Avant Brands' Subsidiary GreenTec Holdings Completes Acquisition of Avant Brands K1 Inc.

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[{"type":"text","content":"Avant Brands' Subsidiary GreenTec Holdings Completes Acquisition of Avant Brands K1 Inc.KELOWNA, BC / ACCESSWIRE / March 14, 2023 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative, premium handcrafted cannabis products, is pleased to announce that GreenTec Holdings Ltd. (\"GreenTec\"), a wholly-owned subsidiary of Avant, closed its acquisition (the \"Acquisition\") of the remaining 50% equity stake in Avant Brands K1 Inc. (\"Avant K1\") from MENA Investment Network Inc. (the \"Vendor\") on March 14, 2023, pursuant to a share purchase agreement among Avant, GreenTec and the Vendor dated March 14, 2023 (the \"Agreement\").\"Completing the acquisition of Avant K1 is the final step in order to complete our short-term growth strategy,\" said Norton Singhavon, Founder and CEO of Avant. \"We believe that the culmination of our recent acquisitions will establish a strong foundation for Avant's growth as we continue to trend towards the path of profitability.\"The aggregate purchase price payable pursuant to the terms of the Agreement was equal to approximately $4.56 million which was satisfied as follows:The issuance of a promissory note in the principal amount of approximately $1.45 million, which shall bear interest at a rate of 12% per annum and mature and become due and payable on August 14, 2023; andThe issuance of 18,137,780 common shares in the capital of AvantPrior to closing of the Acquisition, Avant owned 50% of the issued and outstanding shares in the capital of Avant K1, a joint venture with the Vendor. Avant now owns 100% of the issued and outstanding shares in the capital of Avant K1.Avant K1 owns 100% of the issued and outstanding shares in the capital of The Flowr Group (Okanagan) Inc. (\"Flowr Okanagan\") and as a result of the Acquisition, Avant now owns 100% of the issued and outstanding shares in the capital of Flowr Okanagan.About Avant Brands Inc.Avant is an innovative, market-leading premium cannabis company. Avant has multiple operational production facilities across Canada, which produce high-quality, handcrafted cannabis products, based on unique and exceptional cultivars. Avant's products are distributed via three complementary sales channels: recreational, medical and export. Avant's recreational consumer brands include: BLK MKT™, Ten...

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