In consideration for 100% of Hemisphere's common shares, Kiaro issued to Aegis 61,300,000 common shares of Kiaro (the "Kiaro Shares"), having an aggregate value of
AEGIS HOLDS 25 PER CENT OF KIARO'S COMMON SHARES
The 61,300,000 Kiaro Shares issued to Aegis at closing represent approximately 25% of the Kiaro Shares, and Aegis is now Kiaro's largest shareholder. Prior to the closing of the sale transaction, Aegis held no Kiaro Shares. Further, Aegis' CEO
A copy of the early warning report with additional information in respect of the foregoing will be available on SEDAR at www.sedar.com and from
THE FUTURE OF AEGIS
With the completed Hemisphere transaction and the sale of Second Cup in April, the next chapter of Aegis' transformation is underway. As
"The completed transaction of Hemisphere means that Aegis can remain focused on acquisition and growth in the food and beverage space. We will partner with incredible brands and management teams to innovate, reposition and expand in this industry," said
Consumers are enthusiastically returning to food service locations following a period of household savings and fewer food service options from which to choose. This return of consumers to food service locations has the potential to create a profitable environment for the operators in the space and highlights Aegis' opportunity to consolidate great restaurant companies and the entrepreneurs behind them.
Additionally, the sale of Hemisphere to Kiaro enables Aegis to increase its focus on the growth of its Bridgehead Coffee brand and execute its wholesale, e-commerce, and new Coffeehouse strategies. The sale transaction also enables Aegis to retain an investment in retail cannabis, and is a positive step toward optimizing value in its cannabis business.
"The closing of the transaction is a significant moment for Kiaro. Kiaro's past operational successes combined with our objective of exponential revenue and EBITDA growth demonstrate our performance advantage within the Cannabis Industry," stated
Aegis' head office is located at
Kiaro Holdings Corp.
Based in
Kiaro's head office is located at
Forward-Looking Information
This news release contains forward-looking statements with respect to Aegis and Kiaro and their subsidiaries, including statements regarding the nature of Aegis' growth strategy, Aegis' execution on its potential growth plans, the achievement of certain commercial milestones, potential future growth of Kiaro's revenue and profitability, Kiaro's expectations regarding the achievement of exponential revenue and EBITDA growth, the return of consumers to food service locations and the profitable food service environment.
These statements are based on current expectations, are provided in reliance on certain assumptions that it believes are reasonable at this time, and are subject to known and unknown risks, uncertainties and other factors (including risks related to Aegis' growth strategy; risks related to the COVID-19 pandemic; risks relating to the ability of Kiaro to successfully integrate Hemisphere and risks related to realizing the expected synergies and revenue and EBITA growth; and other risks inherent in the industry in which Aegis and Kiaro operate) which may cause the actual results, performance or achievements of Aegis and Kiaro and their subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Aegis is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
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