PlantX Life Inc is pleased to announce that the Company, through its wholly-owned subsidiary, New Deli Hillcrest LLC (“New Deli Hillcrest“), has completed its previously announced transaction to acquire certain assets of LIV Marketplace LLC (“LIV Marketplace“) for an aggregate purchase price of US$3,246,938.73 (the “Acquisition“). The purchase price was satisfied by (i) US$450,000 in cash, (ii) 3,777,778 common shares issued at a deemed price of $0.55 per common share in the authorized share structure of the Company (“Consideration Shares”), (iii) the assumption of $1,000,000 in debt owed by LIV Marketplace to the Company and (iv) US$96,938.73 in inventory. The Consideration Shares are subject to a 4-month statutory hold period in accordance with applicable Canadian securities laws.
California-based LIV Marketplace is the exclusive online fulfillment partner and retail distributor of PlantX products within the United States and is responsible for building and operating PlantX’s 4,515-square-foot brick-and-mortar retail store in San Diego, California. Upon completion of the Acquisition, the San Diego location will be rebranded as New Deli by PlantX, as a Company-owned corporate location. Additionally, LIV Marketplace will continue to lead the Company’s wholesale division, so that PlantX can continue to focus its efforts on improving its brick-and-mortar operations in San Diego.
“Completing another acquisition is beyond encouraging and supports our vision for expansion as leaders in the plant-based space,” said PlantX CEO, Julia Frank. “The PlantX brick-and-mortar operations represent a crucial component of our business strategy and this transaction demonstrates our commitment to execute this strategy effectively.”
Shawn Kattoula, a principal of LIV Marketplace, and Sean Dollinger, Founder and Promoter of PlantX, have existing commercial business relationships unrelated to PlantX or LIV Marketplace. LIV Marketplace was founded by Mr. Kattoula based on an introduction by Mr. Dollinger. No finder’s fees were paid in connection with the Acquisition.
About PlantX Life Inc.
PlantX aims to be the digital face of the plant-based community, by utilizing its platform to be the one-stop-shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing, and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers, and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
The Company website is http://investor.PlantX.com/;