GEA Technologies Announces Closing of Merger
Julian Marley’s JuJu Royal Brand will trade as “JUJU”
Calgary, Alberta – Sept. 22, 2017 /AxisWire/ – GEA Technologies Ltd. “NEX:GEA.H” (“GEA” or the “Company”), an Alberta corporation listed on the NEX exchange, and DropLeaf LLC (“DropLeaf”), a limited liability company governed by the laws of Nevada, are pleased to announce (further to the press release dated September 8, 2017), that the merger transaction has been completed.
Immediately prior to and in connection with the Closing, the Company issued an aggregate of 11,902,439 Common Shares at a price of $0.05 per Common Share to raise gross proceeds of $595,122. The subscribers included a director of GEA who subscribed for 3,600,000 Common Shares. The shares will be subject to a four month hold period.
The Common Shares are expected to be listed and posted for trading on the Canadian Securities Exchange (“CSE”) on Monday, September 25, 2017 under the symbol “JUJU”. The GEA common shares have ceased to be listed on the TSX Venture Exchange.
GEA will carry on business as International Cannabrands through its wholly owned Nevada subsidiary, International Cannabrands Ltd. The Company will propose a formal name change to its shareholders at its next annual meeting to adopt the name of “International Cannabrands.” Concurrently with the CSE listing, the Common Shares will be delisted from the NEX board of the TSX Venture Exchange.
“This offering brings our ability to expand on a national and international level to an accelerated position in the marketplace,” said Jeffrey Britz, Chairman & CEO of International Cannabrands. “As cannabis is now the fastest growing emerging industry around the world, operational capital is critical at this time to build a portfolio that will see successful growth. Advancement throughout the space through positive collaborations, partnerships and acquisitions will now be priority.”
“We are excited to be part of the Canadian Securities Exchange. It is an honor,” stated Travis Belcher, President. “Canada is a world leader for cannabis publicly traded companies.”
“The elements that attracted GEA to DropLeaf, was the Julian Marley name both as an artist and activist within the cannabis culture a strong presence in the US cannabis market and the successful business history built on mergers and acquisitions with DropLeaf Founder and CEO, Jeffrey Britz. We believe that International Cannabrands is in an excellent position to take advantage of the opportunities that have presented themselves. We are extremely happy with the approval of our CSE listing under the symbol “JuJu” and with the completion of the merger” said Antonio Ruggieri, former President & CEO of GEA.
Jeffrey Britz has become Chairman and CEO of GEA, as well as a director, while Travis Belcher will assume the role of President and a Director of GEA. Antonio Ruggieri and Scott Reeves will remain as directors of GEA, and Robert Thomas will resign as a director and CFO, with Mark Scott replacing him as CFO. A full description of the transaction is included in the Listing Statement dated August 29, 2017, which has been filed on SEDAR at www.sedar.com.
About International Cannabrands
International Cannabrands Ltd. is a Nevada corporation and the successor to DropLeaf LLC, a private company founded in 2014, for the purpose of licensing Julian Marley’s JuJu Royal Ultra Premium Cannabis brand to producers and processors to develop branded strains of cannabis, infused and edible cannabis consumables, as well as ancillary products such as clothing, paraphernalia, posters, and other products. International Cannabrands will maintain its head office and operations in Denver, CO and derive its revenue from licensing and other fees and royalties generated from the various licensees who ultimately distribute and sell the products.
For additional information concerning DropLeaf please refer to the press releases dated June 9, and July 6, 2017, and the Listing Statement dated August 29, 2017, filed under the SEDAR profile for GEA at www.sedar.com.
GEA is a technology company with licensed rights to a wireless technology able to provide high-speed, self-healing networks in remote locations. The closing of the transaction with DropLeaf will involve the disposition by GEA of its technology assets.
For more information on GEA Technologies Ltd. (dba International Cannabrands), please contact Jeffrey Britz at (201) 394-7882 or firstname.lastname@example.org.
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Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of GEA should be considered highly speculative.
Forward Looking Statements
This news release contains forward-looking statements relating to the timing and completion of listing on the Canadian Securities Exchange. This is a forward looking statement that involves risks and uncertainties. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of GEA. As a result, GEA cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Primary will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.