Amaya Big Sky Capital and Flight Food: A New Era for Investors

Amaya Big Sky Capital Partners with Flight Food & Beverages

Amaya Big Sky Capital Corp. (TSX-V: AMYA.P) has exciting news for its investors and stakeholders. The capital pool company is poised to enter a transformative phase as it finalizes a non-binding letter of intent (LOI) with Flight Food & Beverage Partners Inc., an arm’s length entity in the beverage industry.

Understanding the Reverse Takeover Deal

The essence of this LOI revolves around a proposed reverse takeover, which would allow Amaya to consolidate its operations and pave the way for Flight to emerge as a wholly-owned subsidiary of the company. This strategic move not only aligns with Amaya's vision but also aims to enhance shareholder value by bringing Flight's successful business model into the fold.

A Closer Look at the Transaction

The arrangement calls for Amaya to consolidate its issued shares, implementing a ratio of one new share for every four shares currently outstanding. Following this consolidation, existing shareholders of Flight will exchange their shares on a one-to-one basis, giving them significant control over the newly formed entity. It’s anticipated that these former shareholders will own approximately 91.4% of the total shares post-transaction.

The Promising Vision of Flight Food & Beverage Partners

Flight Food & Beverage, which operates in the food and beverage sector, is recognized for its innovative approach and growth-oriented strategy. The company has a portfolio that includes a craft beer brewery, various real estate assets, and equity stakes in reputable brands within the industry. With a commitment to sustainable growth and product quality, Flight aims to attract a broad customer base and enhance its market presence.

Financial Snapshot of Flight

Recent financials reveal a company focused on growth with reported assets valued at over $1 million as of September 30, 2023. Flight's revenue stands at approximately $213,000, demonstrating a solid foundation for its continued expansion in the competitive food and beverage marketplace.

What Lies Ahead for Amaya Big Sky Capital

The transaction brings forth various pivotal aspects. The collaborative effort will undergo careful evaluation, including legal and financial diligence, prior to executing a Definitive Agreement. This agreement will replace the LOI and clarify the terms of the partnership. Notably, the transaction is expected to happen without requiring shareholder approval due to its arms-length nature.

Private Placement Initiative

Additionally, Amaya and Flight plan to undertake a private placement before or concurrently with the transaction, targeting minimum gross proceeds of $2 million. These funds are earmarked for future business acquisitions and working capital to support the strategic vision of the resulting entity.

The Leadership Team to Drive Success

The planned leadership for the newly formed company features an experienced team poised to steer the business toward success. Key figures include Robert Meister Jr., Director and CEO, known for his pivotal roles in M&A and securing substantial funding. Joining him are Dana Sissons, COO, and Patrick O’Flaherty, CFO, both bringing extensive experience from notable organizations.

Expertise and Vision

This dedicated team is set to foster innovation and growth, aiming to lead the charge in the competitive beverage sector. Their combined expertise in branding, strategic partnerships, and financial management is expected to be a cornerstone of the new entity's market strategy.

Future Developments and Shareholder Information

Following the successful completion of the transaction, the company may undergo a name change to “Flight Food & Beverage Partners Inc.”, signifying its new identity in the market. Shareholders are encouraged to stay informed as the developments unfold, including further details about trading resumption and the transaction structure.

Frequently Asked Questions

What is the significance of the LOI between Amaya and Flight?

The LOI signifies a pivotal step for Amaya in its transition towards a successful qualifying transaction with Flight, enhancing its operational structure.

How will the reverse takeover impact shareholders?

Shareholders of Amaya are expected to see significant changes in their shareholding structure post-transaction, with Flight's shareholders gaining substantial ownership in the combined entity.

What are Flight's core business focuses?

Flight primarily concentrates on acquiring and operating businesses within the food and beverage industry, with a strong foothold in craft beer and equity investments in established brands.

Who will be part of the leadership team after the transaction?

The leadership team will consist of experienced professionals from both companies, including Robert Meister Jr., Dana Sissons, and Patrick O’Flaherty, among others.

When can we expect further news regarding the transaction?

Updates will be provided through new releases as the transaction progresses, specifically around the negotiation of the Definitive Agreement and subsequent developments.

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