$FRLF Freedom Leaf Inc. (FRLF) Announces Acquisiti
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Posted On: 06/02/2019 5:08:42 PM
$FRLF Freedom Leaf Inc. (FRLF) Announces Acquisition of Green Lotus Companies
By GlobeNewswire, May 21, 2019, 11:58:00 AM EDT
The Company will be hosting a shareholder call on Thursday, May 23 at 4:30pm (ET). See dial in instructions below:
LAS VEGAS, NV, May 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --
Freedom Leaf Inc. (OTCQB: FRLF), a Nevada corporation, d/b/a Freedom Leaf Health, announced its entry into a definitive agreement to acquire ECS Labs LLC, including its two wholly-owned operating subsidiaries, which collectively constitute the "Green Lotus" premium hemp oil products brand.
The acquisition is expected to generate a substantial increase in revenue for Freedom Leaf while providing Freedom Leaf access to a more robust portfolio of products, enhanced distribution capabilities and penetration in attractive emerging CBD markets worldwide.
The purchase price for the transaction is $14mm of Freedom Leaf common stock to be issued at the closing of the acquisition valued based on the volume-weighted average trading price per share for the thirty trading days prior to the date of the closing of the acquisition.
Green Lotus offers an eponymous line of CBD products including tinctures, soft gels, topicals, cartridges, gummies and pet tinctures and a newly introduced line of sparkling CBD beverages.
In 2018, the Green Lotus companies generated unaudited gross revenue of $2.2mm with positive cash flow, and in the first quarter of 2019, the unaudited gross revenue of Green Lotus reached $1.4mm in the U.S.
The acquisition is subject to customary closing conditions and is expected to close on or before May 27, 2019.
For additional details, please reference the Form 8-K to be filed with the U.S. Securities and Exchange Commission. Freedom Leaf was advised by Kleinberg, Kaplan, Wolff & Cohen, P.C. in connection with the transaction.
KEY HIGHLIGHTS (link)
https://www.nasdaq.com/press-release/freedom-...0521-00843
$FRLF Shareholder Call: May 23, 2019 @ 4:30pm (ET)
The Company will be hosting a shareholder call on Thursday, May 23 at 4:30pm (ET). Participants can access the call by dialing 866 342-8588 or 203 518-9865, using the passcode 52319. There will be a 30-day replay available, which can be accessed by dialing 844 488-7474 (toll free) or 862 902-0129 (toll), using passcode 52019104
There will be a 30-day replay available, which can be accessed by dialing 844 488-7474 (toll free) or 862 902-0129 (toll), using passcode 52019104.
$FRLF Green Lotus Website
https://greenlotushemp.com/
By GlobeNewswire, May 21, 2019, 11:58:00 AM EDT
The Company will be hosting a shareholder call on Thursday, May 23 at 4:30pm (ET). See dial in instructions below:
LAS VEGAS, NV, May 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --
Freedom Leaf Inc. (OTCQB: FRLF), a Nevada corporation, d/b/a Freedom Leaf Health, announced its entry into a definitive agreement to acquire ECS Labs LLC, including its two wholly-owned operating subsidiaries, which collectively constitute the "Green Lotus" premium hemp oil products brand.
The acquisition is expected to generate a substantial increase in revenue for Freedom Leaf while providing Freedom Leaf access to a more robust portfolio of products, enhanced distribution capabilities and penetration in attractive emerging CBD markets worldwide.
The purchase price for the transaction is $14mm of Freedom Leaf common stock to be issued at the closing of the acquisition valued based on the volume-weighted average trading price per share for the thirty trading days prior to the date of the closing of the acquisition.
Green Lotus offers an eponymous line of CBD products including tinctures, soft gels, topicals, cartridges, gummies and pet tinctures and a newly introduced line of sparkling CBD beverages.
In 2018, the Green Lotus companies generated unaudited gross revenue of $2.2mm with positive cash flow, and in the first quarter of 2019, the unaudited gross revenue of Green Lotus reached $1.4mm in the U.S.
The acquisition is subject to customary closing conditions and is expected to close on or before May 27, 2019.
For additional details, please reference the Form 8-K to be filed with the U.S. Securities and Exchange Commission. Freedom Leaf was advised by Kleinberg, Kaplan, Wolff & Cohen, P.C. in connection with the transaction.
KEY HIGHLIGHTS (link)
https://www.nasdaq.com/press-release/freedom-...0521-00843
$FRLF Shareholder Call: May 23, 2019 @ 4:30pm (ET)
The Company will be hosting a shareholder call on Thursday, May 23 at 4:30pm (ET). Participants can access the call by dialing 866 342-8588 or 203 518-9865, using the passcode 52319. There will be a 30-day replay available, which can be accessed by dialing 844 488-7474 (toll free) or 862 902-0129 (toll), using passcode 52019104
There will be a 30-day replay available, which can be accessed by dialing 844 488-7474 (toll free) or 862 902-0129 (toll), using passcode 52019104.
$FRLF Green Lotus Website
https://greenlotushemp.com/
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