SOL Global Invests $825,000 to Increase its Position in Simply Better Brands
Toronto, Ontario--(Newsfile Corp. - February 23, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global" or the "Company") a diversified private equity firm targeting best-in-class companies that operate in high-growth industries is pleased to announce that it has completed an investment in Simply Better Brands Corp. (TSXV: SBBC) (OTCQB: PKANF) ("Simply Better").
SOL Global acquired 3.3 million units of Simply Better (each a "Unit") at a price of $0.25 per Unit, representing approximately 4.69% of the issued and outstanding common shares of Simply Better. Each Unit consists of one common share of Simply Better (each a "Common Share") and one-half of one Common Share purchase warrant (each a "Warrant"). Each whole Warrant is exercisable for a period of two years at an exercise price of $0.45 per Common Share. Following the transaction, the Company's holding percentage of Simply Better was 8.0% on a non-diluted basis and 7.9% on a fully diluted basis.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories; focused on leading innovation for the informed Millennial and Gen Z consumers in the rapidly growing plant-based, natural, and active lifestyle space. The Simply Better business model creates high-impact synergies, such as data sharing to enhance ecommerce platforms conversion optimization, cross-brand consumer journey migration, and "back end" infrastructure leverage. Expansion is expected into high-growth consumer product categories including CBD, plant-based food and beverage, and the global pet care and skin care industries.
Kevin Taylor, CEO and Chairman, stated, "The Simply Better team has tremendous conviction in the business, and we are excited to increase our stake in the company to help Simply Better grow rapidly and capture market share."
About SOL Global Investments Corp.
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. SOL Global's investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company's seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.
The Company's head office is located at 100 King Street West, Suite 5600, Toronto, Ontario, M5X 1C9.
CONTACT INFORMATION
SOL Global Investments Corp.
Paul Kania, CFO
Phone: (212) 729-9208
Email: info@solglobal.com
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, the Company's strategic investment plans in Simply Better.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including: Simply Better's future business and financial position, the price levels and trading volume of Simply Better's common shares, conditions in the securities markets and general economic and industry conditions, reliance on management; the ability of the Company to service its debt; the Company's ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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