Ultra Brands Ltd C.ULTA

Feel Foods Completes Canpac Share Distribution, Adds Advisor

[alphaflight]

 

FEEL FOODS LTD. COMPLETES CANPAC SHARE DISTRIBUTION TO SHAREHOLDERS AND ADDS SENIOR ADVISOR

 
VANCOUVER, BRITISH COLUMBIA - SEPTEMBER 29^th, 2021 - FEEL FOODS LTD. (the “Company” or “Feel Foods”) (CSE: “FEEL”) (OTC: “FLLLF”) announces it has completed the distribution of 15,000,000 common shares of Canpac Investments Corp. (“Canpac”) on a pro rata basis, to its shareholders of record on September 15^th, 2021, pursuant to the asset purchase agreement for the sale of its Langley 5.5 acre greenhouse lands (see press release dated August 19^th 2021). Canpac is a privately held investment company focused on health sciences, technology, and infrastructure.
 
Pursuant to the Agreement, Canpac purchased the property for consideration of $1,500,000 payable in the form of the issuance of 15,000,000 common shares at a deemed price of $0.10 per share. Furthermore, Canpac has agreed to assume $912,517 in the Company’s current debt and long-term liabilities. The Company has assembled debt assignment agreements, signed by creditors assigning the liabilities to Canpac.
 
Canpac Investments Corp. builds, acquires, and invests in promising start-ups, connects them with senior management and provides the resources needed for fast-tracking growth. Canpac concentrates on cutting-edge technology that’s shaping the next industrial revolution with global companies in the bioprocessing and manufacturing sectors, online healthcare portals, and companies using artificial intelligence and blockchain to disrupt sectors as diverse as financial technology, insurance, healthcare, and e-gaming.
 
Additionally, Feel Foods welcomes Mr. Jerry Lai to its Advisory Board as a Senior Advisor to the Company. Mr. Lai was instrumental in the acquisition of Be Good Plant Based Foods and will assist the Company in M&A and financing activities moving forward.
 
Mr. Lai spent the last eight years at HMJ Capital as a Managing Director responsible for mergers and acquisitions, IPO/RTO, investor relations advisory and capital restructuring. Jerry co-founded HMJ Capital in 2013 as a Partner in the investment banking division and named Managing Director in 2015. Prior to HMJ Capital, Jerry worked as Vice President of Global Asset Management at a top 5 global investment bank, where he managed over $100 Million of assets under direct management. Before that, he served as an investment banking analyst at UBS AG in Hong Kong.
 
Mr. David Greenway, CEO of Feel Foods, stated: “We welcome Mr. Lai and his wealth of capital markets experience to our advisory board as we continue to strengthen our management and advisory team. The completion of the Canpac share distribution to Feel shareholders is yet another example of additional value we aim to continuously bring to our shareholder base. Feel Foods will continue to innovate and expand its presence in the plant-based foods sector through the development of new products, expansion of distribution networks, and acquisition of strategic businesses that align with our philosophies.”
 
Sam Samy, CEO of Canpac, stated: “We are pleased to add this Langley greenhouse project to our portfolio. Canpac will look to pursue a listing on a North American stock exchange as an investment issuer to the benefit of all stakeholders.”
 
The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027. * The growth of this market is mainly attributed to the factors such as increasing incidence of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in this sector. *
 
The Company has engaged Winning Media LLC (“Winning Media”) to provide digital advertising services. Services to be provided by Winning Media include copywriting and design fees and digital advertising. The engagement of Winning Media will extend for a period of 30 days and may be renewed at the discretion of the Company. Winning Media will be paid a fee of US$50,000, payable in advance of the initiation of services. Neither Winning Media nor any of its principals currently own any interest, directly or indirectly, in the Company.
 
About Feel Foods Ltd.
FEEL is an agri-food holdings company focused on innovative products and technologies in the food services industry including its wholly owned BE Good plant-based foods line of plant-based chicken, pork and beef products as well as is currently investing in the research and development of keto-friendly plant-based candy products.
 
Company Contact:
 
Mr. Joel T Warawa
 
Corporate Communications
E-mail: [e-mail]
Website: www.feelfoodsco.com
Social: www.Instagram.com/feelfoodsco
Phone: [phone]