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Scottsdale, Ariz.–(Newsfile Corp. – May 12, 2022) – Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the “Company”), announced the following:
Sibannac, Inc.. has agreed in principle to acquire all assets of the NOHO brand from NOHO, Inc. (OTC Pink: DRNK) in a successful three-pronged transaction. This transaction will bring all NOHO brands and products to Sibannac to be managed under the responsibility of the Company. CampusCo. branding arm, which has assembled a top-notch marketing and branding team over the past year.
The transaction
NOHO, Inc. entered into a letter of intent to acquire Smog Armor, Inc., a special purpose acquisition company formed to facilitate the transfer of Smog Armor’s assets from Delaware-based Creative Carbon Solutions, Inc.. NOHO will acquire Smog Armor with convertible preferred stock which will not result in any immediate common stock dilution. Sibannac will then acquire the assets of NOHO by pursuing its announced acquisition plan sooner than expected from, using warrants which will then be issued to NOHO for distribution to shareholders of record on July 29, 2022.
The valuation of the acquisition is currently being determined and will be made public once the definitive agreements have been concluded. Sibannac intends to register the warrants so that NOHO shareholders can convert them into freely tradable shares. Sibannac will price the Warrants at a discount to the market at the time of distribution, to the benefit of NOHO shareholders. Any shareholder exercising the warrants must pay Sibannac the cash value of the warrants, which will be recognized as income of the Company.
All three parts of the transaction are expected to close within 24 hours, expected within the next 30 days. Sibannac and New NOHO Management to Discuss Continued Relationship for NOHO Revenue Sharing After the shot. Specific terms will be disclosed when the definitive agreements are signed.
Currently, both companies are operated under the same management, with David Mersky being the CEO of both companies. Management believes that the asset allocation in the transactions will result in the strengthening of both companies following the closing of the transaction. In addition to NOHO’s flagship Hangover, the After the shotSibannac will acquire the RD8 brand, under which several alternative health products are expected to be launched. Originally slated to sell hemp-derived cannabis products, Sibannac has already developed Kratom gum to be produced at its FDA food plant in Scottsdale. Plus, thanks to Sibannac’s new collaboration with a nationally renowned branding expert Gary Kehoethe Company already has three new categories of products identified to follow the marketing of the Shoot. Mr Kehoe is the creative mind behind the Zicam product and holds the upper hand 30 patents, made during a career rich in history. Currently, the Campus team is also developing the first product under the flagship brand of Sibannac, which will be announced soon. The Campus also handles marketing for Kehoe’s Wilderness Whiskey Co.
With the addition of the NOHO brands, the Campus portfolio is growing rapidly. Recently leading beverage Northeast Coca-Cola Drinks agreed to continue her long-standing relationship with Eric Stoll, the former Brand image for life client migrates to campus with Stoll installed as marketing director. The Campus is proud to take on the role of supporting partner in developing their digital presence, a key part of building their relationships with customers and the local community.
“It’s an absolute win-win for all parties. The NOHO brands will now be much stronger under the Sibannac umbrella and NOHO shareholders will get tremendous value in return with Smog Armor bringing an ultra-talented management team and a formidable product line with its patented green paint. As a large shareholder remaining after closing, it was vitally important that the incoming team had the capabilities and assets to propel the business towards future success and profits. The transaction will result in the best asset allocation for both companies,” said Sibannac CEO David Mersky.
Caution Regarding Forward-Looking Statements.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in several places in this press release and include all statements that are not statements of historical fact regarding the current intent, belief or expectations of Sibannac, Inc. (the “Company”), its directors or of its managers with regard to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operational strategy. The words “may”, “would”, “will”, “expect”, “estimate”, “may”, “believe”, “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and actual results may differ materially from those projected in the statements. outlook as a result of various factors. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of the Company and which could, and are likely to, affect material on actual results, levels of activity, performance or achievements. The Company undertakes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, factors that are disclosed under “Risk Factors” and elsewhere in the company’s filings. from time to time with the United States. Securities and Exchange Commission and other regulatory authorities.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123875
