VANCOUVER, BC, Feb. 28, 2023 /CNW/ - Plant Veda Foods Ltd. (CSE: MILK) (OTC: PLVFF) (XFRA: A3CS6B) (the "Company" or "Plant Veda"), an award-winning dairy-alternative food manufacturer is pleased to announce that the company has finished the acquisition of Nora's Non Dairy Ltd ("Nora's") on Jan 5 2023 pursuant to the terms of a share purchase agreement (the "Nora's Agreement") dated December 14 2022 among the Company, Nora's and the shareholders of Nora's (the "Nora's Shareholders").
Pursuant to the Nora's share purchase agreement total of 1,530,613 common shares of the Company were issued to Nora's shareholders at deemed price of $0.196 on December 23 2022 subject to a voluntary escrow as below
- 33.33% in 12 months after December 23 2022
- 33.33% in 24 months after December 23 2022
- 33.33% in 36 months after December 23 2022
The Company and Nora's are at arms-length. The transaction contemplated by the Nora's Agreement neither constitutes a fundamental change nor a change of business for the Company, nor is it expected to result in a change of control for the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.
Nora's delicious plant-based ice creams are sold in around 250 stores across Canada including Safeway, Whole Foods Market, Thrifty Foods and online at Spud.ca, check the store locator to find a store near you.
With the help of matching funding from Protein Industries Canada, Nora's co-founders Katherine and Tyler are working on launching the line of new nut-free ice creams with Plant Veda's oatmilk base with an expected launch in summer 2023 with Gordon Food Service.
About Plant Veda (CSE: MILK) (OTC: PLVFF) (XFRA: A3CS6B)
Plant Veda Foods Ltd. has a mission to accelerate humanity's shift to a plant-based lifestyle. We remain clear in our goals: to improve the environment and humanity's overall health through plant-based consumption. Our Company has succeeded in creating award-winning plant-based dairy alternatives, continuing to shake up the dairy-free market by creating unique, one-of-a-kind products that leave our customers forgetting about dairy all together.
Learn more at www.plantveda.com and Nora's at www.norasnondairy.com
To subscribe to updates about Plant Veda, visit www.plantveda.com/pages/investors.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the anticipated launch of Nora's nut-free ice cream with Gordon Food Service in summer 2023. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the dairy-alternative markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company's management to predict all risk factors, nor can the Company assess the impact of all factors on Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
As each individual is different, the benefits, if any, of taking the Company's products will vary from person to person. No claims or guarantees can be made as to the effects of the Company's products on an individual's health and well-being. The Company's products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
SOURCE Plant Veda Foods Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2023/28/c5855.html