Henderson, Nevada--(Newsfile Corp. - September 29, 2020) - Fresh Promise Foods, Inc., (hereinafter "the Company") a publicly traded company under the ticker symbol (OTC Pink: FPFI) announced that it has executed an agreement to acquire a majority interest in Human Brands International, Inc. (hereinafter, "Human Brands").
In order to execute its growth strategy, the Company shall file a Schedule 14 in the following days to detail majority shareholder approval of the recent Merger with Human Brands International, a Name Change and a Reverse Split, which are required by the Merger Agreement. The Company plans to file a Certificate of Amendment to the Articles of Incorporation with the Secretary of State in Nevada to execute the required 1 for 200 Reverse Split, which shall be an exhibit to the Schedule 14. Following the Reverse Split and Name Change, all shareholders will receive Warrants to purchase a further 2 shares for each 2 shares of the Company's Common Stock owned, at a discount of 30% of the market price for the Company's Common Stock following the Closing of the Merger (see 8k for details).
The Company intends to file an S-1 registration statement with the SEC to raise the necessary capital required to execute its new business model that will cover the shares issued in the Human Brands acquisition as well as the underlying shares of the warrants to be issued. The previous Creative Edge shareholders, whose stock was issued in December of 2017*, will be included in the S-1 registration. A key piece of FPFI's restructuring plan was to find a company with significant upside potential in a high-growth industry. Human Brands has built a foundation that has seen its sales increase on average 372% over years 2015 to 2019 and its asset value increase 1054% since 2015.
Fresh Promise's Human Brands subsidiary is building a company to capitalize on the growth in the spirits industry, particularly tequila. Despite Covid-19, tequila has seen a 50% growth in sales this year compared to 2019. It is now one of the fastest growing categories in the spirits industry.
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With this acquisition, FPFI a holding company, acquires a growing business in an exciting industry. FPFI believes this is the first step in creating short and long-term value for current and future shareholders. FPFI looks forward to providing more pertinent news in the coming weeks. Please continue to follow the company for further updates.
Joe Poe Jr.
Human Brands - US Office
1351-B U St., NW |
Washington DC 20009
*The Shares issued to Creative Edge Shareholders in December of 2017 are eligible to have the restriction removed now after a 2 year hold prior to the S-1 registration. Contact email@example.com for more information.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above.
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