Vegan Foods

Feel Foods Ltd. completes the acquisition of Vegan Cheese Company “Black Sheep Vegan Cheeze”


VANCOUVER, British Columbia, October 12, 2021 (GLOBE NEWSWIRE) – FEEL FOODS LTD. (the “Company” or “Feel Foods”) (CSE: “FEEL”) (OTC: “FLLLF”) is pleased to announce that following its press release of September 13e, 2021, it completed its arm’s length acquisition (the “Acquisition”) By Black Sheep Vegan Cheeze Company Corp. (“Black sheep“), a British Columbia-based vegan cheese company, pursuant to a share exchange agreement dated September 8, 2021 (the”Agreement) Between the Company, Black Sheep and the shareholders of Black Sheep.

Founded in 2017, Black Sheep products are currently manufactured in the company’s commercial research and development (R&D) kitchen in Okanagan, which has a total annual capacity of over 130,000 units of cheese. Black Sheep is currently available in over 40 grocery stores and nearly 30 food outlets in British Columbia. The company, with its commercial kitchen in R&D and earlier investments in cold storage, will begin ramping up production in anticipation of expanded distribution on the west coast of the United States, east of British Columbia. in Canada, as well as the launch of its e-commerce site.

Additionally, the company welcomes Black Sheep Vegan Cheezes founders, Jenna and James Johnson, to the Feel Foods family to serve as Vice President R&D – Plant Based Dairy Products and Vice President, Sales and Operations – respectively. Plant-based dairy products.

We encourage Feel Foods investors, stakeholders and followers to start following Instagram.com/blacksheepvegancheeze to find out when it will be available at a store near you.

Feel Foods CEO David Greenway said, “The closing of the Black Sheep acquisition is another milestone as we continue to grow the Feel Foods family of plant-based businesses. We look forward to working closely with Black Sheep and their founding team to expand distribution and develop great new herbal products. Our mission is to transform plant-based foods without compromising on taste or quality while reducing global environmental impact. Together, by changing our collective approach to food, we can improve the health of our world, the lives of animals, and preserve valuable resources for generations to come.

Black Sheep Vegan Cheeze was founded in 2017 by a husband-and-wife vegan team from Armstrong in British Columbia, Canada’s cheese capital, and offers a variety of delicious tasting, non-dairy cheese alternatives. Black Sheep’s mantra is that eliminating dairy products is not just for the many health benefits, but also because of the cruelty that occurs in the dairy industry, not to mention the vast environmental impact of a herbal diet.

A media excerpt accompanying this announcement is available by clicking on the image or link below:

Black Sheep Vegan Cheeze Product: 100% dairy free Cranberry Voursin Vegan Cheeze

A variety of 10 unique vegan dairy substitute products are currently available at over 40 outlets, including select locations at Nesters, Nature’s Fare Markets, The Independent, The Very Good Butchers, Pomme Natural, Vegan Supply and many more. fine retailers in 16 cities across British Columbia as well as online and in person at farmers’ markets. Feel Foods intends to fund and support a North American-wide expansion of this premier brand while working closely with the founders of Black Sheep to develop additional exceptional products for the community. vegetable.

The Herbal Foods market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $ 74.2 billion by 2027. * The growth of this market is mainly attributed to factors such as ‘Growing incidence of animal protein intolerance, growing urbanization with new consumer aspirations, a growing vegan population and significant investments in this sector. *

For more information on Black Sheep’s products and history, visit: http://blacksheepvegancheeze.com/

Terms of acquisition

Pursuant to the terms of the agreement, the Company acquired all of the issued and outstanding common shares of Black Sheep (collectively, the “Black sheep actions“) in return for (together, the”Purchase price“) The issuance of 3,400,000 ordinary shares (each, a”To share) From Feel Foods at a deemed price of $ 0.22875 per share and a cash payment of $ 750,000. Each share issued within the framework of the purchase price is subject to a contractual blocking under which the shareholder must not offer, issue, pledge or sell this share, except in accordance with the following release schedule: 10% at the closing date (the “Closing Date“); 30% on the date falling 6 months after the closing date; 30% on the date falling 12 months after the closing date; and 30% on the date falling 18 months after the closing date

In addition, Feel Foods has agreed to pay Black Sheep shareholders up to a total of $ 500,000 upon realization by Black Sheep of a total of $ 500,000 or more in net sales during the period. of 12 months beginning on the date of the 7 months from the closing date and ending on the date falling 18 months from the closing date (the “Performance deadline“), payable by means of (together, the”Performance milestones”):

(i) the issuance of shares valued at $ 125,000 and $ 125,000 in cash upon completion by Black Sheep of $ 250,000 or more in net sales on or before the performance deadline; and

(ii) the issuance of shares valued at $ 125,000 and $ 125,000 in cash upon completion by Black Sheep of a total of $ 500,000 or more in net sales on or before the deadline performance.

All shares issuable to Black Sheep shareholders under the performance milestones will be issued on a pro rata basis at a price deemed to be equal to the lowest price per share permitted by the policies of the Canadian Stock Exchange (“CSE“).

At the same time and as a condition of closing, each of James and Jenna Johnson, the co-founders of Black Sheep (together, the “Founding advisory agreements“), and Ashala Carlsen has entered into consulting agreements with Feel Foods whereby they have agreed to provide certain consulting services to the Company. Mr. Johnson is also eligible to receive a one-time bonus of $ 25,000 for each new product approved for sale by the Company or Black Sheep or both (each, a “Product“) in accordance with the approval process outlined in its Founder’s Advisory Agreements and which product receives total net sales of $ 25,000 or more, payable in shares at a price deemed equal to the lowest price per share authorized by the CSE policies.

Following Closing, Black Sheep became a wholly owned subsidiary of the Company.

About Feel Foods Ltd.

FEEL is an agri-food holding company focused on innovative products and technologies in the food service industry, including its BE Good plant-based feed line of wholly owned chicken, pork and beef products. plants, and is currently investing in the research and development of keto-friendly plant-based candy products.

Company details :
Mr. Joel T Warawa
Business communication
Email: [email protected]

Corporate contact:
Website: www.feelfoodsco.com
Email: [email protected]
Instagram: Instagram.com/feelfoodsco
Telephone: 604-235-0010

Statistics reference: * https://www.prnewswire.com/news-releases/global-plant-based-food-market-report-2020-2027-rising-industry-concentration-with-growth-in-mergers-and-acquisitions-in -the-plant-products-space-301268737.html

Forward-looking information disclaimer

Certain statements contained in this press release are forward-looking statements, which reflect management’s expectations regarding the Company. Forward-looking statements consist of statements which are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future, including with respect to: entering into consulting agreements, completion of the acquisition and acceptance of the Acquisitions and its terms by the CSE. These statements are subject to risks and uncertainties which may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. The risks include: the unknown magnitude and duration of the effects of the COVID-19 pandemic, the inability of Feel Foods to complete the acquisition, and other risks customary to transactions of this nature. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, the reader should not place undue reliance on forward-looking information or statements. Feel Foods assumes no obligation to update any forward-looking information or statements, except as required by applicable law.

This press release is not an offer to sell the securities in the United States. The securities have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an exemption from registration. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any state in which such an offer, solicitation or sale would be illegal.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved the contents of this press release.