(TheNewswire)
Vancouver, B.C. – TheNewswire - August 24,2022, - CleanGo Innovations Inc. (CSE:CGII) (CNSX:CGII.CN) (OTC:SOFSF) (FRA:APO2) CleanGoInnovations Inc. (“CleanGo” or the “Company) is pleased toannounce an update that they have opened their new manufacturing anddistribution center located 40 minutes North of Houston in the City ofConroe, Texas.
In April of this year, CleanGo Innovations announcedthat they planned on relocating their primary operations to theHouston, Texas area. CleanGo is pleased to announce that in Augustthey began the set up and operations in their new Conroe, TexasFacility. The recent decision to relocate the manufacturing,distribution, and warehousing under one roof in Texas is economicallysound. Further to this CleanGo will integrate ISO 9000 & GMP (GoodManufacturing Practices) Certifications into the new facilityeliminating the requirement of third party blending and packagingservices. These certifications will aid in the ability to offer ourbottling and manufacturing services to our white label and privateclients.
Anthony Sarvucci, CEO of CleanGo Innovations said."As we had previously stated, we believe that by relocating ourfacilities under one large roof in the Houston, Texas area we will becutting our operational costs dramatically and allowing us to serviceour new larger clients without the necessity of third party services.This will also allow CleanGo to streamline manufacturing, distributionand warehousing in a centralized location to offer our clients betterpricing due to our operational savings.”
Shares for Debt Transaction
The Company announces that it intends to complete ashare for debt transaction (the “Debt Conversion”). Under theterms of the Debt Conversion, the Company proposes to issue 526,316common shares of the Company at a price of $0.19 per share insatisfaction of the conversion of $100,000. The subscriber underthe Debt Conversion is considered to be a "related party" ofthe Company, such that the Debt Conversion is considered to be a"related party transaction" for purposes of MultilateralInstrument 61-101 – Protection of Minority Security Holders in SpecialTransactions ("MI 61-101"). Pursuantto MI 61-101, the Company will file a material change report providingdisclosure in relation to the "related party transaction" onSEDAR under Victoria's issuer profile at www.sedar.com. The Company isrelying on exemptions from the formal valuation and minorityshareholder approval requirements available under MI 61-101. TheCompany is exempt from the formal valuation requirement in section 5.4of MI 61-101 in reliance on sections 5.5(a) and (b) of MI 61-101 asthe fair market value of the transaction, insofar as it involvesinterested parties, is not more than the 25% of the Company's marketcapitalization, and no securities of the Company are listed or quotedfor trading on prescribed stock exchanges or stock markets.Additionally, the Company is exempt from minority shareholder approvalrequirement in section 5.6 of MI 61-101 in reliance on section 5.7(b)as the fair market value of the transaction, insofar as it involvesinterested parties, is not more than the 25% of the Company's marketcapitalization.
About CleanGo Innovations
CleanGo Innovations Inc. is an international publicly traded ESGcompany that is revenue generating and specialized in the developmentof early staged, green, non-toxic and sustainable technologycompanies. We provide access to capital, executive management andindustry experience to grow our portfolio of companies.
CleanGo Innovations experienced team bring new ideas and innovationbased on science to find solutions to the current world we live in,CleanGo products cover a vast array of situations including Retail,Commercial and Industrial Solutions. Customers rely on quality,nontoxic, Green Certified products to keep their homes clean and theirloved ones safe. For more information visit our website: https://cleangogreengo.com or www.cleangoinnovations.com
On behalf of the CEO & Board of Directors
Anthony Sarvucci
Chief Executive Officer
CleanGo Innovations Inc.
anthony@cleangogreengo.com
Paul Searle
Investor Relations
1 778 240 7724
NEITHER THE CANADIAN SECURITIESEXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information
This news release may containforward-looking statements and forward-looking information(collectively, “forward-looking statements”) within the meaning ofapplicable Canadian and U.S. securities legislation. Forward-lookingstatements can often be identified by words such as “will”,“plans”, “expects”, “may”, “intends”,“anticipates”, “believes”, proposes” or variations of suchwords including negative variations thereof and phrases that refer tocertain actions, events or results that may, could, would, might orwill occur or be taken or achieved. Actual results could differ fromthose projected in any forward-looking statements due to numerousfactors, including risks and uncertainties relating to generaleconomic, market or business conditions or changes in laws,regulations and policies affecting the Company’s operations.Investors are cautioned that forward-looking statements are notguarantees of future performance or events and, accordingly arecautioned not to put undue reliance on forward-looking statements dueto the inherent uncertainty of such statements. Any forward-lookingstatements included in this news release are made as of the datehereof and the Company does not intend to update or revise anyforward-looking statements, except as expressly required bylaw.
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