$SKDI agreed with long-term note holder 'Green Lig
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Posted On: 04/13/2020 7:36:24 AM
$SKDI agreed with long-term note holder 'Green Light Developments LLC' to have all of the outstanding debt, with interest, removed from the liabilities and forgiven, with no consideration due.
Sun Kissed CEO, Mr. Carl Grant, stated today that, "We have worked with Green Light to help us meet our liabilities over the past two years, and they have been a fantastic partner. In the current economic climate, we need to be as lean as possible and we have used this to agree to a complete forgiveness of debt. We are extremely satisfied with our tough negotiating stance which sees Green Light with no equity or debt position whatsoever in Sun Kissed and we part ways at this point completely.
We have exciting acquisitions and partnerships in the works, and this just further enhances the attractive propositions on the market right now with our liabilities being reduced by such a significant amount."
Also, the Company previously effected a massive 80% reduction in its Authorized Share Capital in preparation for its previous acquisition, in January, of Products Group.
Sun Kissed Industries recently announced that it had closed on the acquisition of Products Supply Group, doing business as Hakuna Supply. Hakuna received the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017. Hakuna has established high-end CBD-based products, including CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of premium CBD Teas, and other premium products. We are beyond thrilled to be entering the closing stage of this significant acquisition over the very near-term horizon and expect our overall valuation to increase dramatically over the next several months.
Sun Kissed CEO, Mr. Carl Grant, stated today that, "We have worked with Green Light to help us meet our liabilities over the past two years, and they have been a fantastic partner. In the current economic climate, we need to be as lean as possible and we have used this to agree to a complete forgiveness of debt. We are extremely satisfied with our tough negotiating stance which sees Green Light with no equity or debt position whatsoever in Sun Kissed and we part ways at this point completely.
We have exciting acquisitions and partnerships in the works, and this just further enhances the attractive propositions on the market right now with our liabilities being reduced by such a significant amount."
Also, the Company previously effected a massive 80% reduction in its Authorized Share Capital in preparation for its previous acquisition, in January, of Products Group.
Sun Kissed Industries recently announced that it had closed on the acquisition of Products Supply Group, doing business as Hakuna Supply. Hakuna received the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017. Hakuna has established high-end CBD-based products, including CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of premium CBD Teas, and other premium products. We are beyond thrilled to be entering the closing stage of this significant acquisition over the very near-term horizon and expect our overall valuation to increase dramatically over the next several months.
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