VANCOUVER: PlantX Life Inc. has entered into a non-binding letter of intent to acquire all of the outstanding limited liability membership interests of MKC’s Plant-Based Deli, LLC (New Deli).
The LOI contemplates the acquisition of New Deli for an aggregate purchase price of US$1,569,999 and payable by a combination of cash and common shares of PlantX.
The Transaction is subject to, among other things, the negotiation and execution of a definitive purchase agreement, the completion of satisfactory due diligence, customary closing conditions, and the receipt of any applicable shareholder, regulatory and Canadian Securities Exchange (CSE) approvals.
The price and number of consideration shares to be issued will be determined during the course of negotiating the definitive purchase agreement and will be subject to the policies of the CSE.
Moreover, PlantX Life has appointed Matthew Kenney, a leading plant-based chef, as its new Chief Culinary Officer. Kenney will combine his business acumen and vision for plant-based cuisine to revolutionize the culinary development at PlantX. Kenney’s leadership role in the Company will be facilitated through a new five year partnership with MK Cuisine Global LLC (MKC), Kenney’s plant-based lifestyle brand.
As Chief Culinary Officer, Kenney will use his experience and expertise to lead PlantX’s culinary development program by spearheading the meal delivery vertical. Kenney will also be responsible for product selection design in the Company’s plant-based portfolio.
“We are honored and humbled to have the godfather of vegan cuisine lead an important growth segment of PlantX,”said PlantX Founder, Sean Dollinger.
“Matthew will provide invaluable wisdom that should give PlantX a competitive edge in the fast-growing plant-based space.”
New Deli is MKC’s Venice Beach, California retail location. New Deli is a sustainable and plant-based neighborhood bodega offering practical, everyday retail goods that range from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer and wine.
New Deli’s mission to bring conscious, sustainable and healthy products to their community aligns with the vision for the PlantX brick-and-mortar locations currently under development.
With this new partnership and upon the completion of the Transaction, the Company’s brick-and-mortar stores will be launched as New Deli by PlantX locations, operated by MKC.
MKC’s experience will allow PlantX to focus on its e-commerce operations throughout North America and Europe. Kenney and MKC will also lead the Company’s menu development and meal delivery programs as the offering expands globally.
“We are thrilled to have Matthew bring his cutting-edge vision and talent to PlantX,”said Julia Frank, PlantX CEO.
“In joining PlantX as Chief Culinary Officer, hewill undoubtedly transform our culinary process.”
Kenney, a renowned health and wellness educator, will help cultivate knowledge on plant-based living among PlantX customers. He will serve as an ambassador for PlantX sharing PlantX’s mission, values and milestones with his dedicated audiences.
“My team and I are thrilled to work with PlantX and expand our presence through this partnership,” said Kenney.