Cannibble Signs Definitive Agreement to Acquire Eshbal Functional Foods, an Israeli Gluten Free Food Tech Manufacturer With 2021 Sales of Over CAD$14M
Cannibble Signs Definitive Agreement to Acquire Eshbal Functional Foods, an Israeli Gluten Free Food Tech Manufacturer With 2021 Sales of Over CAD$14M
Rosh Haayin, Israel--(Newsfile Corp. - November 28, 2022) - Cannibble Foodtech Ltd., (CSE: PLCN) ("Cannibble" or the "Company"), a food tech company that develops and manufactures food and beverage products that are enhanced variously with hemp seeds, hemp protein, and other hemp ingredients, where legal to do so, is pleased to announce that, further to its press release of August 29, 2022, it has entered into a share purchase agreement (the "Definitive Agreement") with Eshbal Trading, Ltd., an Israeli private company, L.D. Barel Ltd., an Israeli private company (together, the "Selling Members") and Eshbal Functional Foods Cooperative Ltd., a private Israeli gluten free food tech manufacturer with 2021 sales of over CAD$14M ("Eshbal"), pursuant to which Cannibble will acquire all the outstanding membership interests of Eshbal in exchange for ordinary shares of Cannibble (the "Transaction"). The Definitive Agreement was negotiated at arm's length and is dated November 27, 2022. Upon closing of the Transaction ("Closing"), Eshbal will become a wholly-owned subsidiary of Cannibble and the combined companies (the "Resulting Issuer") will carry on the businesses of Cannibble and Eshbal.
以色列Rosh Haayin-(Newsfile Corp.-2022年11月28日)-Cannibble FoodTech Ltd.(CSE:PLCN)(““罐頭炸彈”“或”公司),一家開發和製造食品和飲料產品的食品和飲料公司,在合法的情況下,這樣做是合法的,該公司很高興地宣佈,在2022年8月29日的新聞稿之後,它已經達成了一項股票購買協議(最終協議與以色列私人公司Eshbal Trading,Ltd.,以色列私人公司L.D.Barel Ltd.(合在一起,銷售會員)和以色列私營無谷蛋白食品技術製造商Eshbal Functional Foods Cooperative Ltd.,2021年銷售額超過1400萬加元(“以實巴勒),據此,Cannibble將收購Eshbal的所有未償還會員權益,以換取Cannibble的普通股(交易記錄)。最終協議是在一定範圍內談判達成的,日期為2022年11月27日。交易完成後(結業),Eshbal將成為Cannibble和合並後的公司(The最終的發行者“)將繼續經營Cannibble和Eshbal的業務。
The purpose of the Transaction is to leverage Eshbal's success in providing the Israeli retail market with innovative gluten free baked products into sales and marketing of these products in the US gluten free market. According to a report by Grand View Research, the US gluten free baked products market reached US$ 449M in 2021 and is expected to grow at a CAGR of over 10% to 2030. 1
這筆交易的目的是利用Eshbal在向以色列零售市場提供創新的無麪筋烘焙產品方面的成功,在美國無麪筋市場銷售和營銷這些產品。根據Grand View Research的一份報告,美國無麩質烘焙產品市場在2021年達到4.49億美元,預計到2030年將以超過10%的複合年增長率增長。1
The Transaction
這筆交易
Under the terms of the Definitive Agreement, in exchange for 100% of the membership interests in Eshbal, Cannibble will issue an aggregate number of its ordinary shares (the "Consideration Shares") that will result in the former owners of Eshbal holding 51% of the issued and outstanding shares of Cannibble immediately post-Closing, without taking into consideration those Cannibble shares that are issued pursuant to the Concurrent Financing (described below). The Definitive agreement provides for additional contingent consideration payable as follows: (a) an additional number of Cannibble shares equal to 20% of the issued and outstanding shares of Cannibble immediately post-Closing, without taking into consideration those Cannibble shares that are issued pursuant to the Concurrent Financing, may be issued to the former members of Eshbal, conditional upon the business of Eshbal achieving certain revenue and profitability milestones during one calendar year within a six year period following Closing; and (b) an additional number of Cannibble shares that is equal to CAD$6,965,347 (based on the ten day volume-weighted average price of the Cannibble shares traded on the Canadian Securities Exchange ("CSE") prior to issuance, subject to CSE policies) may be issued to the former members of Eshbal conditional upon the business of Eshbal achieving specified gross sales during any one year within the 36 month period following Closing.
