HUNTINGTON BEACH, Calif., Sept. 22, 2023 (GLOBE NEWSWIRE) -- via IBN --Nate's Food Co. (OTC:NHMD) is excited to announce the successful execution of an agreement to acquire JP Energy Group, a Food Jobber Company. This transaction, marked as an accounting reverse merger, represents a strategic leap into a new era of growth, innovation, global expansion, and a change of control for Nate's Food Co.
This merger signifies a pivotal shift in our company's leadership and management, aligning our vision with the exploration of untapped markets and the pursuit of operational excellence. In line with our commitment to a seamless transition and mutual benefit, Marc Kassoff, Director and Chief Financial Officer of Nate's Food Co., has stepped down from his positions as part of this transaction. Nate Steck will continue to serve on the board during this transitional phase, ensuring continuity during the transition phase.
JP Energy Group, established in September 2023 with the purpose of fulling and executing on the contract executed by JP Energy Partners as disclosed in our 8-K filed September 21, 2023. On May 31, 2023, JP Energy Partners entered into a contract for the supply of up to 600,000 metric tons of sugar to be delivered to China comprising of two shipments.
The agreement between Nate's Food Co. and JP Energy Group will not close until the following ...