell Herb Co., CanEx and GroupoFlor. More information on the Businesses can be found here: https://dman.co/ .
The Company, subject to concluding its due diligence timely, anticipates formalizing an agreement prior to the end of the year. The LOI pegs the acquisition cost of the Businesses to completing an audit and obtaining third-party valuations for all the rolled-up, consolidated Businesses. It is expected that Andy Colehower, a senior executive in the wholesale food and beverage sector, will become the new CEO of the Company upon the completed transaction.
“We are excited to explore this opportunity with Demand Brands as we seek entry into the public markets. The primary focus is to execute and deliver success with vertical integration via consolidation. The blend of entities organized includes a best-in-class pool of talent in cultivation, plant health and nutrition, multi state consulting and brand management,” stated Colehower.
The Company has divested itself of the assets it had acquired from Viride Research Fund, LLC and has terminated the services of Ian Dixon as an Officer and Director. The Company has redeemed and returned to its treasury approximately 70 million shares of its common stock due to the divestiture. Peter Erdekian has resumed his acting CEO position. The Company’s Common Stock Purchase Agreement with an Institutional Investment Fund, for $5,000,000 in equity funding, remains in place and on track.
About Demand Brands, Inc. The Company, AKA Pacific Technologies Group, Inc., sources, invests in, and explores opportunities in Cannabis related businesses that fit into its vertical integration strategy.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes”, “belief”, “expects”, “intends”, “anticipates”, “projects” “will”, or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.
SOURCE: Demand Brands, Inc.
View source version on accesswire.com: