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Namaste’s (C.N) acquisition forms world’s largest e-commerce B2C vaporizer company

Stockhouse Editorial
0 Comments| September 15, 2016

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Namaste Technologies (CSE: N, Forum) announced today that it had entered into a definitive asset purchase agreement with URT1 Limited and its wholly-owned US subsidiaries to create the world’s largest e-commerce company focused on sales of vaporizers and accessories.

According to the news release, URT1 is one of the top 5 domains in the world for the sale of vaporizers, pipes and accessories. Unaudited 12-month trailing revenues were approximately $3.2 million for the period ended August 31, 2016 with a gross profit margin of 53%. URT1 has been in business since 2000.

The acquisition will position Namaste as the largest business to consumer retailer of vaporizers and accessories globally, with combined proforma unaudited 12-month trailing revenues of approximately $10.0 million for the period ended August 31, 2016.

The combined company will operate 26 websites in 20 countries with over 3,000 products for sale.

Following from the acquisitions of VaporSeller and URT1, revenues for the fiscal year ending August 31, 2017 are expected to be $15.7 million and $24.9 million for the fiscal year ending August 31, 2018.

The transaction is subject to customary conditions and completion of due diligence.

When the transaction is completed, Philip van den Berg will be appointed as CFO and Director, Kiran Sidhu will be appointed as an Independent Director, and Cameron Guerrero will join as Executive Director, Merchandising and Global Operations.

Namaste Technologies was in the news recently when the Vancouver-based company announced the closing of its recently announced private placement offering.

Shares were up 14.29% to $0.12 per share.

FULL DISCLOSURE: Namaste Technologies is a Stockhouse Publishing client.


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