Feel Foods Signs Letter of Intent to Acquire Vegan Food Company “Plantastic Food Inc.”
VANCOUVER, British Columbia, Nov. 04, 2021 (GLOBE NEWSWIRE) -- FEEL FOODS LTD. (the "Company" or "Feel Foods") (CSE: “FEEL”) (OTC: “FLLLF”) (FSE: “1ZF”) is pleased to announce that it has entered into a Letter of Intent (the “Agreement”) with Plantastic Food Inc. (“Plantastic”), a British Columbia based vegan food company, and the shareholders of Plantastic to acquire all of the issued and outstanding common shares of Plantastic (the “Acquisition”).
Founded in 2019, Plantastic and its unique plant-based products are currently offered in twenty-two (22) “bricks and mortar” locations throughout British Columbia as well as multiple online marketplaces and direct to consumer from Plantastics’ e-commerce website at: www.plantasticfood.ca
Plantastic offers a variety of delicious plant-based cheesecakes including Cappuccino, Chocolate, Lemon, Pumpkin Spice, and Strawberry flavors as well as its Three-Bean Chipotle and Kale-O-Mania plant-based burgers.
Feel Foods Director and CEO David Greenway states: “We are thrilled to be working towards bringing Plantastic into our rapidly growing plant-based family of companies at Feel Foods. Plantastic’s unique and delicious line of plant-based cheesecakes are my personal favorite desert, and the plant-based burgers compliment our existing lines of Black Sheep Vegan Cheeze. Feel Foods intends to work closely with Plantastic to grow sales, increase market exposure, and expand distribution throughout Canada and the US while continuing to create new and exciting plant-based offerings.”
Plantastic Food founder Sanit Jain states: “We have found a perfect fit in the Feel Foods family that aligns with Plantastics’ values and vision and will allow our current offerings and new in-development products to reach many more health-conscious consumers. Plantastic offers great tasting non-dairy cheesecakes so that desert lovers can have their cake and eat it too, while being part of a movement towards a plant-based world, that benefits health, the environment and the animals.”
Vegan entrepreneur Mr. Sanit Jain who started to company due to his personal plant-based success and recovery story. After losing his father to a heart attack stemming from high cholesterol, and finding that he too had very high cholesterol, Saint ventured to find alternatives to pharmaceuticals to manage his cholesterol and be healthier.
Plantastic is based on the idea that if we can help more people have access to healthy choices without compromising on taste and texture, we would have made a positive impact on the community. Every decision we make at Plantastic, every product we launch, community health and wellness are top of mind. We neither compromise on the quality of ingredients nor method of preparation, rest assured that Plantastic products are prepared with the best quality and noble intentions.
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. *
Terms of the Agreement
Pursuant to the terms of the Agreement, on closing of the Acquisition (the “Closing”), the Company will acquire all of the issued and outstanding common shares of Plantastic (the “PlantasticShares”) under terms to be negotiated and outlined in a subsequent Definitive Agreement following the completion of due diligence by Feel Foods.
The Acquisition is subject to certain conditions, including: (i) the completion of satisfactory due diligence; (ii) the receipt of all necessary consents, waivers and approvals, including the approval of the CSE, as applicable; (iii) the entry of the Consulting Agreements; (iv) there having been no material adverse effect occurring with respect to the Company or Plantastic; and (v) other closing conditions customary for transactions of this nature.
Following the Closing of a Definitive Agreement, Plantastic Food Inc. will become a wholly owned subsidiary of Feel Foods Ltd.
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 Black Sheep Vegan Cheeze Company, offering a variety of 10 unique vegan dairy substitute products and currently available in over 30 retail locations, it’s 100% 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.
Mr. Joel T Warawa
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. 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.
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