oceansix future paths Ltd. ("oceansix" or the "Company"), a leader in advanced recycling and manufacturing technological solutions with a presence on the TSX Venture Exchange in Toronto (TSXV: CUSIP 001194828, OSIX), in New York (OTCQB: AKMYF), and Frankfurt Stock Exchange (WKN: A3EFB0, ISIN: IL0011948283, 5FC0), is pleased to announce that today it has entered into an asset purchase agreement (the "Agreement") pursuant to which oceansix, through its subsidiary Oceansix S.L., has purchased the business of Original RePack Oy ("RePack"), a pioneer in reusable packaging systems with a decade of proven track record (the "Acquisition"). The Acquisition will allow the Company to reduce the reliance on single-use packaging in e-commerce deliveries, which is growing exponentially and reached an annual dispatch of 161 billion parcels in 2022.
Transaction Details
The total consideration for the Acquisition, based on the Company's current share price, is valued by the parties at CDN $2,392,912. Pursuant to the Agreement, oceansix acquired the business of RePack in exchange for: (i) issuing 24,948,840 common shares in the capital of the Company (the "Shares") to the shareholders of RePack; and (ii) a payment of USD $108,000 (the equivalent of CDN $147,517, based on current exchange rates) (the "Cash Payment") on closing. 15,282,176 of the Shares were issued to the shareholders of RePack on closing of the Acquisition, with the balance to be issued to the shareholders of RePack in up to four subsequent installments, selected at the option of RePack.
The Acquisition is an arm's length transaction. All Shares issued pursuant to the Agreement will be restricted from trading for four months and one day after issuance. The Agreement and Acquisition remain subject to the final approval of the TSX Venture Exchange (the "Exchange"). The price per share of Shares issued post-closing to shareholders of RePack will be subject to the Company's share price at their time of issuance and calculated in accordance with the rules of the Exchange.
oceansix solidifies its commitment to reshaping the packaging Industry
"As a pioneering force in sustainable innovation and disruptive engineering, our recent acquisition of RePack marks a significant milestone in our journey towards a more sustainable future," Elad Hameiri, CEO of oceansix, states. "Together with RePack we are entering the new era where packaging is used again and again."
A Sustainable Satisfaction. Delivered.
RePack, now a central pillar in oceansix's mission, were the first ones who introduced reusable packaging to e-commerce. Jonne Hellgren, CEO of RePack, comments: "Together, we lead the movement against single-use packaging, by creating a true circular system. "Reduce. Reuse. RePack." becomes more than a slogan-it is our operational mantra."
A New Alliance for the End of Packaging Trash
This call to action reflects oceansix and RePack's shared vision for cleaner and more efficient deliveries. Jonne Hellgren emphasizes, "With oceansix, we will be able to make sustainability simple and engaging, creating a continuous loop of good. To make this happen it takes more than just a reusable product. It needs a truly circular, scalable system."
Rebelling Against the Status Quo
The joint mission is unequivocally defined: to make reusable packaging very simple and convenient for retailers and their customers. "This collaboration is not a startup experiment, but a mature, credible, and scalable solution to revolutionize the e-commerce packaging industry," emphasized Elad Hameiri, CEO of oceansix. RePack's reusable packaging, backed by oceansix's 30 years of proven business execution and innovative proprietary technology, could finally become the standard solution to e-commerce packaging and put an end to single-use packaging trash. Hameiri accentuates: "It is not just a merger, it's a rebellion against the status quo."
RePack Initiative: Keep Packing, Stop Trashing
Learn more about how oceansix and RePack are crafting the future of e-commerce by visiting our websites at oceansix.com and RePack.com. Connect with us on LinkedIn, Instagram to join our journey towards reducing packaging waste and creating more sustainable and engaging consumer experiences.
About oceansix
oceansix future paths Ltd. remains at the forefront of creating sustainable solutions that not only convert waste into valuable products but also advocate the principles of a circular economy. oceansix's unwavering commitment to sustainability is intensified by its strategic alliance with RePack, magnifying its impact on global environmental challenges.
About RePack
RePack is more than just another reusable packaging supplier; they're pioneers in revolutionising the way businesses approach packaging. Rather than simply selling packaging repeatedly, RePack is dedicated to establishing efficient reuse systems that eliminate the need for companies to constantly replenish their packaging supplies.
RePack's mission is clear: to provide innovative reusable packaging solutions that not only shrink the environmental footprint of deliveries but also elevate the overall customer experience.
Disclaimer
This press release might include forward-looking statements based on current expectations and projections about future events. Generally, forward-looking statements and information may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". These are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ materially from those expressed or implied by such statements. In this press release, forward looking statements include statements regarding reducing the reliance on single-use packaging in e-commerce deliveries; the issuance of the balance of Shares; and receiving Exchange approval for closing the Acquisition. oceansix undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Approval Accuracy
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) assumes responsibility for the adequacy or accuracy of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515940303/en/
Contacts:
Elad Hameiri, CEO oceansix future paths Ltd
+34 673 435 571
Jonne Hellgren, CEO Original RePack OY
Investor Relations
RB Milestone Group LLC (RBMG)
oceansix@rbmilestone.com
