Elev8 Brands, Inc. Eliminates Over 2.7 Million Preferred Shares
December 04 2019 - 8:30AM
InvestorsHub NewsWire
Elev8 Brands, Inc. Eliminates
Over 2.7 Million Preferred Shares
ORLANDO, FL -- December 4,
2019 -- InvestorsHub NewsWire -- Elev8 Brands, Inc. (OTCQB:
VATE), a holding company focused on the commercial development
of hemp and cannabinoid-infused beverages along with an array of
CBD topicals and tinctures, announces an exchange agreement to
eliminate all 2,746,732 of Kona Gold Solutions’ Preferred
Series D shares.
In a contract between the two
companies, Kona Gold Solution has agreed to exchange its Preferred
Series D shares into a $1,500,000 non-convertible promissory note
payable within 10 years.
Elev8 Brands CEO, Ryan Medico,
states, “This is very exciting for both companies. We strive to
keep our share structure very clean, so an opportunity to reduce
this number of shares was well worth it. A 10-year term gives Elev8
a realistic timeframe to pay back the note while reducing our
outstanding shares.”
“Elev8 Brands has been a
fantastic partner to work with over the years and I’m excited about
this agreement that will mutually benefit both Companies,” stated
Robert Clark, CEO of Kona Gold Solutions, Inc. “Both Companies have
experienced substantial growth and this agreement will further
allow opportunities in the future.”
About Elev8
Hemp: Elev8 Hemp’s mission is simple: craft
the highest-quality, organic hemp products for consumers in search
of a healthier, happier lifestyle. Everyone needs to get the proper
amount of healthy proteins to keep them feeling better and more
energetic. We source only the best organic hemp protein
powders—naturally full of powerhouse amino acids and Omegas-3, 6,
and 9—so we can infuse your daily coffee and tea with an abundance
of minerals, vitamins, antioxidants and fiber.
Mother Nature creates this pure hemp with a rare, perfect balance
for optimal nutrition and exceptional taste. Elev8 Hemp takes these
raw, natural products and transforms them into delicious
CBD-infused beverages that will become your new favorite daily
drink. CBD-infused coffees and teas are our specialty, and we take
our mission very seriously. Let us do what we do best and let
achieving a healthier lifestyle be as simple as remembering your
morning cup.
Safe Harbor Statement:
The information posted in this release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify these statements by the use of
the words "may," "will," "should," "plans," "expects,"
"anticipates," "continue," "estimate," "project," "intend," and
similar expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, general economic and business
conditions, effects of continued geopolitical unrest and regional
conflicts, competition, changes in technology and methods of
marketing, delays in completing various engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technological advances and
delivering technological innovations, shortages in components,
production delays due to performance quality issues with outsourced
components, and various other factors beyond the Company's
control.
www.elev8hemp.com
(407) 377-6693
ir@elev8hemp.com