Business
Fountain Asset Corp's Investee Company, Xylitol Canada Inc., Closes $2.0 Million Financing and Announces Closing of Acquisition of Nektar Naturals Holdings, Inc.
Toronto, Ontario--(Newsfile Corp. - March 17, 2017) - Fountain Asset Corp. (TSXV: FA) ("Founta...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\nFountain Asset Corp's Investee Company, Xylitol Canada Inc., Closes $2.0 Million Financing and Announces Closing of Acquisition of Nektar Naturals Holdings, Inc.Toronto, Ontario--(Newsfile Corp. - March 17, 2017) - Fountain Asset Corp. (TSXV: FA) (\"Fountain\") announces that its client company, Xylitol Canada Inc. (\"XYL\" or \"Xylitol\"), has closed a $2,087,000 million equity raise at a price of $0.12 per share. XYL intends to use the proceeds for general and working capital purposes.Xylitol also announced that it has closed its acquisition of Nektar Naturals Holdings, Inc. (\"Nektar\"). XYL acquired all of the issued and outstanding equity shares of Nektar in exchange for the issuance of 4,799,167 common shares of XYL, an approximate value of CAD $575,900 ,and the agreement for XYL to service certain debt obligations in the aggregate principal amount of approximately USD $598,000.\"Our transaction with Nektar is a key milestone for Xylitol as we focus on product innovation to become a leading provider of natural sweetener products in the marketplace. Nektar brings key contributors to Xylitol, including national sales accounts such as Walmart, and a seasoned team of principals, including founder Jeremy B. Edelman, and key shareholders,\" said Steven Haasz, chief executive officer of Xylitol.Nektar is a Delaware corporation operating in the United States that markets natural sweetener products, including Nektar Honey Crystals in bottle form and in on-the-go packets. Nektar's products are made from natural honey, which allows consumers to flavor foods and beverages without the mess of traditional liquid honey. Management feels Nektar's products will complement Xylitol's current offerings in the natural sweetener market.  Xylitol also completed its previously announced share consolidation on the basis of one new common share for every 5 common shares currently issued and outstanding. About Xylitol Canada Inc.Xylitol Canada is a consumer packaged goods business focused on an assortment of natural-sweetener-based products, including xylitol, coconut palm sugar and honey. The corporation operates a 30,000-square-foot facility in Colorado where it produces and packages a full catalogue of natural sweetener products, most notably, its natural sweetener alternatives. For more information about Xylitol please...