Thoughtful Brands Inc (CSE:TBI) (FWB:1WZ1:GR) (OTCQB:PEMTF), the renamed Mota Ventures, said Monday that its wholly-owned subsidiary, Ecommerce Tech LLC, has acquired the rights to an e-Commerce software platform from Unified Funding LLC's wholly-owned subsidiary, Offer Space LLC.
The acquisition will give the company the opportunity to channel unrealized value from the products it launches in the online natural health market. Thoughtful Brands said the software has “facilitated over C$350 million in consumer transactions, including C$93.8 million in 2019.” The software asset will help the company to launch new products and enter into emerging natural health markets worldwide, "more efficiently," it added.
In addition to providing immediate value to the group’s existing brands, the newly acquired e-Commerce platform is expected to lower operating costs.
"The company was very successful in its negotiations with Unified Funding, and ultimately acquired the asset for US$1 million. The company's success in negotiating such favorable terms not only results in less dilution for existing Thoughtful Brands shareholders, it also adds immediate value to the company," Thoughtful Brands CEO Ryan Hoggan said in a statement.
"This acquisition is a critical milestone in executing our strategy to further our reach in the natural health products sector. Now that we own the software platform, integral technology and top brands, we will further develop and launch our own platform that will be even more powerful," he added.
The group acquired the asset from Offer Space for US$1 million by issuing 6,290,170 shares at a price of C$0.2094 each. An administrative fee of 62,902 shares was forked over to a consultant who helped with the deal, said the group.
Thoughtful Brands is a vertically integrated CBD and psychedelic medicine company with operations in North America and South America as well as Europe. Thoughtful runs the popular Nature’s Exclusive brand that includes CBD oil drops, CBD gummies, CBD pain relief cream, CDB skin serum and CBD coffee. It also owns the popular Sativida brand. The group recently acquired natural health companies Golden Path and Wild Mariposa.
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