Verus International, Inc. cancelled the acquisition of Eliot's Adult Nut Butters LLC from Burst Management LLC, Resolut Partners LLC, Michael Kanter and Tyler Kirk.
February 31, 2021
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Verus International, Inc. (OTCPK:VRUS) acquired Eliot's Adult Nut Butters LLC from Burst Management LLC, Resolut Partners LLC, Michael Kanter and Tyler Kirk for $0.4 million on September 1, 2020. The aggregate purchase price of $0.4 million plus the assumption of the assumed liabilities will be paid as (i) $0.025 million within six months of the closing date, (ii) $0.025 million within twelve months of the closing date; (iii) issuance of $0.06 million of the Verus International common stock based upon the closing market price on the closing date; (iv) earn out payments (up to a maximum of $0.29 million) to be paid quarterly at a rate equal to the greater of (i) $1.26 per case sold or (ii) 5% of the per case wholesale price; provided that certain gross profit margin and EBITDA conditions are also met. In addition, in connection with the acquisition, Eliot’s entered into an employment agreement with the founder of Eliot’s to serve as the President of Eliot’s.
Verus International, Inc. (OTCPK:VRUS) completed the acquisition of Eliot's Adult Nut Butters LLC from Burst Management LLC, Resolut Partners LLC, Michael Kanter and Tyler Kirk on September 1, 2020. As of February 1, 2021, the parties entered into a mutual rescission and release agreement. The parties acknowledge that Eliot's is not an appropriate fit with Verus and parties would like to continue their separate ways. In consideration of the rescission, release and severance, immediately upon signing of the agreement, Verus shall pay to Eliot’s $0.01 million in cash.
Verus International, Inc. is a multi-line consumer packaged goods (CPG) company developing branded product lines in the United States and on a global basis. The Company is focused on international consumer packaged goods, foodstuff distribution and wholesale trade. The Company markets its consumer food products under its own brand primarily to supermarkets, hotels, and other members of the wholesale trade. The Company provides frozen foods, particularly meat, poultry, seafood, vegetables, and French fries with beverages. It also provides cold-storage facilities and is seeking sources for fresh fruit, produce and similar perishables, as well as other consumer packaged foodstuffs. The Company has its regional presence in the Middle East and North Africa (MENA) and sub-Saharan Africa, with deep roots in the Gulf Cooperation Council (GCC) countries, which includes the United Arab Emirates (UAE), Oman, Bahrain, Qatar, Kingdom of Saudi Arabia and Kuwait.
Verus International, Inc. cancelled the acquisition of Eliot's Adult Nut Butters LLC from Burst Management LLC, Resolut Partners LLC, Michael Kanter and Tyler Kirk.
VERUS INTERNATIONAL, INC. 
