Sun Kissed Retires Majority of Convertible Debt with Primary Creditor
November 12 2019 - 8:30AM
InvestorsHub NewsWire
Sun Kissed Retires Majority of
Convertible Debt with Primary Creditor
NEW YORK, NY -- November
12, 2019 -- InvestorsHub NewsWire -- Sun Kissed Industries
Inc. (OTCMKTS:
SKDI)
("Sun
Kissed",
"SKDI", or the "Company"),
an emerging player
in the CBD marketplace, is pleased to announce the signing
of a new agreement (the "Agreement") with its primary creditor,
Green Light Developments ("Green
Light"), to
retire nearly all of the Company's outstanding convertible
obligations. Based on this agreement, none of the Company's existing
and outstanding
convertible debt from its primary creditor will
translate into marketable common stock.
This Agreement with Green Light
comes in anticipation of the signing of a Definitive Agreement in
which Sun Kissed will acquire 100% of the issued and outstanding
shares of Hakuna Supply/Products Group, Inc. ("Hakuna" or "Hakuna
Supply"), an award-winning CBD-based products company with strong
revenue growth and over 110 established retail distribution
partners across more than 20 states in the domestic US
market.
Carl Grant, CEO
of
Sun
Kissed,
commented, "Our forthcoming acquisition of
Hakuna is on track, and the folks at Green Light have opted to
secure a long-term equity position rather than maintain optionality
to market converted shares. It's a great show of conviction, and we
are grateful for it."
The Agreement
represents a binding commitment to convert the totality of $170,000
in existing convertible debt into a series of Preferred Equity
Shares in the Company (the "Preferred Shares") which do not
represent common stock for unrestricted sale and have no associated
voting rights.
According to the Company,
the
Agreement also contains a stipulation, in principle, for
Sun Kissed
to
pay down
all remaining
outstanding convertible obligations over the near term, with the
exception of a tranche totaling $100,000 in value, which the
Company plans to clear without conversion during
calendar year 2020.
Mr. Grant continued,
"Green Light
has supported us through the early development of the company, and
this step demonstrates the confidence they have in our ability to
execute on the tremendous opportunities we have in front of
us."
About
Sun Kissed Industries,
Inc.
Sun Kissed Industries Inc.
(OTCMKTS:
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.
FORWARD-LOOKING STATEMENTS:
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.
Contact: invest@sunkissedindustries.com