Coho Collective Kitchens Announces Extension of Outside Date for Acquisition of Purebread
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Coho Collective Kitchens Inc. (TSXV: COHO) ("Coho" or the "Company") is today providing an update on the acquisition of Purebread. Bakery Inc. ("Purebread") that was previously announced on May 29, 2023 (the "Acquisition").
Further to Coho's announcement on July 31, 2023, Purebread's existing owners (collectively, the "Purebread Vendors") and the Company have agreed to extend the outside date of the definitive purchase agreement executed in connection with the Acquisition (the "Purchase Agreement") from August 31, 2023 to September 19, 2023 (the "Extension"). The Extension will allow Coho and the Purebread Vendors to finalize remaining documentation and facilitate concurrent closings of the Acquisition and the previously announced equity financing, term credit facility, and revolving credit facility necessary to support the Acquisition. These transactions are further described in the Company's news releases dated May 29, 2023 and July 31, 2023.
Other than the Extension, the Purchase Agreement is otherwise unamended as of the date hereof.
About Coho Collective Kitchens Inc.
Coho is a growing player in commercial real estate and food technology, operating fast casual restaurants and shared-kitchen facilities. As Canada's largest shared-kitchen company, Coho is expanding its presence and services. Through combined efforts, Coho and Purebread strive to positively impact the communities in which they operate.
For more information, please visit cohocollectivekitchens.com.
For more information:
Andrew Barnes, Chief Executive Officer
Coho Collective Kitchens
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statements Regarding Forward-Looking Information
This press release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation, our statements related to the closing of the Acquisition; the impact of the Acquisition on the Company's market presence, business and growth plans; and the expected timing for the closing of the Acquisition, the term and revolving credit facility financings and the equity financings referred to above.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance.
Coho's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of Coho's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Acquisition, including: that Coho will not be able to complete the Acquisition on the terms announced, within the anticipated timeline, or at all; that the actual impact of the Acquisition on Coho's business and growth strategy will not be as currently anticipated; that Coho's other assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; that the parties may not obtain all required consents or approvals for the Acquisition (including the approval of the TSXV); risks inherent in the ghost-kitchen, retail bakery, or coffeehouse sectors in general; that future results may vary from historical results; and competition in the markets where Coho operates. Except as required by securities law, Coho does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179303