PK Beans Announces Changes to Letter of Intent to Merge with For Heroes Only
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2022) - Further to its announcement on March 21, 2022, Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("PK Beans" or the "Company") is pleased to announce they have revised a non-binding letter of intent ("LOI") to acquire For Heroes Only ("FHO"). For Heroes Only is a Transmedia Production Studio transforming the way brands engage with kids.
Previously, PK Beans had announced that the proposed acquisition would bring FHO transmedia production studio in-house to expand PK Beans marketing capabilities into the metaverse, creating stories to sell products and build media value for their customers. The change to the LOI clarifies that FHO will also continue to pursue its current production studio business while also expanding the in-house capability of PK Beans. FHO will also continue to aggressively identify licensing opportunities with top tier brands and use entertainment to generate views, engagement and sales for multiple revenue streams including e-commerce & retail. This is a synergistic partnership as PK Beans will operate as the apparel division for the FHO licensing opportunities.
As a result of this change in strategy, it is expected that the acquisition of FHO will result in a fundamental change under Policy 8 of the Canadian Stock Exchange.
Under the LOI, PK Beans has agreed to acquire FHO for shares such that after closing the shareholders of FHO will own up to 66% of PK Beans. Also, subject to closing, PK Beans will complete a financing that values the combination of PK Beans and FHO at no less than $6 million. Completion of the transaction is subject to all customary conditions including a satisfactory due diligence and the entering into of a definitive purchase agreement.
About Peekaboo Beans Inc.
PK Beans is an integrated and innovative children's wellness brand. From sustainable clothing options that kids love to wear, to healthy foods that fuel children's play, our mission is to provide the ingredients for a playful life. Together with our monthly adventure subscription box, consisting of interactive and engaging activities that educate and entertain, developed by an Emmy award-winning child psychologist and devoted kid-experts, our goal is to enrich, empower and nourish children through quality nutrition, clothing, and play - every day. The company maximizes revenue by reaching sellers and online retailers through an omnichannel approach.
To learn more about PK Beans, visit: www.pkbeans.com
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact the Company at:
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results, or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119801