Final Bell Holdings International Completes Divestiture of Canadian Operations
VANCOUVER, BC / ACCESSWIRE / January 8, 2024 / Final Bell Holdings International Ltd. (the "Company") is pleased to announce that it has completed its previously announced Share Exchange Agreement ("SEA") with BZAM Ltd. ("BZAM"), resulting in the sale of the Company's wholly owned subsidiary, Final Bell Canada Inc. ("FBC"), and the divestiture of its Canadian operations.
The divestiture of FBC is expected to result in immediate cost savings and operational improvements for the Company, thereby enhancing shareholder value and improving financial performance. Additionally, the sale better positions the Company to focus on its core business strategies that include a global hardware and packaging business, cannabis manufacturing centered in California, and aggressive expansion of its recently launched MaaS (manufacturing as a service) business.
On closing, the Company received 90,000,000 common shares of BZAM at a deemed price of $0.15 per share, representing approximately one-third of the issued and outstanding shares of BZAM, and an unsecured promissory note in the amount of Cdn$8,000,000 maturing on June 15, 2027, payable in monthly installments. FBC will be renamed by BZAM.
With the sale of FBC, Greg Boone has joined BZAM as President and resigned from the board of directors of the Company.
For more information, please contact:
Kay Jessel
Executive Director
604.365.6099
[email protected]
Forward-Looking Information:
This press release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur and in this press release include, but is not limited to, statements with respect to expectations of the Company's business, financial performance and results of operations following the sale of FBC. These statements are only predictions and should not be read as guarantees of future performance or results. Forward-looking information is based on the current expectations, beliefs, opinions, estimates and reasonable assumptions of management at the date the information is provided, and is subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those projected in the forward-looking information. The Company undertakes no obligation to update forward-looking information if circumstances or management's expectations, beliefs, opinions, estimates or assumptions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Final Bell Holdings International Ltd.
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