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Citrine Global Corp. (CTGL) Announces Binding Agreement to Acquire 51% of iBOT Israel Botanicals, a Revenue-Generating Nutritional Supplements’ Company with Fast-Growing Potential
Citrine Global Corp. (CTGL) Announces Binding Agreement to Acquire 51% of iBOT Israel Botanicals, a Revenue-Generating Nutritional Supplements’ Company with Fast-Growing Potential.
About this update from Citrine Global Corp.
[{"type":"text","content":"\n Tel Aviv, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Citrine Global Corp. (OTCQB: CTGL) is pleased to announce that it has signed a binding agreement to acquire up to 51% of the shares of iBOT Israel Botanicals Ltd. (iBOT) by initially acquiring 19% and an option to obtain an additional 32% of the equity of iBOT. iBOT, a nutritional supplements’ company with innovative botanical solutions, owns a GMP-certified manufacturing facility approved by the Israeli Ministry of Health. iBOT has hundreds of natural formulations and nutritional supplements products that contain plants and substances with health-supportive effects such as: probiotics, medicinal mushrooms, zinc, magnesium, spirulina, ginkgo biloba, algae, valerian, and ashwagandha, in multiple form factors including syrups, tinctures, oils, tablets, powders, capsules, and sachets with attractive gross margins. Currently, iBOT generates revenue through supplying private labels to marketing companies that sell them under their own labels mainly in the Israeli market. iBOT’s growth strategy includes expanding sales to international markets and selling their own brands via direct sales (B2C) on online e-commerce platforms and B2B sales to retailers and distributors. According to iBOT, sales of approximately 3.3 million NIS ($850K) are estimated for 2023 only from sales of private label in Israel. iBOT further estimates revenue growth and profitability from expansion to international markets and their own brands’ sales with $2.8 million sales in 2024, $5 million sales in 2025 and forecasts its sales to grow to $25 million by 2028. “Adding iBOT to our portfolio is consistent with our strategy to accelerate growth through acquisitions of revenue-generating companies with fast-growing potential. We're looking forward to leveraging our sales and to accelerate our growth worldwide focusing on the health and wellness industry.\" said Ora Elharar Soffer, Chairman and CEO of Citrine Global Corp. Citrine Global and iBOT are related parties, where Citrine Global has a previous pre-emption right to acquire 51% of iBOT and joint venture and manufacturing agreements. Ms. Ora Elharar Soffer, Citrine Global CEO and Chairman, is also a director in iBOT. About Citrine Global Corp. (CTGL) www.citrine-global.com Citrine Global is a wellness and plant-based pharma solutionsR...