BlockChain Loyalty Corp. Announces Imminent Closing of Previously Issued LOI & Provides Corporate Updates

PORTLAND, OR and MONTREAL, QC / ACCESSWIRE / August 24, 2023 / BlockChain Loyalty Corp. (OTC PINK:BBLC) is pleased to announce the imminent closing of a previously issued Letter of Intent (LOI) dated May 19^th, 2023, to acquire all the assets of the clean beauty brand Luscious Group LLC DBA True + Luscious.

This acquisition is an integral part of BBLC's growth plans to increase revenues through geographic expansion and strategic acquisitions of product lines and companies which are compatible with its business philosophy, brand, and strategic path to generating shareholder value.

Transaction terms

The terms of the agreement called for BlockChain Loyalty Corp. to pay a total consideration of $749,000 in a mix of Consideration Shares and cash as the final acquisition price. To date, the company has issued a total of 1,163,333 shares equal to $349,000 to the company's founder, Mehir Sethi, with a cash component of $235,529 having been paid as of today's press release. BBLC anticipates the remaining balance of approximately $165,000 to be completed before the end of the month.

Mehir Sethi founded one of Pakistan's top clean beauty brands; Luscious Cosmetics, which saw its products on the shelves of Sephora Australia after global goods corporation, LVMH (Louis Vuitton Moet Hennessy) snapped up Singapore based e-commerce brand Luxola.com in the summer of 2015, where Luscious had been regularly selling its products. Sephora became aware of Luscious' success after acquiring Luxola. The management and board are delighted that Ms. Sethi will stay on with True + Luscious after the acquisition is complete; with her reputation and experience expected to be pivotal in the global expansion of the brand.

"Her role will be extremely important in the continued future growth of BBLC's new flagship brand True + Luscious. True + Luscious is a top seller on Amazon and has been featured in Forbes, Allure, Buzzfeed, HuffPost, Women's Health, and has been listed as ‘one of the best natural makeup brands with products that deliver' by Marie Claire, said Joel DeBellefeuille, CEO & President of BBLC.

Clean Beauty Industry

The "Clean Beauty" business category consists of products made without ingredients shown or suspected to harm human health and is expected to see a massive 40%+ Compound Annual Growth Rate from 2023 to 2028, according to a December 2022 research report by Azoth Research. True + Luscious presents a unique opportunity, as the acquisition comes complete with $2,615,000 in existing inventory, and an email list that consists of over 8,000 customers. The brand is a reputable and profitable business in the high growth clean-beauty industry. There are current pending sales contracts in queue totaling close to $1,000,000 in revenue with a near 40% profit margin. BBLC anticipates closing of the pending purchase orders during the middle of Q2. Ongoing partnerships with the QVC & HSN (Home Shopping Network) and independent retailers also exist.