Fintech
Brand X Lifestyle Corp. Closes Acquisition of CBIO Brand Development Inc.
Vancouver, British Columbia–(Newsfile Corp. – March 30, 2020) – Brand X Lifestyle Corp. (CSE: BXXX) (the “Company” or “Brand X“), formerly Block X Capital Corp., is pleased to announce that it has completed its previously announced acquisition of CBIO Brand Development Inc. (“CBIO“). The Company has acquired 100% of the issued and outstanding common shares in the capital of CBIO (the “CBIO Shares“) from the shareholders of CBIO (the “CBIO Shareholders“), resulting in CBIO becoming a wholly-owned subsidiary of Brand X (the “Acquisition“).
The Acquisition
In consideration for the CBIO Shares, Brand X issued an aggregate of 6,900,000 Post-Consolidation Shares to the CBIO Shareholders, in such amounts to reflect the pro rata holding of each CBIO Shareholder in CBIO immediately before the closing of the Acquisition (the “Closing Date“). The CBIO Shareholders have transferred their CBIO Shares to Brand X in exchange for the Post-Consolidation Shares issued on the Closing Date.
The aggregate of 6,900,000 Shares will be held in escrow by Brand X and released to the CBIO Shareholders as follows:
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1,725,000 Post-Consolidation Shares on the date that is five business days from the end of any three month period following the Closing Date and before March 1, 2021 (the “Clawback Date“) in which CBIO generates $500,000 or more in gross revenue in such three month period;
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1,725,000 Post-Consolidation Shares on the date that is five business days from the end of any three month period following the Closing Date and before the Clawback Date in which CBIO generates $1,000,000 or more in gross revenue in such three month period;
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1,725,000 Post-Consolidation Shares on the date that is five business days from the end of any three month period following the Closing Date and before the Clawback Date in which CBIO generates $2,000,000 or more in gross revenue in such three month period; and
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1,725,000 Post-Consolidation Shares on the date that is five business days from the end of any three month period following the Closing Date and before the Clawback Date in which CBIO generates $4,000,000 or more in gross revenue in such three month period.
Any Post-Consolidation Shares remaining in escrow on the Clawback Date will be cancelled and returned to treasury.
About CBIO Brand Developments Inc.
CBIO Brand Development Inc.’s primary business is the commercialization of complex consumer goods. Through its primary brand, www.armourgenix.com, CBIO has launched a suite of high-performance sports supplements. In the coming weeks CBIO will be launching its e-commerce platform and expanding its product offerings.
On Behalf of the Company,
Arni Johannson, CEO
Tel: 604-349-3011
About Brand X
Brand X (CSE: BXXX) seeks investment opportunities in early to mid-stage blockchain and emerging technology companies. Brand X is dedicated to disciplined due diligence, governance, and an investment process that results in highly qualified investment opportunities.
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the consideration to CBIO Shareholders, generation of revenue by CBIO, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining regulatory approvals (including of the Canadian Securities Exchange), changes in laws, regulations and policies affecting the Company’s operations and the Company’s limited operating history.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53935