Sun Kissed Industries Cleans Balance Sheet with $242,595 of Debt Forgiveness
New York, New York--(Newsfile Corp. - April 7, 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 future acquisitions, has agreed with long-term note holder 'Green Light Developments LLC' to have all of the outstanding debt, with interest, removed from the liabilities and forgiven, with no consideration due.
Sun Kissed CEO, Mr. Carl Grant, stated today that, "We have worked with Green Light to help us meet our liabilities over the past two years, and they have been a fantastic partner. In the current economic climate, we need to be as lean as possible and we have used this to agree to a complete forgiveness of debt. We are extremely satisfied with our tough negotiating stance which sees Green Light with no equity or debt position whatsoever in Sun Kissed and we part ways at this point completely.
We have exciting acquisitions and partnerships in the works, and this just further enhances the attractive propositions on the market right now with our liabilities being reduced by such a significant amount."
Also, the Company previously effected a massive 80% reduction in its Authorized Share Capital in preparation for its previous acquisition, in January, of Products Group.
Sun Kissed Industries recently announced that it had closed on the acquisition of Products Supply Group, doing business as Hakuna Supply. Hakuna 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.
Target marketing agency
112 E 25th Street
New York, New York 10010
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54169