根據最終協議的條款,作為對Eshbal的100%成員權益的交換,Cannibble將發行其總數量的普通股(“對價股份“)這將導致Eshbal的前所有者在交易結束後立即持有Cannibble已發行和已發行股份的51%,而不考慮根據同時融資(如下所述)發行的Cannibble股份。最終協議規定應支付的額外或有代價如下:(A)在緊接完成交易後,可向Eshbal前成員發行相當於Cannibble已發行和已發行股份的20%的額外Cannibble股份,而不考慮根據同時融資發行的Cannibble股票,條件是Eshbal的業務在完成交易後的六年內在一個日曆年度內實現某些收入和盈利里程碑;及(B)額外數量的Cannibble股票,相當於6,965,347加元(基於加拿大證券交易所交易的Cannibble股票的十日成交量加權平均價(“)”)。CSE“)在發行之前,根據CSE政策,可向Eshbal前成員發行),條件是Eshbal的業務在關閉後36個月內的任何一年內實現指定的總銷售額。
Concurrent Financing
並行融資
In connection with the Transaction and as a condition to Closing, Cannibble will complete a concurrent financing to raise a minimum of C$4,500,000 (the "Concurrent Financing"). The net proceeds of the Concurrent Financing will be placed into escrow and released to the Resulting Issuer upon Closing.
與交易相關,作為完成交易的條件,Cannibble將完成同時融資,以籌集至少4,500,000加元(並行融資“)。同時融資的淨收益將交由第三方託管,並在交易完成時釋放給由此產生的發行方。
This news release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.
本新聞稿不構成在美國出售任何證券的要約,也不構成徵求購買任何證券的要約。
Fundamental Change
根本性變化
The Transaction is a "fundamental change" for Cannibble under Policy 8 of the CSE and will be subject to satisfaction of all applicable regulatory requirements and conditions necessary to complete the Transaction, including approval by the CSE and the shareholders of Cannibble (including on a majority of the minority basis) and the members of Eshbal, and compliance with Israeli law, as well as a number of other conditions that are customary for transactions like the Transaction. Cannibble cannot guarantee that the conditions to Closing will be satisfied, or that the Transaction will complete as planned, or at all.
根據CSE的政策8,該交易是Cannibble的“根本性變化”,並將取決於完成交易所需的所有適用的監管要求和條件,包括CSE和Cannibble的股東(包括少數股東的多數)和Eshbal成員的批准,遵守以色列法律,以及交易等交易的一些其他習慣條件。Cannibble不能保證完成交易的條件將得到滿足,或者交易將按計劃完成,或者根本不能保證。
Board and Management of the Resulting Issuer
由此產生的發行人的董事會和管理層
Effective post-Closing, the Resulting Issuer is expected to reconstitute its board of directors and management team. The board of directors of the Resulting Issuer will increase from five to up to nine members, with four non-external directors to be nominated by the Selling Members and two non-external directors to be nominated by Yoav Bar Joseph and Elad Barkan. The remaining three members of the board of directors of the Resulting Issuer will be "external directors" as prescribed for under applicable Israeli law. Aaron Meckler and Sophie Mas, current external directors of Cannibble, and Iftah Ifhar, as a nominee of Eshbal, are expected to serve as the initial external directors of the Resulting Issuer. Yuval Levy of Eshbal will serve as chairman of the board of directors, Yoav Bar Joseph will serve as Chief Executive Officer, Elad Barkan will serve as Chief Technology Officer, and Danit Kochva will serve as Chief Financial Officer of the Resulting Issuer.
有效的關閉後,由此產生的發行人預計將重組其董事會和管理團隊。由此產生的發行人的董事會將從5名增加到最多9名成員,4名非外部董事將由銷售成員提名,2名非外部董事將由Yoav Bar Joseph和Elad Barkan提名。根據適用的以色列法律,最終發行機構的其餘三名董事會成員將是“外部董事”。作為Eshbal的提名人,Cannibble的現任外部董事Aaron Meckler和Sophie Mas以及Iftah Ifhar預計將擔任由此產生的發行者的初始外部董事。Eshbal的Yuval Levy將擔任董事會主席,Yoav Bar Joseph將擔任首席執行官,Elad Barkan將擔任首席技術官,Danit Kochva將擔任合併後的Issuer的首席財務官。
Listing Statement and Circular and Caution
上市聲明及通告及注意事項
Further details about the Transaction and the Resulting Issuer will be provided in a management proxy circular to be provided to shareholders of Cannibble in connection with the shareholder meeting at which the Transaction and related matters will be presented to the Cannibble shareholder for approval, as well as in the listing statement of Cannibble to be prepared and filed with the CSE in connection with its review of the Transaction. Investors are cautioned that, except as disclosed in the listing statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
有關交易及由此產生的發行人的進一步詳情,將於Cannibble股東大會上提供予Cannibble股東的管理委託書通函內提供,屆時交易及相關事項將呈交Cannibble股東批准,以及Cannibble的上市説明書將會在Cannibble的上市説明書中提供,以供CSE審核交易之用。謹此提醒投資者,除上市聲明所披露外,任何與交易有關而發佈或收到的資料均可能不準確或不完整,不應依賴。
Trading in Cannibble Shares
Cannibble股票的交易
Trading in the common shares of the Company has been halted pending the review of the proposed Transaction by the CSE. Cannibble expects that trading in its ordinary shares will remain halted until Closing.
