PK Beans Has Signed a Letter of Intent to Merge..... PK Beans Has Signed a Letter of Intent to Merge with For Heroes Only a Transmedia Production Studio Transforming the Way Brands Engage with Kids
Newsfile Corp.
Mon, March 21, 2022, 6:00 AM
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2022) - Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("PK Beans" or the "Company") is pleased to announce they have signed a non-binding letter of intent ("LOI") with For Heroes Only ("FHO") a company specializing in augmented reality learning adventures to acquire their media capabilities. This acquisition will bring the FHO transmedia production studio in-house to expand PK Beans marketing capabilities into the metaverse.
FHO is a transmedia production studio set on transforming the way kids engage with brands. FHO identifies brand licensing opportunities and their team crafts transmedia stories to create profitable membership-based programs across product categories and media channels, such as music, video, audio stories, interactive games, AR and VR experiences and board games. FHO aims to integrate technology into traditional play to spark imagination and get kids active.
Apparel designed for playful living, PK Beans social purpose is to tackle the emerging challenge of children play deprivation and its negative impact on childhood development. PK Beans strongly believes that the experience of play lays the foundation for a happy and healthy life. They launched their brand with a mission to design long lasting, quality apparel for every day and the savvy consumer looking for sustainable, functional, high quality clothing options for their kids in the modern world.
FHO designed, developed, produced, and owns the intellectual property, The Peekabeans Club. FHO is entitled to royalties of PK Beans earnings from The Peekabeans Club. By acquiring FHO, PK Beans will own The Peekabeans Club intellectual property developed by FHO.
FHO and PK Beans created The Peekabeans Club to help parents engage with their children in daily transitional moments by offering educational, active, and entertaining products to help parents from morning to nighttime and in between routines.
Upon completion of the acquisition, PK Beans and FHO together will seek to leverage new combined efforts and media capabilities to grow the PK Beans company into a global brand and franchise. The PK Beans brand will include an expanded apparel range that links transmedia experiences to their apparel, and to further extend the Peekabeans transmedia subscription box series. The acquisition creates multiple revenue streams by allowing PK Beans to additionally develop new proprietary brands, licensing brands and develop comprehensive transmedia programs for the likes of Mattel brands, other toy brands, sports franchises, hotel chains and more.
FHO brings a strong executive team made up of Emmy Award winning story crafters, child psychologists, technology, and marketing experts, all working together to build franchises that champion kids.
"We are happy to be partnering with PK Beans, an innovative and trusted apparel company putting what kids need first and helping parents along the way in key transitional moments in their children's lives", states Francois Paradis, FHO Founder and CEO.
"Our aligned vision is to engage and entertain children in healthy ways through our transmedia storytelling adventures" says Traci Costa, CEO and founder of PK Beans, "our goal is to and turn our apparel brand into an entertainment franchise."
Under the non-binding LOI, PK Beans has agreed to acquire FHO for shares such that after closing the shareholders of FHO will own up to 58% of PK Beans. Also, subject to closing, PK Beans will complete a financing that values the combination of PK Beans and FHO at no less than $6 million. Completion of the transaction is subject to all customary conditions including a satisfactory due diligence and the entering into of a definitive purchase agreement.