DTS8 Coffee Company, Ltd. (OTCPK:BKCT) entered into a stock purchase agreement to acquire Comfort Foods, Inc. from Stephen Beattie for $4.7 million on March 1, 2016. Under the terms of the agreement, DTS8 Coffee will pay $4.5 million at the closing of the transaction, In the event, DTS8 Coffee only pays $3.5 million at closing, the purchase price will increase to $4.7 million. At closing, in addition to the payment of $3.5 million in cash, DTS8 will issue two promissory notes, one for $0.6 million due one year after closing, and the second for $0.6 million due two years after closing. There will be no changes to the current management or operations of the Comfort Foods after closing. The transaction is subject to financing and receipt of 2015 audited financial statements from Comfort Foods. The transaction is expected to close on August 1, 2016. The acquisition is expected to be accretive to earnings of DTS8 Coffee in the first full year following the closing in the range of ten to twelve million dollars on an annualized basis. DTS8 Coffee Company, Ltd. (OTCPK:BKCT) cancelled the acquisition of Comfort Foods, Inc. from Stephen Beattie effective February 24, 2017.