Simply Better Brands Corp‎. (the "Company" or “Simply Better Brands‎”) (TSX Venture: SBBC, OTCQB: PKANF)‎, announces today that pursuant to a Share Purchase Agreement dated March 18, 2022 (the “SPA”) the Company has acquired Hervé Edibles Limited (“Hervé”), growing Simply Better Brands’ portfolio of innovative brands with national growth potential.

Hervé develops processes, recipes and patent protected technologies that go into producing an exquisite variety of desserts, candies, macarons and other delicacies that combine contemporary design with spectacular flavours. Launched in 2020, Hervé proudly blends together decades of traditional French culinary history with innovative processes, creating the world’s first intricately infused luxury desserts. As of March 18, Hervé has approximately net working capital of $1,038,235. For its most recently completed fiscal year ended December 31, 2021, Hervé’s unaudited financial statement reported assets of $ 1,898,798 and liabilities of $57,770.

Under the terms of the SPA, the Company acquired all of the issued and outstanding common shares of Hervé for an aggregate purchase consideration of approximately $8,000,000, payable in the form of issuance of 1,705,755 common shares (“Consideration Shares”) of the Company, to the shareholders Hervé, at a price per Consideration Share of $4.69, calculated on the basis of the volume weighted average closing price of the Company’s shares on the TSX Venture Exchange (“TSXV”) determined based on the fifteen (15) trading days immediately preceding the closing date. In addition, $1,000,000 of additional Consideration Shares may be issued upon the Company achieving specific sales revenue targets of Hervé products.

The acquisition is treated as a reviewable acquisition pursuant to Policy 5.3 of TSXV’s corporate finance manual and therefore subject to TSXV’s final approval. The SBBC shares issued in consideration will be subject to a contractual lock-up for a period of 6 months from the date of issuance, with 1/12 of the consideration being released from the transfer restrictions every month for 12 months thereafter. The Company will pay a finder’s fee of $300,000, payable in the form of issuance of SBBC shares in relation to the acquisition to an arm’s length third party. The shares issued pursuant to the finder’s fee will be subject to a statutory 4-month hold period.‎ The acquisition was negotiated on an arm’s length basis. All figures in this news release are in Canadian dollars, unless otherwise indicated.

About Simply Better Brands Corp.

Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company’s mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including CBD products, plant-based food and beverage, and the global pet care and skin care industries. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.

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 release.

Contact Information

Simply Better Brands Corp.
Brian Meadows
Chief Financial Officer
+1 (855) 553-7441
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