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Namaste Technologies Closes Acquisition of VaporSeller, Enters US Market - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Namaste Technologies (CSE: N) ...
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[{"type":"text","content":"\nNamaste Technologies Closes Acquisition of VaporSeller, Enters US Market - Video News Alert on Investmentpitch.comVancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Namaste Technologies (CSE: N) (FSE: M5BQ) (OTC Pink: NXTTF), a global leader in vaporizer product manufacturing and distribution, has closed the acquisition of VaporSeller, an e-commerce seller of vaporizers and accessories.Cannot view this video? Visit:https://www.youtube.com/watch?v=RL0-l7w4eqQInvestmentPitch.com has produced a \"video news alert\" which discusses this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Namaste\" in the search box. It is also available on YouTube (click here).Namaste, with more than 30 e-commerce retail stores in 20 countries, targeting both medical and recreational herb consumers, offers the largest range of brand name vaporizer products in the market.The acquisition of VaporSeller, with reported unaudited revenues of US$3.4 million for 2015, expands Namaste's revenue to US$5.8 million and gives Namaste a strategic entrance into the US market.According to Wells Fargo Research, the global market for vapor products is estimated to have exceeded $2 billion in 2014.Namaste has acquired all VaporSeller related website domains, a customer list of more than 150,000 names, and related intellectual property, goodwill, and support services, in exchange for a cash payment of US$500,000, 5 million shares of Namaste over time, and an earn-out of US$1.5 million, subject to revenue and margin controls.Sean Dollinger, CEO, stated: \"The closing of VaporSeller represents a very significant accomplishment for the Company. In less than 6-months from going public, we have more than doubled the size of Namaste's revenue base, substantially expanded our customer base, entered the US market and added important new lines of products. \"Independent rating company Trustpilot, ranks Namaste's e-commerce customer trustworthiness and service quality among the top 0.2% of global e-commerce sites.The company has closed approximately 8 million units at $0.12, raising gross proceeds of $960,000, with each unit consisting of one share and one warrant, with each warrant exercisable at $0.18 for 2 years. The company is continuing to place the balance of 4.5 million units.The shares are trading at $0.12 and with 59.5 mil...