CBDN:CC - Illumination Brands to Sell the Wholly Owned Subsidiary Illumination Holdings Inc. a Colorado Corporation to Create a Beverage and Snack Powerhouse

DENVER, CO - (NewMediaWire) - July 24, 2024 - Illumination Brands, formerly known as CBD Global Sciences Inc. (“CBDN”); (the "Company"), today announced it has executed a non-binding letter of Intent with Labor Smart, Inc. (OTC PINK:LTNC) (“LTNC”) to sell Illumination Holdings, Inc. a wholly owned subsidiary of Illumination Brands, Inc.

The acquisition is expected to create a beverage and snack powerhouse, enhanced by LTNC’s valuable celebrity and athletic partnerships. These strengths will be combined with Illumination Holdings’ expansive distribution network, which generated approximately $30 Million in Revenues in fiscal 2023, across 5000+ large and small format retail locations spanning Colorado, Southern Wyoming, and South Dakota.

Coinciding with the acquisition, Brad Wyatt, Chief Executive Officer of Illumination Brands, Inc. and Illumination Holdings, Inc., will be appointed to the LTNC Board of Directors. Additionally, Mr. Wyatt will assume a Co-CEO role as counterpart to Tom Zarro, Chief Executive Officer of Labor Smart, Inc.

Mr. Wyatt and Mr. Zarro will Co-CEO during a 3-6 month integration period. Mr. Zarro will remain Chairman of the Board of Labor Smart, Inc. Scott Darnell, currently the Chief Strategy Officer of Illumination Holdings, Inc. will assume the role of Chief Strategy Officer of LTNC and be appointed to the LTNC Board of Directors.

Highlights of the acquisition include:

• Legacy Distribution Group, the Direct Store Delivery (DSD) operation that was acquired from New Age Beverage boasts over 175 years of collective beverage and snack incubation and distribution in the Colorado market
• Aspen Pure Water – Water brand with sales and distribution throughout Colorado
• Beer, Wine, Alcohol and Tobacco distribution licenses
• Exclusive distribution in Colorado of name brands such as Xing Tea, Go Fast, Aspen Pure, Rap Snacks, Karma, Recover 180, Cock n Bull, Jones Soda, Brew Dr. Kombucha, GOAT Fuel Energy, and more.
• The DSD’s beverage incubator has aided in the initial brand development and regional market penetration for many nationally recognized brands specifically including Monster, Rockstar, C4, Tommy Knockers, Celsius, Smart Water, and more.

Brad Wyatt, Chief Executive Officer of Illumination Brands, stated, “The sale of Illumination Holdings and its assets is a strategic move for both companies and their shareholders. Both sides of this acquisition complement one another in leadership, brand development, and a second-to-none drive to grow both topline revenue and profitability. Our collective future is very bright with planned future acquisitions and current distribution agreements. The immediate result will enhance the company’s ability to create, grow, and profitability monetize our existing and future brands. Our shared goals and vision will guide us toward continued success. I am excited about the invitation to join the team at Labor Smart and look forward to the integration of our teams.”

Tom Zarro, Chief Executive Officer of Labor Smart, Inc., stated, “This deal is the culmination of countless hours of work by both teams. I believe this acquisition will position Labor Smart and its combined subsidiaries to accelerate our business plans by 3 to 5 years. More than acquiring prized assets and a well-run operation, I can’t overstate the top talent joining the Company as part of this acquisition and the doors it will open for our LOCK’DIN Brand of performance beverages.”

At the closing, Labor Smart, Inc. will deliver a mix of restricted common and preferred shares of LTNC to Illumination Brands, Inc. for Illumination Holdings. A large portion of the share issuance will be performance-based and subject to the achievement of certain milestones. This acquisition is anticipated to be the first of several.  All parties are working diligently to prepare and approve the Definitive Acquisition Purchase Agreement. The Company expects the closing to occur within the next two weeks.

About Labor Smart, Inc.

Labor Smart, Inc. is a holding company focused on assets in the beverage space. Its primary business is Next Gen Beverages, operating as LOCK’DIN™ Beverages. LOCK’DIN™ delivers life-changing, science-driven functional beverages formulated to provide athletes, entrepreneurs and everyday achievers safe and effective natural products that help improve performance and recovery without compromising health. The Brand offers four ready-to-drink beverages, including a world-class Hydrogen Water, a Nootropic Functional Drink, and a functional Coffee. The global brand is endorsed by World Famous Boxing Champion, Manny Pacquiao, who uses the products daily in his training regimen and is also an investor, shareholder and member of the company’s Board of Directors.

About LOCK’DIN™ Beverages

LOCK’DIN™ delivers life-changing, science-driven products formulated to provide athletes, entrepreneurs and everyday achievers safe and effective natural products that help improve performance and recovery without compromising health. The Brand offers four ready-to-drink beverages, including a best-in-class hydrogen water, and a Nootropic functional Coffee. LOCK’DIN™ is a global brand endorsed by World Famous Boxing Champion Manny Pacquiao who uses the products daily in his training regimen and is also an investor, shareholder and member of the company’s Board of Directors. Visit www.lockdin.com to try our products and experience what it means to be LOCK'DIN!

About Illumination Holdings

Illumination Holdings is a vertically integrated distribution and brand incubation company focusing on creating new point-of-sales for consumer products while acquiring, innovating, and incubating brands owned by our company and clients. Boasting a distribution network of over 5000 large and small format locations ranging from independent and chain stores to hundreds of on-premise and non-traditional points of sales including high schools, hotels, commercial and government businesses.

ON BEHALF OF THE BOARD OF Illumination Brands 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@illuminationbrands.com 

or Investor Relations: 720-881-2541 or by email at info@illuminationbrands.com 

Safe Harbor Statement

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