$SKDI NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) --
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Posted On: 11/12/2019 12:46:52 PM
$SKDI NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Sun Kissed Industries Inc. (OTCMKTS: SKDI) (“Sun Kissed”, “SKDI”, or the “Company”), an emerging player in the CBD marketplace, is pleased to announce the signing of a new agreement (the “Agreement”) with its primary creditor, Green Light Developments (“Green Light”), to retire nearly all of the Company’s outstanding convertible obligations. Based on this agreement, none of the Company’s existing and outstanding convertible debt from its primary creditor will translate into marketable common stock.
This Agreement with Green Light comes in anticipation of the signing of a Definitive Agreement in which Sun Kissed will acquire 100% of the issued and outstanding shares of Hakuna Supply/Products Group, Inc. (“Hakuna” or “Hakuna Supply”), an award-winning CBD-based products company with strong revenue growth and over 110 established retail distribution partners across more than 20 states in the domestic US market.
Carl Grant, CEO of Sun Kissed, commented, “Our forthcoming acquisition of Hakuna is on track, and the folks at Green Light have opted to secure a long-term equity position rather than maintain optionality to market converted shares. It’s a great show of conviction, and we are grateful for it.”
The Agreement represents a binding commitment to convert the totality of $170,000 in existing convertible debt into a series of Preferred Equity Shares in the Company (the “Preferred Shares”) which do not represent common stock for unrestricted sale and have no associated voting rights.
According to the Company, the Agreement also contains a stipulation, in principle, for Sun Kissed to pay down all remaining outstanding convertible obligations over the near term, with the exception of a tranche totaling $100,000 in value, which the Company plans to clear without conversion during calendar year 2020.
Mr. Grant continued, “Green Light has supported us through the early development of the company, and this step demonstrates the confidence they have in our ability to execute on the tremendous opportunities we have in front of us.”
https://finance.yahoo.com/news/sun-kissed-ret...00435.html
This Agreement with Green Light comes in anticipation of the signing of a Definitive Agreement in which Sun Kissed will acquire 100% of the issued and outstanding shares of Hakuna Supply/Products Group, Inc. (“Hakuna” or “Hakuna Supply”), an award-winning CBD-based products company with strong revenue growth and over 110 established retail distribution partners across more than 20 states in the domestic US market.
Carl Grant, CEO of Sun Kissed, commented, “Our forthcoming acquisition of Hakuna is on track, and the folks at Green Light have opted to secure a long-term equity position rather than maintain optionality to market converted shares. It’s a great show of conviction, and we are grateful for it.”
The Agreement represents a binding commitment to convert the totality of $170,000 in existing convertible debt into a series of Preferred Equity Shares in the Company (the “Preferred Shares”) which do not represent common stock for unrestricted sale and have no associated voting rights.
According to the Company, the Agreement also contains a stipulation, in principle, for Sun Kissed to pay down all remaining outstanding convertible obligations over the near term, with the exception of a tranche totaling $100,000 in value, which the Company plans to clear without conversion during calendar year 2020.
Mr. Grant continued, “Green Light has supported us through the early development of the company, and this step demonstrates the confidence they have in our ability to execute on the tremendous opportunities we have in front of us.”
https://finance.yahoo.com/news/sun-kissed-ret...00435.html
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