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Simply Better Brands Corp. Announces Shares For Debt Transaction

V.SBBC

VANCOUVER, British Columbia, May 06, 2022 (GLOBE NEWSWIRE) -- Simply Better Brands Corp. ("SBBC" or the "Company") (TSX Venture: SBBC, OTCQB: PKANF) announces today that further to its April 21, 2022 news release, it has settled outstanding indebtedness in the aggregate amount of ‎$589,474.20 owing to the former holder of a promissory note dated March 3, 2021, through the issuance ‎of an aggregate of 140,351 common shares of the Corporation at a deemed price of CDN$4.20 per ‎share (the “Debt Settlement”). The common shares issued in connection with the Debt Settlement are ‎subject to a hold period that expires on September 7, 2022.‎

Heavenly Rx Ltd. acquired ‎‎140,351 common shares pursuant to the Debt Settlement and the debt has now been extinguished. The Debt Settlement is an arm’s length transaction.‎ ‎

About Simply Better Brands Corp.

Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company’s mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including CBD products, plant-based food and beverage, and the global pet care and skin care industries. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

Simply Better Brands Corp.
Brian Meadows
Chief Financial Officer
+1 (855) 553-7441
ir@simplybetterbrands.com

Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" ‎and "forward looking statements" as such terms are used in applicable Canadian securities ‎laws. Forward-looking statements and information are based on plans, expectations and ‎estimates of management at the date the information is provided and are subject to certain ‎factors and assumptions, including, among others, that the Company's financial condition and ‎development plans do not change as a result of unforeseen events, the impact of the COVID-19 ‎pandemic, the regulatory climate in which the Company operates, and the Company's ability ‎to execute on its business plans. Specifically, this news release contains forward-looking ‎statements relating to, but not limited to: settlement of the debt owing by the Company to Heavenly Rx LLC through the issuance of common shares and regulatory approval of the issuance of such shares.‎

Forward-looking statements and information are subject to a variety of risks and uncertainties ‎and other factors that could cause plans, estimates and actual results to vary materially from ‎those projected in such forward-looking statements and information. Factors that could cause ‎the forward-looking statements and information in this news release to change or to be ‎inaccurate include, but are not limited to, the risk that any of the assumptions referred to ‎prove not to be valid or reliable, that occurrences such as those referred to above are realized ‎and result in delays, or cessation in planned work, that the Company's financial condition and ‎development plans change, as well as the other risks and uncertainties applicable to the CBD ‎or broader wellness industries and to the Company, and as set forth in the Company's annual ‎information form available under the Company's profile at www.sedar.com.‎

The above summary of assumptions and risks related to forward-looking statements in this ‎news release has been provided in order to provide shareholders and potential investors with ‎a more complete perspective on the Company's current and future operations and such ‎information may not be appropriate for other purposes. There is no representation by the ‎Company that actual results achieved will be the same in whole or in part as those referenced ‎in the forward-looking statements and the Company does not undertake any obligation to ‎update publicly or to revise any of the included forward-looking statements, whether as a ‎result of new information, future events or otherwise, except as may be required by applicable ‎securities law. ‎


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