Business
Isodiol International Inc. Announces Acquisition of Food Labs, Inc. and Strategic Investor Relationship with Toba Capital LLC
Isodiol International Inc. Announces Acquisition of Food Labs, Inc. and Strategic Investor Relationship with Toba Capital LLC.
About this update from Isodiol International Inc
[{"type":"text","content":"\nVANCOUVER, B.C., Dec. 20, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”), is pleased to announce it has entered into a binding letter agreement for the acquisition of Food Labs, Inc. (“Food Labs”) and strategic investor relationship with Toba Capital LLC (“Toba”). The transaction for Food Labs is valued at US$12 million, which includes US$5 million cash on its balance sheet, and also brings the appointment of a new Chief Executive Officer and Chairman of the Board of Directors of Isodiol. \n Food Labs is a brand-focused innovator of hemp- and cannabis-based consumer products with a flagship line of full spectrum, hemp-oil based health and wellness products.  The Food Labs management team has extensive experience bringing consumer products to mass retail, including in the ready-to-drink beverage market.  Leading the Food Labs team is Michael Cancelleri who also will become Chief Executive Officer and Chairman of the Board of Directors of Isodiol upon closing the transaction.   “Isodiol is the pioneer of so many firsts in CBD and other hemp extract ingredients that it is the obvious partner for Food Labs and our mutual growth in consumer markets,” said Mr. Cancelleri.  “I personally look forward to bringing my experience in mass retail investments to Isodiol and helping to shape Isodiol’s expansion from the bulk wholesale of CBD to dominance in finished consumer goods, both as a contract manufacturer and as a brand leader.” Food Labs’ principal financial partner is Toba Capital, LLC, a venture capital firm that was founded in late 2012 by Vinny Smith, former CEO of Quest Software. Toba is one of the largest venture capital firms in Orange County, California with more than US$1 billion invested in approximately 150 companies.  A member of Isodiol’s Board of Directors will be appointed by Toba upon closing the transaction. “As a venture capital firm, Toba is committed to the ongoing financial and managerial support of its portfolio companies,” said Vinny Smith, Founder of Toba. “We believe the acquisition of Food Labs and its seasoned management team will be...