Toronto, Ontario--(Newsfile Corp. - August 19, 2020) -EuroLife Brands (CSE: EURO) (FSE: 3CMB) (OTC Pink: EURPF) ("EuroLife" or the "Company") is pleased to announce that it has entered into a Definitive Agreement (the "Agreement") dated August 18th, 2020 pursuant to which it will acquire 100 percent of the issued and outstanding securities of privately-held Plant & Co Marche Inc. by way of a share exchange agreement (the "Transaction"). Plant & Co Marche Inc. is a privately held Canadian corporation which owns and operates "Plant & Co Marche" in Toronto, Ontario. Plant & Co Marche is a hybrid health and wellness brand with a retail location offering niche products catering to health and wellness conscious consumers with a focus on plant-based, vegan, vegetarian, hemp, and specialty immune boosting products. The transaction signifies the Company's first foray into the burgeoning health and wellness sector in North America.
"The acquisition of the Plant & Co Marche brand and retail location is an excellent segue into the growing health and wellness sector in Canada. It secures our foothold into the Canadian retail space in a key demographical area that is heavily populated, giving us tremendous commerce opportunity in-store, as well as delivery and online e-com," said Shawn Moniz, CEO of EuroLife. "The flagship location in Toronto will be emulated in other key demographic markets and larger centres across the country. Utilizing our previous experience in consumer behaviour and consumer targeting and analytics, we will aim to take this unique brand in the health and wellness sector to greater heights. We have an aggressive plan for expansion and will continue to look for opportune acquisition targets in Canada and North America."
The Plant & Co Marche flagship location is strategically located in Little Italy of Toronto, where approximately 100,000 households, apartments, and business are located within a 30min walk of Plant & Co Marche. Our flagship store will re-open following adjustments to the design, layout, and management training. The new design represents a refresh to the current sector within Canada, offering a modern European aesthetic, integrating niche inventories catering to "all things" health and wellness, within the new COVID-19 retail environment.
Plant & Co Marche Location Details:
- 2,200+ square feet of prime retail space
- Currently possesses liquor license and seating for 116 customers with a fully licensed patio
- Designated Curbside pickup station for delivery services and walk-ins
- $250,000+ spent on design and renovation in 2018-2019
- Existing management (vegan enthusiasts)
EuroLife and Plant & Co Marche have been collaborating with a variety of retail and consumer packaged goods experts to determine the final inventory product SKU's as well as identify potential additional retail locations throughout Ontario, Quebec, and British Columbia. In addition, the Company has completed a go-to-market retail plan for various products within the EuroLife family of brands, which will tie in private label "Plant & Co" capabilities within retail, e-commerce, and home-delivery options.
Pursuant to the Agreement, EURO will acquire 100 per cent of the issued and outstanding shares in the capital of Plant & Co Marche Inc. in exchange for 2,336,000 common shares in the capital of the Company at a deemed price per share equal to $0.25.
The closing of the acquisition is subject to customary terms and conditions, and regulatory approval.
Statistical sources: https://www.canadapost.ca/sam/.
About EuroLife Brands Inc.
EuroLife Brands (CSE: EURO) (FSE: 3CMB) (OTC Pink: EURPF) is a vertically integrated enterprise focused on the health and wellness sector.
For additional information:
Contact: ir@eurolifebrands.com or visit EuroLifeBrands.com.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for EuroLife Brands described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62143
