Sibannac, Inc. and NOHO, Inc. (OTC Pink: DRNK) have finalized a plan to effect a cross purchase transaction by each company. After significant market analysis, taking into account the positioning of both companies, their individual strengths and capabilities, as well as a diligence analysis as to the fairness of the proposed transactions, the companies are preparing to enter the following transactions:
Sibannac will purchase the intellectual property of NOHO, consisting of its trademark and proprietary formulations, but NOHO will retain the use of its name and branding, through a separate license agreement, as it moves into production of new consumer products. Sibannac will issue up to $2.8 Million Dollars of Sibannac warrants at a strike price to be determined. Sibananc will register the warrants and issue the same to NOHO in the transaction. NOHO will issue the warrants to the shareholders as a dividend.
NOHO will acquire Vestra, LLC, an Arizona company, wholly owned and managed by Sibannac, established as a special purpose company for the ownership of a Sibannac created Delta 8 THC brand – RaD8 (See, RaD8 (rad8life.com). LifeAs consideration, NOHO will deliver Ten-Million shares of its Class B Convertible Preferred stock from its treasury, allowing the company to use the shares to purchase the brand. Those shares will be booked by Sibannac as an investment and may be used to fund future acquisitions.
The creator of the RāD8 brand is the founder of Lifetime Branding, Eric Stoll. Mr. Stoll and his team are career brand builders with extensive experience in the nutrition space, including herbal supplements and candy. Over more than 30 years, Eric has created marketing and ad campaigns for some of the country’s most notable brands and has been engaged by Sibannac to create RaD8, as well as the company’s core brand focused in the alternative wellness space. Lifetime and its team have been engaged in building the Sibannac platform since last year and will be continuing its development toward a projected launch in the summer of 2021.
Lifetime has an impressive track record not only advancing already established brands for some of the Fortune 500, but also creating new brands from the ground up. Mr. Stoll and his team of marketing professionals and formulators are set to launch Sibannac’s wellness brand into key market segments, including wholesale and retail, with initial focus on direct-to-consumer, online sales.
Sibannac’s CEO, David Mersky, said, “After a lengthy period of evaluation, I am very pleased to announce the asset purchase transactions between NOHO and Sibannac. Having Eric Stoll and Lifetime Branding aboard to oversee the buildout and commercialization processes for both companies is simply a marvelous opportunity. Sibannac is ready to manufacture the products for itself and NOHO in its FDA facility in Scottsdale. Sibannac’s product lines, branding and positioning will cater to a different demographic than NOHO, and these transactions allow for a natural fit between the brands and companies.”
Eric Stoll of Lifetime Branding, said, “We have been working very hard – in stealth mode- over the last year to build the architecture behind Sibannac’s new branding platform and are eager to move forward toward the launch. The alternative wellness space is poised for Sibannac to enter the landscape and capitalize where we will have a vertically integrated brand and control the manufacturing. I haven’t come across many opportunities like this over my career.”
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