Toronto, Ontario and Los Angeles, California–(Newsfile Corp. – May 2, 2022) – The Tinley Beverage Company Inc. (CSE: TNY) (OTCQX: TNYBF) (“Tinley’s” or the “Company”) is pleased to announce that it has completed its previously announced acquisition (“the Lakewood Acquisition”) of 100% of the shares of Lakewood Libations Inc. (“Lakewood”) from Richard Gillis, President and Chief Operating Officer of Tinley’s USA, and member of Tinley’s Office of the CEO.
The Previously Announced Acquisition
As previously disclosed, the Company has built one of the largest cannabis beverage facilities in the State of California (the “State”). Situated on approximately 45,000 square feet (“sq. ft.”) of property in the City of Long Beach, California, (the “City”). The 20,000 sq. ft. facility is engineered to infuse a variety of beverage types and to run multiple production-lines capable of packing product in glass bottles, aluminum cans and mini-bottles of various sizes and shapes, for both Company-owned brands and contract manufacturing and distribution clients (the “Long Beach Facility” or “the Facility”).
On or around December 19, 2018, Richard Gillis, an officer of the Company, formed Lakewood Libations Inc., a California corporation to conduct commercial cannabis manufacturing and distribution operations at the Long Beach Facility. At this time, as previously announced, Lakewood has acquired its local and state commercial cannabis licences for manufacturing and distribution.
The Company and Richard Gillis (“the Parties”) executed agreements including a Stock Purchase Agreement (“SPA” or “Share Purchase Agreement”) for Tinley’s to acquire one hundred percent (100%) of the shares of Lakewood from Richard Gillis for a nominal fee, with the closing of the Lakewood Acquisition to take place at a time of the Company’s choosing following the satisfaction of certain conditions set out in the SPA, as amended, including, (i) the issuance of the distribution licence to Lakewood by the State, (ii) the City’s activation of the Lakewood’s distribution licence; and, (iii) and the receipt of regulatory approvals of the change of control of Lakewood from Richard Gillis to the Company.
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