VANCOUVER, British Columbia, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRANKFURT:M5BQ) (OTCMKTS:NXTTF) is pleased to announce that it has acquired the domain and customer database of Brazil’s largest vaporizer retailer, vaptvupt.lojaintegrada.com.br (“VapeBr”), in consideration of signing an exclusive services agreement for fulfillment (the “Agreement”) for Namaste's Brazilian operations. The acquisition of VapeBr is accretive in nature and is expected to add over CAD $1M in additional annual revenue to Namaste’s current revenue stream.
Under the terms of the Agreement, Namaste has acquired the VapeBr domain and will therefore inherit all future associated revenue.
VapeBr management has agreed to provide the following under the Agreement:
- Inventory management
- Order processing
- Local support
- Warranty/Return Processing
As a result of this transaction, Namaste plans to greatly expand the VapeBr product offering, as it sees very strong growth potential in the Brazilian market. The acquisition of the VapeBr e-commerce platform is not only expected to have an immediate impact on Namaste's revenue, but it is also expected to add over 10,000 additional customers to Namaste’s growing global database of medical cannabis users. Through the integration of VapeBr onto Namaste's proven e-commerce platform, Namaste is confident it can substantially grow this already impressive customer base. This Agreement further validates Namaste’s ability to consolidate industry competitors and expand its operations abroad.
Additionally, Namaste is pleased to announce that the NamasteMD smartphone app has been submitted to the Apple Store, is awaiting approval, and is expected to soon be available on both IOS and Android devices. NamasteMD is a revolutionary telemedicine application which has been designed to connect patients with doctors and nurse practitioners, in an attempt to facilitate a seamless process for obtaining medical documents under Canada's Access to Cannabis for Medical Purposes Regulations (“ACMPR”) program. This state of the art application incorporates facial recognition algorithms, and is the first of its kind to feature exclusive age and identity verification technology. Namaste plans on utilizing this technology on the NamasteMD platform to distribute medicinal cannabis through its wholly owned subsidiary, Cannmart Inc.
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: “I am extremely proud of our team for building an e-commerce platform that is being actively solicited by our direct competitors to work collaboratively. Based on this agreement, we expect further opportunities to present themselves for Namaste to work with companies looking to divest their businesses, and believe such arrangements are a win-win situation for all parties involved. We are extremely excited that our efforts are not only being noticed but rewarded with arrangements as such. Namaste welcomes these opportunities and anticipates these trends to continue as Namaste steals market share on a global scale. This transaction further confirms the value we have created with regards to the products and services we provide, and our ability to leverage our database moving forward.
As our e-commerce platform evolves, we are confident our decision to implement cutting edge age and identity verification technology ahead of our competition will be instrumental in allowing us to become industry leaders. We believe these innovative initiatives not only demonstrate our commitment to the industry, but also provide an ideal solution to ensure the safe and responsible distribution of recreational cannabis on both a provincial and federal level.”
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through e-commerce sites in 26 countries and with 5 distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, US, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
+1 (786) 389 9771
Email: Sean@NamasteTechnologies.com
Further information on the Company and its products can be accessed through the links below:
www.namastetechnologies.com
www.namastevaporizers.com
www.namastevaporizers.co.uk
www.everyonedoesit.com
www.everyonedoesit.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