DENVER, CO, Oct. 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Global Sciences Holdings, "GLOBAL" (Denver CO), a wholly owned subsidiary of CBD Global Sciences Inc., dba Global Sciences (OTC: CBDNF) (CSE: CBDN) (the "Company"), is pleased to announce that it has closed on the acquisition of Go Fast Sports & Beverage Company ("GO FAST").
On August 1, 2023, GLOBAL executed a share purchase agreement with Go Fast Sports & Beverage Company to acquire 100% of the issued and outstanding shares of GO FAST. GLOBAL and GO FAST closed on the acquisition last week (September 29th, 2023). The purchase price for GO FAST was set at $1,200,000.00 and was paid for with cash and short-term notes issued by GLOBAL. The current management and ownership team at GO FAST will continue to work with GLOBAL to successfully transition the operation to GLOBAL, many of whom will have the ability to join GLOBAL with long-term employment agreements.
Established in 1996, GO FAST has been in business for the past 27 years. GO FAST was made for people who have a passion for living life on the edge and to support the lifestyle of sports enthusiasts. Sales have expanded worldwide to Canada, Mexico, England, and several European countries.GO FAST is a wholesale energy drink company that sells six different energy drinks to distributors and dealers. The products are also sold online ( www.gofast.com ) and Amazon. Go Fast beverages are sold to distributors in Colorado, Aruba, Belgium, Netherlands, and Germany.
Brad Wyatt, CEO of Global Sciences, shared, "Go Fast Sports and Beverage Company is the first of many brand and company acquisitions that Global Sciences will make as it grows its brand portfolio, added to Xing Tea and Aspen Pure. We are extremely excited about the opportunity this acquisition affords our company and look forward to expanding the market for Go Fast globally! I am thankful for the team at Legacy Distribution Group and Go Fast Sports and Beverage Company for their efforts to bring our companies together, great job by all!"
ABOUT GLOBAL SCIENCES
Global Sciences Inc. has become a multi-faceted company focused on utilizing its manufacturing and distribution companies to quickly and efficiently bring new brands to market and scale distribution. Its website can be found at www.globalsciences.ca.
Through its wholly-owned subsidiaries, Global Sciences delivers quality products in retail and e-commerce formats. Legacy Distribution Group (www.legacydistributiongroup.com ) provides exclusive beverage and snack distribution services for more than 90 vendors with over 5000 large and small format stores in its service network. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC ( www.resinosa.com ), with its capabilities to provide cGMP manufacturing at various levels of production runs with a wide variety of brands and product lines supported.
ON BEHALF OF THE BOARD OF GLOBAL SCIENCES INC.
"Brad Wyatt"
Brad Wyatt
CEO and Chairman of the Board
For further information on the Company please contact:
Brad Wyatt, CEO and Chairman of the Board at brad.wyatt@globalsciences.ca or Investor Relations: 720-881-2541 or by email at info@globalsciences.com
Website: www.globalsciences.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
