(TheNewswire)
Toronto, ON - TheNewswire - April 11, 2023 - PlantFuel Life Inc (“ PlantFuel ” or the “ Company ”) (CSE:FUEL ) ( OTC:PLFLF ) ( FSE:BR1B) is pleased to announce the closing of its previouslyannounced business combination with 1402105 B.C. Ltd. dba BeeImmune(“ BeeImmune ”) pursuant to a definitive business combination agreementdated March 27, 2023 (the “ Definitive Agreement ”) with BeeImmune and1406733 B.C. Ltd. (“ Subco ”), a wholly-owned subsidiary of theCompany, pursuant to which the Company has acquired all of the issuedand outstanding shares of BeeImmune (the “ Transaction ”).
In accordance with the terms and conditions of theDefinitive Agreement, the Transaction was completed by way of athree-cornered amalgamation, whereby, among other things: (a) Subcoamalgamated with BeeImmune to form an amalgamated company named“BeeImmune Distribution Inc.” (“ Amalco ”); (b) allof the issued and outstanding common shares of BeeImmune wereexchanged for common shares of the Company (“ Common Shares ”) ona 1:1.045 basis; and (c) Amalco became a wholly-owned subsidiary ofthe Company. Following the completion of the Transaction, the existingshareholders of the Company collectively hold approximately 55.2% ofthe Common Shares and the former shareholders of BeeImmunecollectively hold approximately 44.8% of the Common Shares. Pursuantto the Transaction, the Company has combined its business with thebusiness formerly carried on by BeeImmune, an arm’s length party tothe Company, being the business of producing and selling branded beepollen.
Following the completion of the Transaction, and inaccordance with the terms of the Definitive Agreement, George Scorsisresigned from the board of directors of the Company (the“ Board ”) and Cassidy McCord was appointed to the Board, eacheffective immediately.
Brad Pyatt, the Chief Executive Officer and a directorof the Company, commented: “The combination of the two organizationsallows for a synergistic portfolio of products and our ability toreach new segments in the rapidly expanding segment of bee pollen.PlantFuel has demonstrated that its formulations continue to appeal tothe health conscious consumer that is looking for plant basedalternatives, and BeeImmune fits perfectly with ourstrategy.”
About PlantFuel Life Inc.
PlantFuel is a scientifically focused, plant-basedwellness company managed by successful entrepreneurs with extensiveexperience in the areas of consumer-packaged goods, manufacturing,logistics, and distribution.
Visit PlantFuel online at https://plantfuel.com/ .
ON BEHALF OF THE BOARD
Brad Pyatt
Chief Executive Officer
Investor Contact:
P: 1-888-630-6938
Media Contact:
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-lookinginformation” and “forward-looking statements” within the meaningof applicable Canadian and United States securities laws(collectively, “ forward-looking information ”).Forward-looking information are often, but not always, identified bythe use of words such as “seek”, “anticipate”, “believe”,“plan”, “estimate”, “expect”, “likely” and“intend” and statements that an event or result “may”,“will”, “should”, “could” or “might” occur or beachieved and other similar expressions. Forward-looking information inthis press release includes, without limitation, statements relatingto the anticipated benefits of the Transaction, including corporate,operational and financial benefits and the timing thereof; and theexpectations of management of the BeeImmune brand and the Company’sbusiness and strategic plans.
Developing forward-looking information involvesreliance on several assumptions and considerations of certain risksand uncertainties, some of which are specific to PlantFuel and othersthat apply to the industry generally.
The risk factors and uncertainties that could causeactual results to differ materially from the anticipated results orexpectations expressed in this press release, include, withoutlimitation: additional financing requirements; adverse marketconditions; and other risk factors described from time to time inPlantFuel’s OTC and Canadian securities filings. For additionalinformation about assumptions and risks and uncertainties applicableto PlantFuel, please refer to PlantFuel’s listing statement datedAugust 22, 2019 which is available on PlantFuel’s SEDAR profile at www.sedar.com .
Readers are cautioned to consider these and otherfactors, uncertainties and potential events carefully and not to putundue reliance on forward-looking information. The forward-lookinginformation contained herein is made as of the date of this pressrelease and is based on the beliefs, estimates, expectations andopinions of management on the date such forward-looking information ismade. The Company undertakes no obligation to update or revise anyforward-looking information, whether as a result of new information,estimates or opinions, future events or results or otherwise or toexplain any material difference between subsequent actual events andsuch forward-looking information, except as required by applicablelaw.
The CSE has neither approved nor disapproved thecontents of this news release. Neither the CSE nor its MarketRegulator (as that term is defined in the policies of the CSE) acceptsresponsibility for the adequacy or accuracy of this release.
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