TORONTO, ON / ACCESSWIRE / October 23, 2018 / Gilla Inc. ("Gilla" or the "Company") (OTCQB: GLLA), a designer, marketer and manufacturer of E-liquid for vaporizers and developer of cannabis concentrate products, provided an update today on its previously announced letter of intent (the "LOI") to acquire all of the issued and outstanding shares of TB INVEST BVBA ("TB Invest"), a Belgium-based distributor and retailer of E-liquid and other vapor products.
The Company along with TB Invest are advancing the definitive agreements and are working with their respective advisors to structure the transaction in accordance with the requisite regulations and on substantially the same terms as described in the press release dated July 16, 2018. There have been no material changes to the transaction as contemplated in the LOI. The Company and TB Invest are working diligently to close the transaction prior to the calendar year end. For further details of the proposed acquisition, please refer to the Company's press release dated July 16, 2018.
"The acquisition of TB Invest would be a transformative acquisition for Gilla establishing a vertically integrated business, merging Gilla's global manufacturing platform with TB Invest's European-focused distribution and retail business," stated Graham Simmonds, Chair & CEO of Gilla. He added, "Gilla and TB Invest have already begun working together on a number of business development initiatives and are already reviewing additional acquisitions in new markets."
About TB INVEST BVBA
TB INVEST BVBA was founded in Antwerp, Belgium in 2013 and its VaporShop retail brand is among the largest vape store retailers in Europe. TB Invest first launched its online platform in 2014 and as the first Belgian online retail supplier, vaporshop.be quickly grew to become Belgium's market leader in both the E-cigarette wholesale and retail markets. In 2016, TB Invest launched its retail franchise model for brick and mortar E-cigarette stores as a response to the Belgian government banning online sales. In just 18 months, the business has grown to over 45 stores across Belgium, solidifying VaporShop's leading position in the Belgium market and as an industry-leading brand in Europe. Today, VaporShop is Belgium's largest retail store chain for E-cigarettes, E-liquids and accessories with a top-rated reputation for quality and customer service.
About Gilla Inc.
Gilla Inc. manufactures, markets and distributes E-liquid for use in vaporizers and, through its wholly-owned Ontario, Canada based subsidiary Hystyle Brands Inc., owns specific intellectual property and consumer brands for both hemp derived CBD products and cannabis concentrate products. The Company's multi-jurisdictional, broad portfolio approach services both the nicotine and cannabis markets with high-quality products that deliver a consistent and reliable user experience. Gilla's proprietary product portfolio includes: Spectrum Concentrates, Coil Glaze™, Craft Vapes™, Siren, The Drip Factory, Shake It, Surf Sauce, Ohana, Moshi, Crisp, Just Fruit, Cassidy's Outlaw Series, Vinto Vape, Vapor's Dozen, Enriched Vapor and Crown E-liquid™.
Forward-looking Statements
Note: This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Gilla Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Gilla Inc. SEC filings. Gilla Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Gilla Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Gilla Inc.'s SEC filings.
For more information, please visit gilla.com, or contact:
Mr. Graham Simmonds
Chair and CEO
T: 1 (416) 843-2881
E: graham.simmonds@gilla.com
SOURCE: Gilla Inc.
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