(TheNewswire)
Vancouver, British Columbia - TheNewswire – December 1, 2021 –Blackhawk Growth Corp. (the “Company”) (CSE:BLR ) ( Frankfurt:0JJ) (CNSX:BLR.CN) is pleasedto announce that it has signed a definitive purchase agreement for theacquisition of all the outstanding membership interests in TERPWholesale, LLC (“TERP”). The acquisition was previously announcedon April 15, 2021 in connection with the signing of a letter ofintent. Since the signing of the letter of intent, the Company andTERP completed their mutual due diligence and negotiated thedefinitive agreement.
The Company will acquire all of the outstandingmembership interests in TERP in consideration for $2,500,000 CDN whichwill be satisfied through the issuance of common shares of the Companyto the existing members of TERP at a deemed price of $0.69 per share.Blackhawk will issue a total of 3,623,188 shares in connection withcompletion of the acquisition. Blackhawk is at arms-length from TERPand each of the members of TERP.
TERP continues to be cash flow positive, for the yearended December 31, 2020, TERP reported unauditedgross revenue of CDN$ 3,902,888. Readers are cautioned that these figures are prepared bymanagement and are unaudited. Actual results may defer once an audithas been completed.
TERP continues to show significant results through2021. The Company will provide a corporate update in the near future.TERP is in its fourth year of operations and has seen consistentrevenue growth in each year of operation.
TERP Wholesale is a fully licensed distribution centerin the State of California. TERP packages and manufacturers some ofthe highest quality exotic brands and high THC products in California.Distribution professionals, guided by a proven team with extensiveexperience in cannabis and quality-assured distribution. Currentbrands include, but are not limited to Sunshine Delight, Norcal'sFinest, California Cannabis, and Scoopz.
TERP provides supply chain solutions to the industrywith the use of innovative technology, information management experts,security specialists, and sales/marketing professionals. Utilizingproven distribution methods, TERP’s model is based on a perishablesupply chain strategy that emphasizes the importance of qualityassurance and customer satisfaction. TERP is a one stop shop forCategory Management, Compliance & Regulatory, Warehousing, Sales& Marketing.
“TERP is a welcome addition to Blackhawk’sportfolio” said Frederick Pels, CEO of the Company. “Our cannabisassets along with TERP will uniformly benefit from this acquisition,as we look forward to continued growth and record-breaking revenues.The ability to manufacture and directly distribute products and brandsin California’s massive market is a game changer for us and I cannotwait to share our progress with our shareholders over the comingquarters.”
Following completion of the acquisition, TERP WholesaleLLC will form part of the Company's existing portfolio of investmentsin the health care and cannabis sector. TERP’sexisting board and management will continue to retain responsibilityfor overseeing day-to-day operations.
About Blackhawk Growth
Blackhawk is an investment holding company looking tocreate substantial value for its shareholders through the acquisitionand development of high growth companies. It has focused itsinvestments in the health, cannabis and cannabidiol industries in bothCanada and the United States. Its portfolio of companies includes SacPharma, LeichtMind Clinics, Noble Hemp, Spaced Food, NuWave Foods, andMindBio Therapeutics. Blackhawk continues tobring its investments to cash flow and is growing at an exceedingpace.
The Company diligently posts updates through videosfrom the official company YouTube channel https://www.youtube.com/channel/UCs4f2tt3yAvOGhNLjgNOy-A
Please join the conversation on our Blackhawk groupsupporter’s telegram group at https://t.me/Blackhawkgrowthcorp and visit us online at https://www.blackhawkgrowth.com .
For further information please contact:
Frederick Pels, Chief ExecutiveOfficer
(403)-991-7737
fred@ blackhawkgrowth.com
Cautionary NoteRegarding Forward-Looking Statement
All statements in this pressrelease, other than statements of historical fact, are “forward-looking information”with respect to the Corporation within the meaning of applicablesecurities laws. The Corporation provides forward-looking statementsfor the purpose of conveying information about current expectationsand plans relating to the future and readers are cautioned that suchstatements may not be appropriate for other purposes. By its nature,this information is subject to inherent risks and uncertainties thatmay be general or specific and which give rise to the possibility thatexpectations, forecasts, predictions, projections or conclusions willnot prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities will not be achieved. Theserisks and uncertainties include but are not limited those identifiedand reported in the Corporation ’s public filings under theCorporation’s SEDAR profile at www.sedar.com. Although theCorporation has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking information, there may be otherfactors that cause actions, events or results not to be asanticipated, estimated or intended. There can be no assurance thatsuch information will prove to be accurate as actual results andfuture events could differ materially from those anticipated in suchstatements. The Corporation disclaims any intention or obligation toupdate or revise any forward-looking information, whether as a resultof new information, future events or otherwise unless required bylaw.
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