Elixxer Received a Binding Offer to Sell Viridi Stake for $1 Million
Montreal, Quebec–(Newsfile Corp. – March 29, 2022) – Elixxer Ltd. (TSXV: ELXR) (OTCQB: ELIXF) (“Elixxer” or the “Company) is pleased to announce that it has received a binding offer for the sale of its 18.4% shareholdings in Viridi Unit SA to Global A Brands.
The Global A Brands already owns the remaining 81.6% of Viridi. The binding offer values Elixxer’s shares in Viridi at about CAN $1,000,000.
The Company, under the previous management team, purchased the Viridi stocks on December 12, 2018. Elixxer’s current carrying value of the Viridi shares is nil value on the balance sheet. This deal will strengthen the Company’s balance sheet and increase EBITDA by about $1 million or $0.09 per share.
The Company’s management team have been actively looking for buyers to sell some or all of these minority holdings to strengthen its balance sheet, improve earnings and crystallise value for our shareholders.
The management of Elixxer expect to complete the deal on or before April 15, 2022.
About Elixxer Ltd. (www.Elixxer.com)
Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).
Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.
About Global A Brands
Global A Brands, Inc. (GAB), is a multinational company that acquires and develops early-stage businesses within the Luxury Goods and Lifestyle market segments. GAB controls ten subsidiaries that are each managed independently under the Company’s four divisions Liquor, Cosmetics, Distribution and Gaming.
For more information on Virisens, visit: https://www.virisenslab.com/en/
For more information on Global A Brands, visit: https://www.globalabrands.com
For further information please contact:
Ferras Zalt, Chairman and Interim CEO: +44 20 7409 6680; ferras@elixxer.com
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Elixxer could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under “Risk Factors and Risk Management” in Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.
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