VANCOUVER, British Columbia, Sept. 29, 2021 (GLOBE NEWSWIRE) — FEEL FOODS LTD. (the “Company” or “Feel Foods”) (CSE: “FEEL”) (OTC: “FLLLF”) announces it has completed the distribution of 15,000,000 common shares of Canpac Investments Corp. (“Canpac”) on a pro rata basis, to its shareholders of record on September 15th, 2021, pursuant to the asset purchase agreement for the sale of its Langley 5.5 acre greenhouse lands (see press release dated August 19th 2021). Canpac is a privately held investment company focused on health sciences, technology, and infrastructure.
Pursuant to the Agreement, Canpac purchased the property for consideration of $1,500,000 payable in the form of the issuance of 15,000,000 common shares at a deemed price of $0.10 per share. Furthermore, Canpac has agreed to assume $912,517 in the Company’s current debt and long-term liabilities. The Company has assembled debt assignment agreements, signed by creditors assigning the liabilities to Canpac.
Canpac Investments Corp. builds, acquires, and invests in promising start-ups, connects them with senior management and provides the resources needed for fast-tracking growth. Canpac concentrates on cutting-edge technology that’s shaping the next industrial revolution with global companies in the bioprocessing and manufacturing sectors, online healthcare portals, and companies using artificial intelligence and blockchain to disrupt sectors as diverse as financial technology, insurance, healthcare, and e-gaming.
Additionally, Feel Foods welcomes Mr. Jerry Lai to its Advisory Board as a Senior Advisor to the Company. Mr. Lai was instrumental in the acquisition of Be Good Plant Based Foods and will assist the Company in M&A and financing activities moving forward.
Mr. Lai spent the last eight years at HMJ Capital as a Managing Director responsible for mergers and acquisitions, IPO/RTO, investor relations advisory and capital restructuring. Jerry co-founded HMJ Capital in 2013 as a Partner in the investment banking division and named Managing Director in 2015. Prior to HMJ Capital, Jerry worked as Vice President of Global Asset Management at a top 5 global investment bank, where he managed over $100 Million of assets under direct management. Before that, he served as an investment banking analyst at UBS AG in Hong Kong.
Mr. David Greenway, CEO of Feel Foods, stated: “We welcome Mr. Lai and his wealth of capital markets experience to our advisory board as we continue to strengthen our management and advisory team. The completion of the Canpac share distribution to Feel shareholders is yet another example of additional value we aim to continuously bring to our shareholder base. Feel Foods will continue to innovate and expand its presence in the plant-based foods sector through the development of new products, expansion of distribution networks, and acquisition of strategic businesses that align with our philosophies.”
Sam Samy, CEO of Canpac, stated: “We are pleased to add this Langley greenhouse project to our portfolio. Canpac will look to pursue a listing on a North American stock exchange as an investment issuer to the benefit of all stakeholders.”
The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.* The growth of this market is mainly attributed to the factors such as increasing incidence of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in this sector.*
The Company has engaged Winning Media LLC (“Winning Media”) to provide digital advertising services. Services to be provided by Winning Media include copywriting and design fees and digital advertising. The engagement of Winning Media will extend for a period of 30 days and may be renewed at the discretion of the Company. Winning Media will be paid a fee of US$50,000, payable in advance of the initiation of services. Neither Winning Media nor any of its principals currently own any interest, directly or indirectly, in the Company.
About Feel Foods Ltd.
FEEL is an agri-food holdings company focused on innovative products and technologies in the food services industry including its wholly owned BE Good plant-based foods line of plant-based chicken, pork and beef products as well as is currently investing in the research and development of keto-friendly plant-based candy products.
Statistics Reference: * https://www.prnewswire.com/news-releases/global-plant-based-food-market-report-2020-2027-rising-industry-concentration-with-growth-in-mergers-and-acquisitions-in-the-plant-based-products-space-301268737.html
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including with respect to: the entry of the Consulting Agreements, the completion of the Acquisition and the acceptance of the Acquisition and terms thereof by the CSE, and Feel Foods’ ability to finance and achieve North American-wide expansion of Black Sheep’s products. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. The risks include the following: the unknown magnitude and duration of the effects of the COVID-19 pandemic, the inability of Feel Foods to close the Acquisition and other risks that are customary to transactions of this nature. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Feel Foods undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Powered by WPeMatico