VANCOUVER, BC, June 25, 2021 /PRNewswire/ – PlantX Life Inc. (the "Company" or "PlantX") (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to announce that the Company, through its wholly-owned subsidiary, New Deli Hillcrest LLC ("New Deli Hillcrest"), has completed its previously announced transaction to acquire certain assets of LIV Marketplace LLC ("LIV Marketplace") for an aggregate purchase price of US$3,246,938.73 (the "Acquisition"). The purchase price was satisfied by (i) US$450,000 in cash, (ii) 3,777,778 common shares issued at a deemed price of $0.55 per common share in the authorized share structure of the Company ("Consideration Shares"), (iii) the assumption of $1,000,000 in debt owed by LIV Marketplace to the Company and (iv) US$96,938.73 in inventory. The Consideration Shares are subject to a 4-month statutory hold period in accordance with applicable Canadian securities laws.
California-based LIV Marketplace is the exclusive online fulfillment partner and retail distributor of PlantX products within the United States and is responsible for building and operating PlantX’s 4,515-square-foot brick-and-mortar retail store in San Diego, California. Upon completion of the Acquisition, the San Diego location will be rebranded as New Deli by PlantX, as a Company-owned corporate location. Additionally, LIV Marketplace will continue to lead the Company’s wholesale division, so that PlantX can continue to focus its efforts on improving its brick-and-mortar operations in San Diego.
"Completing another acquisition is beyond encouraging and supports our vision for expansion as leaders in the plant-based space," said PlantX CEO, Julia Frank. "The PlantX brick-and-mortar operations represent a crucial component of our business strategy and this transaction demonstrates our commitment to execute this strategy effectively."
Shawn Kattoula, a principal of LIV Marketplace, and Sean Dollinger, Founder and Promoter of PlantX, have existing commercial business relationships unrelated to PlantX or LIV Marketplace. LIV Marketplace was founded by Mr. Kattoula based on an introduction by Mr. Dollinger. No finder’s fees were paid in connection with the Acquisition.
About PlantX Life Inc.
PlantX aims to be the digital face of the plant-based community, by utilizing its platform to be the one-stop-shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing, and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers, and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
The Company website is http://investor.PlantX.com/;
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the rebranding of the Company’s brick-and-mortar store and the business and strategic plans of the Company.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company’s control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the Company’s ability to complete the Acquisition on the terms contemplated including the receipt of any regulatory or corporate approvals; the Company’s ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 pandemic; a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company’s reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company’s continuous disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE PlantX Life Inc.
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