IGNITE Provides an Update on the Filing of Its Q1 Financial Statements and MD&A

VAUGHAN, Ontario, July 06, 2020 (GLOBE NEWSWIRE) -- IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, announces that, further to its news release dated May 29, 2020 (“Initial Press Release”), the Company is expected to file its interim financial statements for the period ended March 31, 2020, interim MD&A for the same period and accompanying certificates (collectively, the “Interim Filings”) by July 15, 2020.

The following is a list of the Company’s material business developments since the Initial Press Release:

• On June 9, 2020, the Company announced that it has hired a new President (Lester Lee), replacing its prior acting President, Curtis Heffernan, and completed a private placement of convertible debentures totaling CA$5 million. Details were disclosed in a news release issued on June 9, 2020.
   
• On June 15, 2020, the Company announced that it has closed the previously announced acquisition of Ignite Distribution Inc. Details of the acquisition and the consideration payable were disclosed in a news release issued on June 15, 2020.
   
• On June 24, 2020, the Company announced that it has entered into an exclusivity agreement with Namaste’s CannMart to distribute certain of its products in Ontario and Alberta. Details were disclosed in a news release issued on June 24, 2020.

ABOUT IGNITE

IGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company’s ‘quality-first’ approach is fundamental to the brand and its products. Originally operating in the cannabis and hemp-derived cannabidiol (CBD) wellness space, IGNITE was able to establish its brand awareness. IGNITE product categories now include a full line of CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices, produced by various partners and sold through select distributors, brick and mortar retailers, and online through the Company’s website, ignite.co. The IGNITE THC product line, which was launched subsequent to the CBD product line, incorporates quality, locally sourced, cannabis products.