Oceansix Future Paths Acquires Original Repack Oy

EQS-Media / 15.05.2024 / 10:02 CET/CEST OCEANSIX FUTURE PATHS ACQUIRES ORIGINAL REPACK OY Tel Aviv, Israel (May 15, 2024)– oceansix Future Paths Ltd. (“oceansix” or the “Company”), a leader in advanced recycling and manufacturing technological solutions with a presence on the TSX Venture Exchange in Toronto (TSXV: CUSIP 001194828, OSIX), in New York (OTCQB: AKMYF), and Frankfurt Stock Exchange (WKN: A3EFB0, ISIN: IL0011948283, 5FC0), is pleased to announce that today it has entered into an asset purchase agreement (the “Agreement”) pursuant to which oceansix, through its subsidiary Oceansix S.L.,  has purchased the business of Original RePack Oy (“RePack”), a pioneer in reusable packaging systems with a decade of proven track record (the “Acquisition”). The Acquisition will allow the Company to reduce the reliance on single-use packaging in e-commerce deliveries, which is growing exponentially and reached an annual dispatch of 161 billion parcels in 2022.

Transaction Details

The total consideration for the Acquisition, based on the Company’s current share price, is valued by the parties at CDN $2,392,912. Pursuant to the Agreement, Oceansix acquired the business of RePack in exchange for: (i) issuing 24,948,840 common shares in the capital of the Company (the “Shares”) to the shareholders or RePack; and (ii) a payment of USD $108,000 (the equivalent of CDN $147,517, based on current exchange rates) (the “Cash Payment”) on closing. 15,282,176 of the Shares were issued to the shareholders of RePack on closing of the Acquisition, with the balance to be issued to the shareholders of RePack in up to four subsequent installments, selected at the option of RePack.

The Acquisition is an arm’s length transaction.  All Shares issued pursuant to the Agreement will be restricted from trading for four months and one day after issuance. The Agreement and Acquisition remain subject to the final approval of the TSX Venture Exchange (the “Exchange”).  The price per share of Shares issued post-closing to shareholders of RePack will be subject to the Company’s share price at their time of issuance and calculated in accordance with the rules of the Exchange.