Business
SIBANNAC, INC. AND LIFETIME BRANDING ENTER DEBT FORGIVENESS AGREEMENT
SIBANNAC, INC. AND LIFETIME BRANDING ENTER DEBT FORGIVENESS AGREEMENT.
About this update from Sibannac, Inc.
[{"type":"text","content":"\n Scottsdale, Arizona, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the “Company”), announced the following: The Company is proud to announce its agreement with Lifetime Branding Collaborative, LLC to exchange Lifetime’s debt for equity, further strengthening the agency’s commitment to the wellness brand spearheaded by Eric Stoll. Pursuant to the agreement, Lifetime is forgiving $400,000 in debt in exchange for two million (2,000,000) shares of the Company’s Preferred B stock.  The transaction results in no immediate dilution to the common stock.  In addition, David Mersky, Sibannac’s CEO, will be forgiving a substantial amount of accrued compensation in exchange for equity.  Upon Board approval a further announcement will be made providing details of the agreement. “This deal with Lifetime signals Eric’s [Stoll] unwavering commitment to the next generation wellness brand we’ve been building for the last year.  I will also be forgiving compensation in exchange for preferred stock.  We’ve retired additional debt in the last quarter and are ready to go into the new year unveiling our next gen wellness brand which represents Eric’s best work to date,” said Mr. Mersky. Delta-8 Manufacturing Following the DEA’s concession regarding the legality of Delta-8 THC, the Company has received numerous inquiries about manufacturing Delta-8 products from brands and distributors.  Currently, the Company can manufacture Delta-8 gummies, vape cartridges, candies and smokeable flower in its Scottsdale-based manufacturing facility. Delta-8 THC is a hemp-based cannabinoid derived from compliant hemp under the 2018 Farm Bill.  Delta 8, while a THC derivative, does not fall under the Controlled Substances Act as Marijuana, as long as it is derived from hemp containing less than .3% Delta-9 THC. Cautionary Note Regarding Forward-Looking Statements. This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statem...