LFTD Partners Inc. (OTCQB AQSP) Announces Letter of Intent to Acquire Fresh Farms E-Liquid, LLC
JACKSONVILLE, Fla., Sept. 02, 2021 (GLOBE NEWSWIRE) -- LFTD Partners Inc., formerly known as Acquired Sales Corp. (OTCQB: AQSP)
(www.LFTDPartners.com), today announced that it has signed a letter of intent to acquire 100% of the ownership interests of Fresh Farms E-Liquid, LLC, Fountain Valley, California
(“Fresh Farms”), including its e-liquid brands Fresh Farms (www.FreshFarmsEliquid.com) and Fruitia, hemp-derived delta-8-THC and delta-10-THC brand HAPPI, and tobacco-free nicotine e-liquid brand JUS, and Fresh Farms’ 80% interest in Lift
Brands North America LLC (www.LiftCBD.com).
The letter of intent contemplates an aggregate merger consideration payable by AQSP to the owners of Fresh Farms consisting of $14,166,666 in cash, plus 7,083,334 shares of AQSP's unregistered common stock valued at $31,450,003 based upon the $4.44 closing price per share of AQSP common stock on September 1, 2021, for an aggregate merger consideration of $45,616,669.
Pursuant to the terms of the letter of intent, AQSP’s planned acquisition of Fresh Farms is subject to a number of conditions, including but not limited to completion of an acceptable due diligence investigation and audit of Fresh Farms, completion of a capital raise of at least $50 million by AQSP, execution of definitive acquisition documents, receipt of a tax opinion on the Fresh Farms merger, obtaining all necessary approvals, and the completion of all necessary securities filings. The acquisition will not close unless all of these conditions are met, which cannot be guaranteed to occur.
Co-founded in 2018 by Anthony J. Devincentis, Jakob M. Audino, Forrest F. Town and John Z. Petti, Fresh Farms was born out of a desire to make premium products available to every person looking for alternatives to traditional tobacco. Based in sunny Southern California, Fresh Farms’ portfolio includes Premarket Tobacco Application (“PMTA”)-submitted e-liquid brands Fresh Farms and Fruitia, JUS tobacco-free nicotine vapor products, and premium delta-8-THC and delta-10-THC brand HAPPI. Fresh Farms’ products are available for sale throughout the USA, around the world, and online at www.FreshFarmsEliquid.com. Fresh Farms also owns 80% of CBD and CBN product manufacturer Lift Brands North America LLC (www.LiftCBD.com).