NEW YORK, November 12, 2019 — – Sun Kissed Industries Inc. (OTCMKTS: SKDI) (“Sun Kissed”, “SKDI”, or the “Company”), an emerging player in the CBD marketplace, is pleased to announce the signing of a new agreement (the “Agreement”) with its primary creditor, Green Light Developments (“Green Light”), to retire nearly all of the Company’s outstanding convertible obligations. Based on this agreement, none of the Company’s existing and outstanding convertible debt from its primary creditor will translate into marketable common stock.
This Agreement with Green Light comes in anticipation of the signing of a Definitive Agreement in which Sun Kissed will acquire 100% of the issued and outstanding shares of Hakuna Supply/Products Group, Inc. (“Hakuna” or “Hakuna Supply”), an award-winning CBD-based products company with strong revenue growth and over 110 established retail distribution partners across more than 20 states in the domestic US market.
Carl Grant, CEO of Sun Kissed, commented, “Our forthcoming acquisition of Hakuna is on track, and the folks at Green Light have opted to secure a long-term equity position rather than maintain optionality to market converted shares. It’s a great show of conviction, and we are grateful for it.”
The Agreement represents a binding commitment to convert the totality of $170,000 in existing convertible debt into a series of Preferred Equity Shares in the Company (the “Preferred Shares”) which do not represent common stock for unrestricted sale and have no associated voting rights.
According to the Company, the Agreement also contains a stipulation, in principle, for Sun Kissed to pay down all remaining outstanding convertible obligations over the near term, with the exception of a tranche totaling $100,000 in value, which the Company plans to clear without conversion during calendar year 2020.
Mr. Grant continued, “Green Light has supported us through the early development of the company, and this step demonstrates the confidence they have in our ability to execute on the tremendous opportunities we have in front of us.”
About Sun Kissed Industries, Inc.
Sun Kissed Industries Inc. (OTCMKTS: SKDI) is an emerging leader in the CBD-based products marketplace. The Company is pursuing meaningful acquisitions as part of an aggressive M&A strategy designed to position Sun Kissed as a dominant player in a well-defined, high-growth niche within the rapidly expanding CBD sector.
This press release may contain forward-looking statements, including information about management’s view of Sun Kissed Industries Inc.’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Sun Kissed, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Sun Kissed’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Sun Kissed cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Sun Kissed undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Sun Kissed.
SOURCE: Sun Kissed Industries Inc.