(TheNewswire)
MISSISSAUGA, Ontario – TheNewswire - February 9, 2021 – Sire Bioscience Inc.(CSE:SIRE) (OTC:BLLXF) (FSE:BR1B) (“ Sire ” or the “ Company ”) is pleased to announce that it hasentered into a non-binding letter of intent (the “ LOI ”) to acquire100% of Denver-based PlantFuel, Inc. (“ PlantFuel ”) for 65,000,000 common sharesof the Company (the “ CommonShares ”), with an ascribed value of CAD$0.15 per common share,subject to due diligence, entering into a definitive agreement andother customary closing conditions, including the approval of theCanadian Securities Exchange.
Under the proposed terms of the LOI, the managementteam at PlantFuel would continue on and the current shareholders ofPlantFuel would have the right to nominate one additional member tothe Board of Directors of the Company.
Brian Polla, CEO, COO and a director of the Companycommented: “ PLANTFUEL® is a Science-Driven, Athlete-Focused, PLANTFUELED ™ NutritionCompany. Its team is led by industry veterans who have drivencompanies in the nutraceutical and supplement spaces to over $1B incombined revenues. PlantFuel believes that rooted within the core ofevery athlete is the desire to improve—be it a drive to be stronger,faster, or healthier, the craving to Keep Going™ always endures.PlantFuel’s commitment to consumers is to create the best productsavailable, to successfully bridge the gap between healthy, plant-basednutrition and peak performance.”
In pursuit of its quest to become the world’s firstPLANT FUELED athlete-focused company, PlantFuel utilizes amulti-approach: a scientific process including world-class physicianformulations, using clinically proven, banned substance-freeingredients that do not compromise on flavor, digestion quality, orperformance output.
PlantFuel aims to be “Good for the Body, as well asGood for the Planet.” The packaging is made from plants that arecompostable and responsibly sourced. Products are packed inplastic-free, PLANT FUELED packaging. A portion of proceeds from every sale of PlantFuel products will be donated to One Tree Planted, anon-profit organization focused on global reforestation, protectingbiodiversity, and creating a healthier climate.”
As an additional condition of the proposed transaction,the Company would be required to complete a concurrent non-brokeredprivate placement (the “ Private Placement ”) for gross proceeds of atleast $3,000,000. The Company intends to use the proceeds from thePrivate Placement to advance the Company’s current products, todevelop the PlantFuel business, for working capital and for general corporatepurposes.
All securities issued will be subject to a four-monthhold period pursuant to securities laws in Canada.
The Canadian Securities Exchange("CSE") has neither approved nor disapproved the contents ofthis news release. Neither the CSE nor its Market Regulator (as thatterm is defined in the policies of the CSE) accepts responsibility forthe adequacy or accuracy of this release.
About Sire Bioscience Inc.
SIRE is headquartered in Mississauga, Ontario, and ismanaged by a group of successful entrepreneurs who have extensiveexperience in the areas of consumer-packaged goods, manufacturing,logistics, and distribution. SIRE is a CPG life science companyfocused on the plant-based foods and supplements industry.
FOR INFORMATION, CONTACT:
Sire Bioscience Inc.
CEO: Brian Polla (416) 669-9392
Website: sirebioscience.com
Socials: @sirebioscience
Forward?Looking InformationCautionary Statement
This press release contains certain"forward?looking information" within the meaning ofapplicable Canadian securities legislation and may also containstatements that may constitute "forward?lookingstatements" within the meaning of the safe harbor provisions ofthe U.S. Private Securities Litigation Reform Act of 1995. Suchforward?looking information and forward?looking statements are notrepresentative of historical facts or information or currentcondition, but instead represent only the Company's beliefs regardingfuture events, plans or objectives, many of which, by their nature,are inherently uncertain and outside of the Company's control.Generally, such forward?looking information or forward?lookingstatements can be identified by the use of forward?lookingterminology such as "plans", "expects" or"does not expect", "is expected","budget", "scheduled", "estimates","forecasts", "intends", "anticipates" or"does not anticipate", or "believes", orvariations of such words and phrases or may contain statements thatcertain actions, events or results "may", "could","would", "might" or "will be taken","will continue", "will occur" or "will beachieved”.
By identifying such information and statements in thismanner, the Company is alerting the reader that such information andstatements are subject to known and unknown risks, uncertainties andother factors that may cause the actual results, level of activity,performance or achievements of the Company to be materially differentfrom those expressed or implied by such information and statements.
An investment in securities of the Company isspeculative and subject to several risks including, withoutlimitation, the risks discussed under the heading "RisksFactors" in the Company's Listing Statement dated August 22, 2019and filed on the Company's SEDAR profile. Although the Company hasattempted to identify important factors that could cause actualresults to differ materially from those contained in theforward?looking information and forward?looking statements, theremay be other factors that cause results not to be as anticipated,estimated or intended.
In connection with the forward?looking informationand forward?looking statements contained in this press release, theCompany has made certain assumptions. Although the Company believesthat the assumptions and factors used in preparing, and theexpectations contained in, the forward?looking information andstatements are reasonable, undue reliance should not be placed on suchinformation and statements, and no assurance or guarantee can be giventhat such forward?looking information and statements will prove tobe accurate, as actual results and future events could differmaterially from those anticipated in such information and statements.The forward?looking information and forward?looking statementscontained in this press release are made as of the date of this pressrelease, and the Company does not undertake to update anyforward?looking information and/or forward?looking statements thatare contained or referenced herein, except in accordance withapplicable securities laws. All subsequent written and oralforward?looking information and statements attributable to theCompany or persons acting on its behalf are expressly qualified intheir entirety by this notice.
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