TORONTO, ONTARIO--(Marketwired - July 18, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Namaste Technologies Inc. ("Namaste" or the "Company") (CSE:N)(OTC PINK:NXTTF)(FRANKFURT:M5BQ) reports that it has completed
the acquisition of VaporSeller, an e-commerce portal for the sale of vaporizers and accessories that generated an unaudited
revenue base of US$3.4 million in 2015. The Company has commenced integration activities to ensure an effective transition into
the operations of Namaste. This includes software integration, inventory storage and controls, and the transition of
customer service and support functions. The following sets forth the highlights of the acquisition:
- Increases annualized run rate revenue by approximately 142% to US$5.8 million;
- Expands customer list by over 150,000 names;
- Adds new manufacturer relationships and products that will be sold though VaporSeller as well as Namaste's retail and
wholesale division; and
- Provides strategic entrance into the US market.
Further to the Company's press release dated June 7, 2016 that outlines the definitive terms for the acquisition of
VaporSeller, the Company has acquired all VaporSeller related website domains, a customer list of over 150,000 names, and
related intellectual property, goodwill, and support services, in exchange for US$500,000 in cash, 5.0 million shares of Namaste
over time and an earn-out of US$1.5 million, subject to revenue and margin controls.
In addition to closing the acquisition of VaporSeller, the Company has also closed on the minimum subscription requirement of
its non-brokered private placement by issuing approximately 8.0 million units ("Units) of the Company for gross proceeds of
approximately $960,000. Each Unit consists of one common share of the Company and one common share purchase warrant at an
exercise price of $0.18 for a period of 2-years. All securities issued pursuant to the non-brokered private placement are subject
to a four month plus one day hold period. The Company continues to work with investors to obtain additional subscriptions for its
non-brokered private placement and will update investors in due course.
Mr. Sean Dollinger, President and CEO of Namaste, comments: "The closing of VaporSeller represents a very significant
accomplishment for the Company. In less than 6-months from going public, we have more than doubled the size of Namaste's revenue
base, substantially expanded our customer base, entered the US market and added important new lines of products. I would like to
personally thank all those involved in bringing this transaction together."
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail
stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing
and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on
expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the link below:
www.namastetechnologies.com
www.namastevaporizers.com
www.namastevaporizers.co.uk
FORWARD LOOKING INFORMATION
This press release contains forward-looking information based on current expectations. These statements should not be read as
guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be materially different from those implied by such statements.
Although such statements are based on management's reasonable assumptions. Namaste assumes no responsibility to update or revise
forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that
they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could
differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed
in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the
contents of this press release.