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Namaste Completes Share Acquisition of Pineapple Express Delivery
Namaste Completes Share Acquisition of Pineapple Express Delivery Canada NewsWire ...
About this update from Lifeist Wellness Inc
[{"type":"text","content":"\n\n\n\nNamaste Completes Share Acquisition of Pineapple Express Delivery\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 13, 2019\n\n\n\nTORONTO, March 13, 2019 /CNW/ - Namaste Technologies Inc. (\"Namaste\" or the \"Company\") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today announced that it has completed the previously announced acquisition of 49% of the common shares of Toronto-based Pineapple Express Delivery Inc. (\"Pineapple Express\"). In June 2018, the Company announced that it had entered into a subscription agreement to acquire 15% of the common shares of Pineapple for $1,000,000 which comprised of $850,000 in cash and $150,000 in Namaste common shares (the \"Subscription Agreement\"). In December 2018, the Company announced that it had entered into a binding agreement (the \"Purchase Agreement\") with shareholders of Pineapple Express to acquire an additional 34% of the outstanding common shares of Pineapple Express. Pursuant to the terms of the Purchase Agreement, the Company issued the selling shareholders of Pineapple Express such number of Namaste common shares having an aggregate value of approximately $3.06 Million, based on the closing price of Namaste's common shares on the TSX Venture Exchange on December 14, 2018 (the \"Transaction\"). Following closing of the Transaction, Namaste now owns 49% of the issued and outstanding common shares of Pineapple Express. \n\n \n \n\n \nUnder the terms of the Subscription Agreement dated June 2018, Namaste has the right to acquire an additional 10% of the common shares of Pineapple Express for $1,200,000 within 14 months from closing of the Subscription Agreement. In connection with the completion of the Transaction, Darren Gill, Chief Strategy Officer of the Company, will be appointed to the as a director of Pineapple Express.\n\"Pineapple Express is a premier delivery company when it comes to cannabis in Canada, and we look forward to working closely with Randy and his team to continue to grow the business,\" said Meni Morim, Interim CEO of Namaste Technologies Inc. \"The ac...