Feel Foods signs a letter of intent to acquire vegan foods


VANCOUVER, British Columbia, November 04, 2021 (GLOBE NEWSWIRE) – FEEL FOODS LTD. (the “Company” or “Feel Foods”) (CSE: “FEEL”) (OTC: “FLLLF”) (FSE: “1ZF”) is pleased to announce that it has entered into a Letter of Intent (the “Agreement“) with Plantastic Food Inc. (“Plantastic“), a British Columbia-based vegan food company, and the shareholders of Plantastic to acquire all of the issued and outstanding common shares of Plantastic (the”Acquisition“).

Founded in 2019, Plantastic and its unique herbal products are currently available in twenty-two (22) “brick and mortar” locations across British Columbia as well as in several online and direct-to-consumer marketplaces. from the Plantastics e-commerce website at: www.plantasticfood.ca

Plantastic offers a variety of delicious plant-based cheesecakes, including flavors of cappuccino, chocolate, lemon, spicy pumpkin, and strawberry, as well as its plant-based three-bean chipotle and kale burgers.

A media excerpt accompanying this announcement is available by clicking on the image or link below:

Feel Foods Director and CEO David Greenway says: “We are delighted to be working to integrate Plantastic into our family of fast growing plant-based companies at Feel Foods. Plantastic’s unique and delicious line of plant-based cheesecakes is my favorite dessert, and the plant-based burgers complement our existing lines of Black Sheep Vegan Cheeze. Feel Foods intends to work closely with Plantastic to increase sales, increase market exposure, and expand distribution across Canada and the United States while continuing to create exciting new herbal offerings. .

Plantastic Food Founder Sanit Jain said, “We have found an ideal solution in the Feel Foods family that aligns with the values ​​and vision of Plantastics and will enable our current offerings and new products in development to grow. reach many health-conscious consumers. Plantastic offers delicious tasting non-dairy cheesecakes so desert lovers can have their cake and eat it too, while being part of a movement towards a plant world that is beneficial to health, the environment and animals.

Mr. Sanit Jain, vegan entrepreneur who started his business because of his personal history of herbal success and recovery. After losing his father to a heart attack from high cholesterol and finding out that he too had very high cholesterol, Saint ventured out to find alternatives to pharmaceuticals to manage. his cholesterol level and be in better health.

Plantastic is based on the idea that if we could help more people access healthy choices without compromising taste and texture, we would have had a positive impact on the community. Every decision we make at Plantastic, every product we launch, community health and wellness is a priority. We do not compromise on the quality of the ingredients or the method of preparation, rest assured that Plantastic products are prepared with the best quality and noble intentions.

The herbal foods market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $ 74.2 billion by 2027. The growth of this market is mainly attributed to factors such as increasing incidence of animal protein intolerance, increasing urbanization with new consumer aspirations, growing vegan population and significant investments in this sector. *

Agreement conditions

Under the terms of the Agreement, upon closing of the Acquisition (the “Closing“), the Company will acquire all of the issued and outstanding common shares of Plantastic (the”Plantastic Actions“) under terms to be negotiated and described in a subsequent definitive agreement after the completion of due diligence by Feel Foods.

The Acquisition is subject to certain conditions, in particular: (i) the completion of a satisfactory due diligence; (ii) receipt of all necessary consents, waivers and approvals, including approval from the CSE, if applicable; (iii) the conclusion of Consulting Contracts; (iv) there has been no material adverse effect concerning the Company or Plantastic; and (v) other customary closing conditions for transactions of this nature.

Following the closing of a definitive agreement, Plantastic Food Inc. will become a wholly owned subsidiary of Feel Foods Ltd.

About Feel Foods Ltd.

FEEL is an agri-food holding company focused on innovative products and technologies in the food service industry, including its wholly owned company Black Sheep Vegan Cheeze, offering a variety of 10 unique vegan dairy replacement products currently available in more than 30 outlets, it is 100% owned by Be Good Plant-based Foods, the line of plant-based chicken, pork and beef products, and is currently investing in the research and development of keto-friendly plant-based candy products.

Company details :
Mr. Joel T Warawa
Business communication
Email: [email protected]

Corporate contact:
Website: www.feelfoodsco.com
Email: [email protected]
Instagram: Instagram.com/feelfoodsco
Telephone: 604-235-0010

Statistics reference: * https://www.prnewswire.com/news-releases/global-plant-based-food-market-report-2020-2027-rising-industry-concentration-with-growth-in-mergers-and-acquisitions-in -the-plant-products-space-301268737.html

Forward-looking information disclaimer

Certain statements contained in this press release are forward-looking statements, which reflect management’s expectations regarding the Company. Forward-looking statements consist of statements which are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future, including with respect to: entering into consulting agreements, completion of the acquisition and acceptance of the Acquisitions and its terms by the CSE. These statements are subject to risks and uncertainties which may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. The risks include: the unknown magnitude and duration of the effects of the COVID-19 pandemic, the inability of Feel Foods to complete the acquisition, and other risks customary in transactions of this nature. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, the reader should not place undue reliance on forward-looking information or statements. Feel Foods assumes no obligation to update any forward-looking information or statements, except as required by applicable law.

This press release does not constitute an offer to sell the securities in the United States. The securities have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an exemption from registration. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any state in which such an offer, solicitation or sale would be illegal.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved the contents of this press release.

Source link

Tanya S. Norvell