Legacy Distribution Group, a Wholly-Owned Subsidiary of Global Sciences, to Purchase the Direct Store Distribution Operation from New Age Beverage Corporation
Denver CO - (NewMediaWire) - September 09, 2022 - CBD Global Sciences Inc., dba Global Sciences Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU) (the "Corporation"), is pleased to announce that today it has entered into a definitive asset purchase agreement earlier today with New Age Beverage Corporation and NABC Properties, LLC (collectively, NABC) to acquire the Direct Store Distribution (“DSD”) operation.
Legacy Distribution Group, “Legacy Distribution” (Denver, CO) has executed a purchase agreement to acquire the DSD operations from New Age Beverage Corporation, a Colorado corporation, and a wholly owned subsidiary of New Age, Inc. (“New Age”). The transaction is expected to be completed in the fourth quarter of 2022, and closing will be subject to a 21-day diligence period and court approval in New Age’s pending bankruptcy case. Legacy Distribution will be financing the acquisition with an operating line of credit to be established for this purchase. The New Age DSD operation has been serving the Colorado community for over twenty years, providing best-in-class service to over 5,000 outlets, and has been responsible for launching and growing some of the biggest brands in the industry. From humble beginnings to becoming what is believed by New Age, Inc. as “one of the largest independent distributors in the country”, the DSD now employs hundreds of employees and is proud to keep this great “Legacy” alive.
Brad Wyatt, CEO of Global Sciences shared, “This is a positive achievement for both Legacy Distribution Group and the Operations Team at the DSD. Our companies have been aligned in the Colorado market with the desire to serve the vendors and stores with best-in-class service. The DSD has done an incredible job at growing brands in its market, and I believe this acquisition will enable them to continue its pursuit of excellence. I have complete confidence in the DSD leadership team, and it is my intent to assist them in achieving their goals for continued growth with a focus on profitability in the years to come. I must also share my appreciation for the key vendor accounts. Efforts to keep the faith in the team at the DSD are invaluable and we anticipate this transition will prove to be beneficial to all involved.”
ON BEHALF OF THE BOARD OF DIRECTORS OF CBD GLOBAL SCIENCES INC.
CEO and Chairman of the Board
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ABOUT GLOBAL SCIENCES INC.
Global Sciences Inc. has become a multi-faceted company that is focused on utilizing its manufacturing and distribution companies to quickly and efficiently bring new brands to market and scale distribution. Its website can be found at www.globalsciences.ca.
Through its wholly owned subsidiaries, Global Sciences is delivering quality products in retail and e-commerce formats. Legacy Distribution Group provides distribution services for multiple vendors throughout the Colorado and Wyoming territories. In addition to Legacy Distribution, it has a manufacturing division, Resinosa LLC www.Resinosa.com, with its capabilities to provide cGMP manufacturing at various levels of production runs with a wide variety of brands and product lines supported.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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