Boosh Enters Into US Licensing Agreement and Line of Credit
Vancouver, British Columbia–(Newsfile Corp. – August 31, 2023) – Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77i) (“Boosh” or the “Company”) a premier plant-based brands in the health food sector, announces the entering into of an exclusive US license agreement (the “Licensing Agreement“) with Simple Yummy Chips, LLC, (the “Licensee“) for the sale and distribution of chips, crackers, rings, and other bean-based snacks made by Beautiful Beanfields Inc. (“Beautiful Beanfields“), a wholly-owned subsidiary of the Company. The Licensee will pay to the Company a license fee equal to seven (7) percent of the cost of goods sold (“COGS“). For further clarity, COGS includes the cost of raw materials, co-manufacturing, packaging, shipping before the finished product, and the warehousing of raw materials. Under the Licensing Agreement, the Licensee will also need to meet annual minimum sales targets.
CEO Yummy Chips, Damon Levy and CEO Boosh Plant-Based Brands, Connie Marples at UNFI trade show in June 2023
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Additionally, the Company has entered into a line of credit agreement (the “Line of Credit Agreement“) with Tahoe Blue Nutrition, LLC, which will provide for up to $1,000,000 USD to Beautiful Beanfields to cover accounts payable related to production. The line of credit will bear interest pursuant to the terms of a secured promissory note (the “Note“). Until repayment is made in full, interest will accrue on the unpaid principal of advance at a fixed rate of fifteen (15) percent per annum. Beginning on October 1, 2023, the Company will make monthly interest payments for all accrued interest.
CEO Connie Marples states, “This arrangement offers many benefits to support the company’s growth and provide shareholder value. It allows the tremendous US demand to be met without our capital or resources, while giving us a guaranteed profit and allowing us to focus on Canadian and global growth.”
A bit of background on Yummy Chips CEO, Damon Levy. Damon joined Caveman in 2019 to lead digital marketing and moved into the CEO role in 2023. He successfully led the organization through key phases of development, from eCommerce hypergrowth through the challenging market dynamics of Covid. Damon has served in several leadership roles in sales and marketing for Amazon, Minted, and Lolli & Pops.
Yummy Chip Board Member Chris Running is a serial entrepreneur, Founder or Co-Founder of 10 companies, including Wirestone, a digital marketing agency acquired by Accenture in 2017 for $62M. He co-founded Cytosport Beverage Company, makers of Muscle Milk, acquired by Hormel in 2014 for $480M. Chris also co-founded one of the largest cannabis companies in CA and has served in senior finance positions with Sony Corporation of America.
CEO Damon states, “On behalf of Simple Yummy Chips, we cannot contain our excitement at the opportunity to steward the Beanfields brand’s growth back into the US market. We are excited to work with wholesale partners throughout the country to bring the best bean-based tortilla chips back to consumers’ pantries, cupboards, tailgates, dinner parties, lunch boxes, and wherever else you have been missing them. I want to express my gratitude to Connie and her team at Boosh and we look forward to continuing to collaborate with them.“
On behalf of the Board of Directors
Connie Marples
Founder/CEO
hello@booshfood.com
www.Booshfood.com
About Boosh Plant-Based Brands Inc.:
Boosh Plant-Based Brands Inc., through its wholly owned subsidiary, Boosh Food (www.booshfood.com), offers high quality, non-GMO, gluten free, 100% plant-based nutritional comfort foods for the whole family. Through a separate subsidiary, Beautiful Beanfields, the Company owns Beanfields, a plant-based chips brand sold in over 7,000 stores throughout North America. Boosh, good for you and good for planet earth.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to: the Licensee may not meet the annual minimum sales targets in the Licensing Agreement; the Company’s plan for the proceeds of the Line of Credit Agreement; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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