本公司普通股已暫停買賣,以待聯交所審核擬進行的交易。Cannibble預計,其普通股的交易將保持暫停狀態,直到收盤。
About Cannibble
關於卡尼勃
Cannibble is a food tech company that develops and manufactures food and beverage products variously enhanced with hemp seeds, hemp protein, and other hemp ingredients, where legal to do so. Cannibble has developed proprietary formulas for food and beverage products enhanced with hemp seeds and protein, targeted for the "Better-for-You" segment. The products are sugar free, dairy free, plant based, non GMO, and marketed under Cannibble's brand name "The Pelicann™". Cannibble has developed over 100 product SKUs, of which 40 have been manufactured to date. For more information about Cannibble and its business, visit .
Cannibble是一家食品科技公司,在合法的情況下,開發和製造使用大麻種子、大麻蛋白和其他大麻成分進行各種強化的食品和飲料產品。Cannibble已經為食品和飲料產品開發了專有配方,這些產品使用大麻種子和蛋白質增強,目標是“對你更好”的細分市場。這些產品是無糖、無乳製品、植物性、非轉基因的,並以食人魚的品牌名稱“The Pelicann™”銷售。Cannibble已經開發了100多個產品SKU,其中40個到目前為止已經生產出來。有關Cannibble及其業務的更多信息,請訪問。
About Eshbal
關於以實巴勒
Eshbal develops and produces unique formulations of nutraceuticals, medicinal foods, sugar-free and gluten-free products, vegan products, syrups, and dry mixes, including sweeteners and a line of keto products. Eshbal focuses on the development of unique formulations of functional food products that it believes promote health beyond their nutritional values, for retail brands, private labels, and B2B. Eshbal's products can be found in many supermarkets as well as other food retailers and health stores throughout Israel. For further information see Eshbal's website at .
Eshbal開發和生產營養食品、藥用食品、無糖和無麩質產品、素食產品、糖漿和幹混合物的獨特配方,包括甜味劑和一系列酮類產品。Eshbal專注於開發獨特的功能性食品配方,它認為這些產品不僅可以促進零售品牌、自有品牌和B2B的營養價值,還可以促進健康。Eshbal的產品在以色列各地的許多超市以及其他食品零售商和健康商店都可以找到。有關更多信息,請參閲Eshbal的網站。
On behalf of the board of directors of Cannibble:
我代表Cannibble董事會:
Yoav Bar-Joseph, CEO and director
Email: yoav.b@cannibble.world
Tel: +1 (786) 322 6055
董事首席執行官約阿夫·巴爾-約瑟夫
電子郵件:yoav.b@canibble.world
電話:+1(786)322 6055
Cautionary Statement
警示聲明
Certain statements in this news release constitute "forward-looking information" under applicable Canadian securities laws. Words such as will, plan, anticipate, believe, estimate, expect, may, intend, and similar expressions often identify forward-looking information. Forward-looking information in this news release includes statements related to the Transaction and the conditions to Closing, including the completion of the Concurrent Financing, the obtaining of necessary shareholder and CSE and other approvals, and the satisfaction of the other conditions precedent to Closing, none of which can be assured. Forward‐looking information contained herein is based on the opinions and reasonable assumptions and estimates of management as at the date hereof and is subject to a variety of known and unknown risks and uncertainties and other factors, many of which are beyond the control of Cannibble or Eshbal, that could cause actual events or results to differ materially from those contained in the forward‐looking information. Such factors include: risks related to the ability of Cannibble and Eshbal to satisfy the conditions precedent for the completion of the Transaction, including their ability to obtain requisite shareholder and regulatory approvals including CSE approval, and the timing for these approvals, as well as risks related to Cannibble's ability to complete the Concurrent Financing. Because of such risks, uncertainties and other factors, investors should not place undue reliance on the forward‐looking information contained herein. Cannibble does not intend to update or revise any forward‐looking information for any reason, except as required by applicable law.
根據適用的加拿大證券法,本新聞稿中的某些陳述構成“前瞻性信息”。諸如將、計劃、預期、相信、估計、預期、可能、打算等詞語以及類似的表達方式通常識別前瞻性信息。本新聞稿中的前瞻性信息包括與交易和完成交易的條件有關的陳述,包括完成同步融資、獲得必要的股東和CSE和其他批准,以及滿足完成交易前的其他條件,這些都不能得到保證。本文包含的前瞻性信息基於對管理層的意見和合理假設及估計,受各種已知和未知的風險、不確定性和其他因素的影響,其中許多風險和不確定性超出了Cannibble或Eshbal的控制範圍,可能會導致實際事件或結果與前瞻性信息中包含的內容大不相同。這些因素包括:與Cannibble和Eshbal滿足完成交易的先決條件的能力相關的風險,包括它們獲得必要的股東和監管機構批准(包括CSE批准)的能力,以及這些批准的時間,以及與Cannibble完成同時融資的能力相關的風險。由於存在這樣的風險、不確定性和其他因素,投資者不應過度依賴本文包含的前瞻性信息。除非適用法律要求,否則Cannibble不打算以任何理由更新或修改任何前瞻性信息。
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