Sun Kissed Industries Readies for Acquisition Closing with Significant Authorized Share Reduction
31 January 2020 - 12:45AM
InvestorsHub NewsWire
Sun Kissed Industries
Readies for Acquisition Closing with
Significant Authorized Share Reduction
NEW YORK, NY --
January 30, 2020 -- InvestorsHub NewsWire
-- Sun Kissed Industries Inc.
(OTC
PINK: SKDI)
("Sun Kissed", "SKDI", or the "Company"), an emerging player in the
CBD marketplace, is pleased to announce
that, in
preparation for the upcoming closing of its acquisition of Products
Supply Group, it is reducing its Authorized Shares
from the current
figure of 10B shares to 1.2B shares
only.
Sun Kissed CEO,
Mr. Carl Grant, stated today that "We are now at the
final
pre-closing stage
where we get our house in order and structure the stock more
effectively, so that we can proceed
towards a timely closing within the next few
days.
These are
extremely
exciting times
and I am incredibly pleased to be able to reduce the authorized
share capital so significantly."
Allowing for some
small reserves for the notes that are shortly to be converted into
preference equity, as well as allowing for the restricted stock
issued to the CEO and the acquisition shareholders, none of which
can be sold into the market, the company has decreased the issued
share capital with the State which will become
effective
by
February
21st 2020.
Products Supply
Group, doing business as Hakuna
Supply, 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.
About Sun
Kissed Industries, Inc.
Sun Kissed
Industries Inc. (OTC
PINK: SKDI) is an emerging leader in the CBD-based products
marketplace. The Company is pursuing meaningful acquisitions as
part of an aggressive M&A strategy designed to position Sun
Kissed as a dominant player in a well-defined, high-growth niche
within the rapidly expanding CBD sector.
FORWARD-LOOKING STATEMENTS:
This press
release may contain forward-looking statements, including
information about management's view of Sun Kissed Industries Inc.'s
future expectations, plans and prospects. In particular, when used
in the preceding discussion, the words "believes," "expects,"
"intends," "plans," "anticipates," or "may," and similar
conditional expressions are intended to identify forward-looking
statements. Any statements made in this news release other than
those of historical fact, about an action, event or development,
are forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, which may cause the
results of Sun Kissed, its subsidiaries and concepts to be
materially different than those expressed or implied in such
statements. Unknown or unpredictable factors also could have
material adverse effects on Sun Kissed's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. Sun Kissed cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, Sun Kissed undertakes no
obligation to update these statements after the date of this
release, except as required by law, and also takes no obligation to
update or correct information prepared by third parties that are
not paid for by Sun Kissed.
SOURCE: Sun Kissed Industries
Inc.
invest@sunkissedindustries.com