Nightfood Holdings
(OTC:NGTF)
and Global Consortium (OTC:GCGX)
Sign Letter of Intent for Edibles Joint Venture
Under Half-Baked Trademark
TARRYTOWN, NY
-- February
5,
2019
--
InvestorsHub NewsWire -- MJ
Munchies, Inc.,
a subsidiary of Nightfood Holdings, Inc. (OTC:
NGTF) and Global Consortium, Inc. (OTC:GCGX),
have
announced that the parties have entered into a Letter of Intent
whereby Global Consortium subsidiary Infused Edibles would receive
an exclusive license to manufacture and distribute marijuana and
CBD-infused products under the Half-Baked mark
owned by
MJ
Munchies.
With commercial
brands in the marijuana space increasingly frustrated by
restrictive government advertising policies,
both
companies believe having the right
brand name provides a distinct competitive advantage at retail in
this rapidly-growing market.
"With
the Half-Baked name, it will simply be easier to attract new
consumers at the critical point of purchase," explained GCGX CEO
Matt Dwyer. "We've already got an amazingly broad
line
of fast-selling products, but we see value in having the
rights to Half-Baked as we work
towards our goal of building
a
leading brand on the national stage. We
believe using the
Half
Baked mark will
significantly
increase our 2019 projected revenue of $3 million for Infused
Edibles."
GCGX
reported over
$600,000 in sales in the quarter ending September 30, 2018 and sold
over $2,000,000 in CBD products for 2018. Infused Edibles
has what is believed to be the broadest selection of infused
product SKUs. With everything from baked goods, to candies, to
nuts, and even
jerky, GCGX will
evaluate which products can most benefit from the Half-
Baked
branding. Their
new Half- Baked
line
would also include beverages.
"We're excited
to work with a company that shares our vision for national
awareness and distribution," added MJ
Munchies CEO Sean
Folkson. "They have a track record of success in
manufacturing and distributing
a varied
line
of products that succeed at retail. We've been
working on this for some time, which is why we have not been
commenting publicly about the MJ Munchies side of our company. Now,
the broad
strokes are in
place, and we're going to work together to finalize the
agreement in the coming
weeks."
The Letter of
Intent includes provisions for monthly royalty payments, sales and
growth thresholds, and a distribution of proceeds if and when the
Half- Baked
brand is ever
sold to a third party.
Nightfood
Holdings intellectual property counsel, Pinnacle IP Strategies LLC,
will be drafting the Licensing Agreement between the parties and
advising on this transaction.
About
Nightfood Holdings:
Nightfood
Holdings, Inc. (OTC:
NGTF), owns Nightfood, Inc. and MJ Munchies,
Inc.
Nightfood, Inc,
"The Nighttime Snack Company", is currently rolling out its line of
nighttime ice cream across the country.
Ice cream is now
the 2nd
most
popular night snack choice. Almost half of all consumers reach for
ice cream at night, and it is estimated that 80% of all at-home ice
cream consumption occurs shortly before bed. Available in 8
delicious flavors, Nightfood ice cream can
help consumers satisfy nighttime cravings in a better, healthier,
more sleep friendly way.
According to IRI
Worldwide, 44% of snack consumption occurs at night, representing a
consumer spend of over $1B weekly on nighttime snacks in the
US.
Market research
giant Mintel recently released a report identifying nighttime
specific food and beverages as one of their most "compelling and
category changing" trends for 2017 and beyond.
The Company has
developed a dynamic infographic at http://NightSnacking.com as a definitive
consumer and media resource clearly illustrating the size and scope
of the largely untapped nighttime snack category.
Consumers and
investors wishing to try Nightfood
can
now order the ice cream at http://BuyNightfood.com
at a
cost of $5.99 per pint and $19 flat-rate shipping with a minimum 8
pint order.
To enter
the Nightfood
Ice
Cream Giveaway, where the Company is giving away a one-year supply
of Nightfood
ice
cream, plus a brand-new freezer to store it in, visit
http://nightfoodicecream.com each entrant
gets a coupon for a free pint of ice cream (some purchase may be
required).
MJ Munchies,
Inc. was formed in 2018
as a
new, wholly owned subsidiary of
Nightfood
Holdings,
Inc. to
capitalize
on legally
compliant opportunities in the CBD and marijuana edibles and
related spaces.
The
Company intends to market some of these new products under the
brand name "Half- Baked".
Munchies is
currently preparing a patent application with the USPTO for a
proprietary ingredient to be used in Half- Baked
snacks that
Management believes will give it a unique and defensible
competitive advantage against other recreational edible
brands. The Company
believes tremendous opportunities currently exist to launch
successful and legally
compliant
products in this space, and that such opportunities will continue
to grow over time.
For more
information, visit http://ir.Nightfood.com and http://Nightfood.com
Questions can be
directed to investors@Nightfood.com
Forward
Looking Statements:
This current
press release contains "forward-looking statements," as that term
is defined in Section 27A of the United States Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, any products sold or cash flow from
operations.
Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with distribution and
difficulties associated with obtaining financing on
acceptable
terms. These forward-looking statements are made as of the date of
this news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that the beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in our most
recent annual report for our last fiscal year, our quarterly
reports, and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
Media Contact:
Tim Sullivan
media@Nightfood.com
732-816-0239
Nightfood Holdings, Inc.
Investor
Relations:
Stuart Smith
investors@Nightfood.com
888-888-6444,
x3
Global Consortium, Inc.
Investor
Relations:
Matt Dwyer
investors@Nightfood.com
Twitter:
@Global_GCGXOTC
954-906-0098