Vancouver, British Columbia–(Newsfile Corp. – May 29, 2020) – Brand X Lifestyle Corp. (CSE: BXXX) (the “Company” or “Brand X“), is pleased to provide an update on its investment portfolio and operational changes.
The largest investment in the Brand X portfolio is AgriFORCE Growing Systems Ltd. (“AgriFORCE”) (formerly Canivate Growing Systems Ltd.) AgriFORCE continues to move forward with its financing plan, both equity and debt. The Company is nearing completion of its audit requirements and Form 10 filing. It is anticipated that the Company’s intended listing on the OTC: QB will occur within the next 75 days, depending on market conditions. Concurrent with its listing onto the OTC:QB, the Company hopes to complete a $10m equity raise and secure additional debt financing in order to then proceed to a NASDAQ up-listing, subject to market conditions. AgriFORCE management is hopeful it will see an uplift in value from its last financing round at $1.00.
CBIO Brand Development Inc., as of February 2020, has established a wholly-owned subsidiary, CBIO Brand Distribution International Inc., (“CBIO USA”), and has appointed Mr. William (Bill) Monroe as its President & CEO. CBIO USA, in partnership with Colbie Supply LLC., oversees all formulation, supply chain management, manufacturing, and shipping of CBIO’s first two commercialized brands; ArmourGenix® Sport www.armourgenix.com and SaniGenix™ Sanitizers and SaniGenix™ Naturals www.sanigenix.com. In the coming weeks, CBIO will look to add additional Lifestyle Brands announce initial revenue targets, strategic joint ventures. Brand X will be setting up specific communication with Mr. Monroe to allow shareholders clarity on their company developments.
Minehub Technologies Inc. (“MineHub”), is an emerging technology company leveraging technologies, including blockchain, to develop a new generation of cost-saving applications. Brand X owns 1,200,000 shares on a $250,000 investment. During November 2019, MineHub completed a $0.25 round for an approximate total of 33,583,000 shares outstanding.
Brand X invested in FansUnite Entertainment Inc. (“FansUnite”) in May 2018 and holds 800,000 shares from an investment of $200,000. On May 5th, 2020, FansUnite went public on the CSE (FANS:CSE), with a total of 69,579,459 shares outstanding. FANS is a sports and entertainment company, focusing on technology related to regulated and lawful online sports betting and other related products. The principal business is operating the FansUnite Sportsbook and the McBookie website.
iComply Investor Services Inc. (“iComply”) is still private; their last round of financing was completed on January 15th, 2020, at $1.55 with approximately 6,3920,000 shares outstanding. Brand X owns 166,666 shares from a $249,999 investment. iComply is a RegTech company offering compliance software for decentralized financial markets.
“Like most companies, the past few months have posed many challenges, and I commend our back office team and our new team members for their extra efforts in meeting these challenges and helping the company position itself for positive growth,” stated Arni Johannson CEO of Brand X Lifestyle Corp. “We eagerly anticipate a public listing for AgriForce (formerly Canivate) and are very happy with the recent listing of Fans Unite Entertainment Inc. The early performance from the CBIO group is equally encouraging, and we will continue to update shareholders of their rapid developments.”
On Behalf of the Company,
Arni Johannson, CEO
About Brand X Lifestyle Corp.
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.
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.
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