Simply Better Brands Corp. Closes the Acquisition of ‘TRUBAR’ Nutrition Brand Adding to Its Plant-Based Wellness Portfolio
VANCOUVER, British Columbia, Aug. 19, 2021 (GLOBE NEWSWIRE) — Simply Better Brands Corp. (the “Company” or “Simply Better Brands”) (TSX Venture: SBBC), is pleased to announce that, further to a news release issued on March 3, 2021, the Company has closed its acquisition of TRU Brands Inc. (“TRU BRANDS”), a leading health and wellness brand specializing in nutritious snacks for women.
Founded in 2018 under the female-led parent company TRUWOMEN, TRU BRANDS has grown into a nationally-recognized brand and is sold online and through major U.S. retailers, including Target, Costco, Whole Foods, and Fresh Thyme. Their line of dessert-inspired protein bars are made with plant-based ingredients such as cassava, cacao, and brown rice protein, and are certified vegan, gluten-free and kosher, as well as dairy and soy-free, non-GMO verified, and free of sugar alcohols.
“We are thrilled to welcome Tru Brands into the Simply Better Brands family. Their all-natural line of healthy snack offerings is a perfect fit for our holistic approach in the wellness space,” said the Company’s CEO Kathy Casey. “With a loyal customer base and a demonstrated ability to innovate, Tru Brands is a wonderful asset to Simply better Brands’ growing clean-label, plant-based portfolio. It fuels our mission to enable wellness authentically every day. With Tru Brands, we now add the food category to our growing portfolio of CBD wellness, petcare and skincare.”
Erica Groussman, the CEO and co-founder of Tru Brands added – “Gone are the days of sacrificing taste and texture. TRUWOMEN’s TRUBARS have pioneered an entirely new snacking category coined indulgent nutrition. We’re beyond excited to join forces with Simply Better Brands, whose values and mission, to innovate and expand the plant-based wellness sphere, deeply align with ours.”
Under the terms of the acquisition, the Company acquired 24,586,477 shares of common stock with $0.001 par value per share and 25,000,000 shares of Series A preferred stock with $0.001 par value per share, and satisfied certain outstanding indebtedness of Tru Brands for an aggregate purchase consideration of $7,500,000, paid in the form of issuance of the Company’s shares to the shareholders and debtholders of Tru Brands, calculated on the basis of the volume weighted average closing price of the Company’s shares on the TSX Venture Exchange (“TSXV”) determined based on the 10 trading days immediately preceding the closing date. The Simply Better Brands acquisition includes all of the issued and outstanding shares of common stock and preferred stock in the capital of Tru Brands Inc. (“Tru Brands”). The acquisition was completed as an expedited acquisition pursuant to TSXV Policy 5.3, negotiated on an arm’s length basis and a finder’s fee of 89,462 SBBC common shares (valued at $407,500 or 5.42% of the purchase price, all as in accordance with TSXV Policy 5.1) were issued to arm’s length qualified finder. All figures in this news release are in U.S. dollars, unless otherwise indicated.
About Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company’s mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including CBD products, plant-based food and beverage, and the global pet care and skin care industries. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Simply Better Brands Corp.
Chief Financial Officer
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