$SGMD nice 8-K out! Acquisition of BZRTH a leading
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Posted On: 10/21/2019 11:39:07 AM
$SGMD nice 8-K out! Acquisition of BZRTH a leading hydroponics supply company, based in Irwindale, California! >>
The Company intends to complete its acquisition of all of the issued and outstanding shares of stock of BZRTH. BZRTH is a leading hydroponics supply company, based in Irwindale, California. The Company and BZRTH are expected to execute the definitive agreement in the form of a Stock Exchange Agreement (“SEA”) on or before October 31, 2019. The Company was informed on October 15, 2019 and believes that the required and requested financial information from BZRTH has been completed and that the acquisition closing date will be on or before October 31, 2019.
During December of 2017, the Company entered into a master marketing agreement with BizRight, LLC, a leading marketer and manufacturer of hydroponic growth supplies, which offers a range of hydroponics-related products. BizRight operates the ZenHydro.com website and other e-commerce properties and sells various products to distributors and retailers. This relationship has allowed our Company to significantly expand our revenue growth prospects. We plan to continue to expand this business operation for the foreseeable future. As of the date hereof, our ability to recognize revenues from this agreement have been limited due to our limited abilities to raise the capital need for this transaction. The Master Marketing Agreement with BizRight was later assigned to BZRTH, Inc., a sister company of BizRight and a related party and affiliated entity with BizRight, assuming the same acquisition and other terms of the purchase option outlined in the original agreements. Under the agreements, the Company has already paid $870,000.00 cash and issued 200,000,000 shares to the sellers.
The Company and BZRTH are expected to execute the definitive agreement on or before October 31, 2019. The total additional consideration to be paid by the Company (with the credit for the prior payments) to acquire BZRTH is 450,000,000 shares of the Company’s common stock and 3,000,000 shares of Series B convertible preferred stock under the SEA; and Promissory notes in the sum of $7,130,000.00 due on or before October 31, 2021 to BZRTH shareholders.
http://archive.fast-edgar.com//20191021/AJ2WK...IZ2P272B2/
http://sugarmade.com/
The Company intends to complete its acquisition of all of the issued and outstanding shares of stock of BZRTH. BZRTH is a leading hydroponics supply company, based in Irwindale, California. The Company and BZRTH are expected to execute the definitive agreement in the form of a Stock Exchange Agreement (“SEA”) on or before October 31, 2019. The Company was informed on October 15, 2019 and believes that the required and requested financial information from BZRTH has been completed and that the acquisition closing date will be on or before October 31, 2019.
During December of 2017, the Company entered into a master marketing agreement with BizRight, LLC, a leading marketer and manufacturer of hydroponic growth supplies, which offers a range of hydroponics-related products. BizRight operates the ZenHydro.com website and other e-commerce properties and sells various products to distributors and retailers. This relationship has allowed our Company to significantly expand our revenue growth prospects. We plan to continue to expand this business operation for the foreseeable future. As of the date hereof, our ability to recognize revenues from this agreement have been limited due to our limited abilities to raise the capital need for this transaction. The Master Marketing Agreement with BizRight was later assigned to BZRTH, Inc., a sister company of BizRight and a related party and affiliated entity with BizRight, assuming the same acquisition and other terms of the purchase option outlined in the original agreements. Under the agreements, the Company has already paid $870,000.00 cash and issued 200,000,000 shares to the sellers.
The Company and BZRTH are expected to execute the definitive agreement on or before October 31, 2019. The total additional consideration to be paid by the Company (with the credit for the prior payments) to acquire BZRTH is 450,000,000 shares of the Company’s common stock and 3,000,000 shares of Series B convertible preferred stock under the SEA; and Promissory notes in the sum of $7,130,000.00 due on or before October 31, 2021 to BZRTH shareholders.
http://archive.fast-edgar.com//20191021/AJ2WK...IZ2P272B2/
http://sugarmade.com/
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