Mix 1 Life, Inc. completed the acquisition of certain brand assets of BrandMark Products, Inc. from Quality Food Brands, LLC and Jerry Dellaprtas for $9 million.
October 06, 2016
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Mix 1 Life, Inc. (OTCPK:MIXX) signed a letter of intent to acquire certain brand assets of BrandMark Products, Inc. for $6 million on April 27, 2016. The parties entered into a definitive agreement on October 7, 2016. The purchase includes exclusive licenses and certain related assets and agreements for Jim Beam Global, Sauza Tequila and Canadian Club snacks category brands. Mix 1 Life will issue 10 million restricted shares of its common stock as the purchase consideration and issue promissory notes. The transaction is not subject to approval of shareholders of Mix 1 Life. Steven Staehr and Michael Oxford shall be appointed as Chief Financial Officer and Secretary of the company while Michael Oxford, Jerry Dellaportas and Greg Zaeser shall be appointed to the Board of Directors of Mix 1 Life, Inc.
The transaction is subject to approval of Boards of Directors of BrandMark Products, and Mix 1 Life, Inc., regulatory approvals, resignation of Directors of BrandMark Products and Mix 1 Life. The transaction also requires that Chris Larson and Cameron Bob to resign as officers and Directors of Mix 1 Life, Inc. The deal requires approval from majority of shareholders of BrandMark Products, Inc. The transaction is subject to signing of definitive agreement. BrandMark Products shall complete such due diligence as is deemed by the Board of Directors sufficient to complete the acquisition. The transaction is expected to close on June 30, 2016. On August 26, 2016, Mix 1 Life and BrandMark Products entered into an amended letter of intent. The deal is expected to close by September 30, 2016.
Mix 1 Life, Inc. (OTCPK:MIXX) completed the acquisition of certain brand assets of BrandMark Products, Inc. from Quality Food Brands, LLC and Jerry Dellaprtas for $9 million on October 7, 2016. As on October 7, 2016, the terms of the transaction were amended. As per the amended terms, Mix 1 Life, Inc. will purchase BrandMark Products, Inc. through issuance of 2.5 million shares. Mix 1 Life, Inc. shall issue additional 7.5 million shares upon BrandMark Products, Inc. meeting certain purchase order targets. It shall also issue promissory notes of $0.43 million in promissory notes.
Mix 1 Life, Inc. (Mix 1) is engaged in the business of formulation and distribution of nutritional supplements. The Company is focused on the development, marketing, sale and distribution of Mix1 brand. The Company distributes mix1 natural nutritional products. The Company offers three Mix1 shake flavors, which include blueberry vanilla, strawberry banana and chocolate. The Company also develops protein powders based on its product formulas. The Company's Mix1 beverages are available in polyethylene terephthalate (PET) bottles. The Company also offers its products under the No Fear brand name.
Mix 1 Life, Inc. completed the acquisition of certain brand assets of BrandMark Products, Inc. from Quality Food Brands, LLC and Jerry Dellaprtas for $9 million.