Sun Kissed Industries Readies for Acquisition Closing with Significant Authorized Share Reduction
New York, New York--(Newsfile Corp. - January 30, 2020) - 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.
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.
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