VANCOUVER, British Columbia, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Feel Foods Ltd. (the "Company" or "FEEL") (CSE:FEEL) (OTC:FLLLF) is pleased to announce the Company has entered into an asset purchase agreement (the “Agreement”) with Canpac Investments Corp. (“Canpac”) for the sale of its Langley 5.5 acre greenhouse lands. Canpac is an investment company focused on health sciences, technology and infrastructure.
Pursuant to the Agreement, Canpac shall purchase the property in consideration of $1,500,000 payable in the form of the issuance of 15,000,000 common shares at a deemed price of $0.10 per share. Furthermore, along with the acquisition, Canpac has agreed to assume $912,517 in the Company’s current debt and long-term liabilities. The Company has assembled debt assignment agreements, signed by creditors assigning the liabilities to Canpac.
FEEL has elected to distribute the shares in the form of a dividend to its stakeholders on a pro rata basis to shareholders of record on September 15th, 2021.
Sam Samy, CEO of Canpac, stated: “We are pleased to add this Langley greenhouse project to our portfolio. The company will look to pursue a listing on a North American stock exchange as an investment issuer to the benefit of all stakeholders.”
Robert Nygren, CEO of FEEL, stated: “The sale of the Langley greenhouse project, which has been leased, and the assignment of approximately $1.0 Million in company liabilities to Canpac will free FEEL to focus its time, attention and capital on its growing agri-holdings and plant-based foods business.”
About Feel Foods Ltd.
FEEL is an agri-food holdings company focused on innovative products and technologies in the food services industry including its wholly owned BE Good plant based foods line up of plant-based chicken, pork and beef products as well as is currently investing in the research and development of keto-friendly plant-based candy products.
Company Contact:
Joel T Warawa
Corporate Communications
info@feelfoodsco.com
+1 604-235-0010
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the potential of the Company’s mineral properties; the estimation of capital requirements; the estimation of operating costs; the timing and amount of future business expenditures; and the availability of necessary financing. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and exploration or operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward- looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
