Vancouver, British Columbia--(Newsfile Corp. - June 14, 2023) - Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77I) ("Boosh" or the "Company") a premier plant-based brand in the "better for you" food sector, announces it has entered into a non-binding Letter of Intent and a licensing agreement for the sale and distribution of Beanfields Chips in the US.
Under the terms of the agreement, the licensee will have an exclusive trademark licensing in association with chips, crackers, rings, and bean-based snacks. Boosh will earn a license fee equal to seven (7%) of the cost of goods sold, and be paid an annual license fee of a minimum of $40,000. The licensee will also need to meet annual minimum sales targets.
"The structure of this deal allows us to better focus on Canada and other worldwide sales opportunities. The United States market is very capital intensive and to partner with a well funded company is a great opportunity to assist us in our growth," said Connie Marples, CEO.
As part of the LOI, it is also anticipated that the licensee will loan Beautiful Beanfields Inc. $1,000,000 USD to pay supplier debt. The initial term of the Loan is eighteen (18) months, with the option to extend in one (1) year increments subject to no default and mutual agreement between the parties. Payments shall be interest only at an annual rate of fifteen percent (15%) simple interest. Payments due from purchase order advances will be applied first to the outstanding balance of the Loan until such time as the Loan is paid in full.
Boosh expects to have a definitive agreement in place by July 7th, 2023.
We look forward to providing additional details on this partnership as well as other initiatives over the next several weeks.
Connie Marples
Founder/CEO
connie@booshfood.com
Telephone: 778 840 1700
www.Booshfood.com
www.beanfields.com
About Boosh Plant-Based Brands Inc.:
Boosh Plant-Based Brands Inc., through its wholly owned subsidiary, Boosh Food (www.booshfood.com) offers high quality, non-GMO, gluten free, 100% plant-based nutritional comfort foods for the whole family. Through a separate subsidiary, Beautiful Beanfields, (www.beanfields.com) the Company owns Beanfields, a plant-based chip brand sold in over 7,000 stores throughout North America. Boosh, good for you and good for planet earth.
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