Namaste Brings PAX 3 to Domestic and International Market
Namaste Brings PAX 3 to Domestic and International Market
– Momentum Public Relations –
Press Release: December 05, 2016
Namaste Technologies Inc. (“Namaste” or “Company”) (CSE:N) (CSE:N.CN) (FRANKFURT:M5BQ) is pleased to announce, alongside PAX Labs, Inc. (“PAX”), the commercialization of the PAX 3 vaporizer, the latest version of PAX’s award winning premium vaporizer that has sold over one million units to date. As the leading e-commerce company in the vaporizers and accessories industry, Namaste will assume an active role in bringing the PAX 3 to market in North America and over 20 countries internationally. The commercialization of the PAX 3 coincides with the upcoming holiday season. It is anticipated the product will be one of Namaste’s best selling during this period and going forward. Namaste will distribute promotional materials on the PAX 3 to its customer list of approximately 250 thousand individuals and will provide full customer support for the product.
The product can be purchased on Namaste’s sites at www.namastevapes.ca/products/pax-3-vaporizer or www.namastevaporizers.com/collections/pax.
Sean Dollinger, President and CEO of Namaste, comments: “As Namaste grows, we are continually building our relationships with best-in-class manufactutuers within the industry. Our expanded relationship with PAX, the manufactutuer of the best selling and one of the most innovioative vaporizers in the world, is teastimant to our increased industry profile. We look forward to further expanding our relationship with PAX and making the PAX 3 a great success for both our companies.”
PAX 3
Representing a milestone evolution for PAX’s flagship product, PAX 3 is a dual-use vaporizer for loose-leaf and concentrate materials. PAX 3 offers rapid selection between three different, easily changed ovens: a full-size oven, a half-pack oven and a new concentrate oven. PAX 3’s new heating system provides double the power of PAX 2, delivering a smooth, consistent vapor in as little as 15 seconds, with instant subsequent vapor delivery. Also, new to PAX 3, haptic feedback indicates when vapor is ready, when the device enters standby mode, and when it’s turned off. This third generation device retains distinctive features of the category defining PAX devices, including an internal accelerometer for energy and material saving features, intuitive gestural control, proprietary lip sensing technology for further flavor optimization, and a full color LED interface to indicate temperature, battery life and more.
PAX 3 is compatible with the PAX Vapor app, enabling consumers to further customize their device. Additional app features available for PAX 3 include dynamic modes: predesigned vapor experiences for distinct occasions that optimize temperature settings, vapor production and LED brightness. PAX 3 is designed with a mirror polished anodized aluminum shell and comes in Black, Gold, Silver and limited edition Rose Gold.
PAX 3 is meticulously engineered with the highest quality materials and components and comes with a 10 year warranty with ongoing customer support and service.
About PAX Labs
PAX Labs is making smoking obsolete. Founded in 2007 by two Stanford graduates, the company is a leader in portable heat-not-burn, vaporization technology. Headquartered in San Francisco, PAX Labs has revolutionized the smoking industry by offering new, heat-non-burn experiences under the PAX and JUUL brands. With technology innovation and product design at the forefront, PAX Labs has sold over one million PAX devices in the loose-leaf vaporizer category and JUUL is the number two selling U.S.-based independent e-cigarette. Drawing on the successful business and technology design of JUUL, PAX Era, a seamless extract pod system for extracts, was introduced in September 2016. PAX and JUUL have received standout reviews from leading media and were both winners of the 2016 iF DESIGN AWARD.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the link below:
- Published in Namaste Technologies, News Home, Technology
Namaste (N:CSE) Establishes Channel on Peeks Social Commerce Platform
Namaste Establishes Channel on Peeks Social Commerce Platform
– Momentum Public Relations –
Press Release: December 1, 2016
Namaste Technologies Inc. (“Namaste”) (CSE:N)(CSE:N.CN)(FRANKFURT:M5BQ) is pleased to announce that it has entered an agreement with Keek Inc., the online social commerce company that is monetizing Peeks, an e-commerce enabled platform that allows users to livestream personal interactive e-commerce enabled mobile broadcasts. Namaste has established a channel on the peeks platform and will received exposure to Peek’s global user base of over 75 million registered users in approximately 100 countries.
Pursuant to the terms of the agreement, Peeks shall offer Namaste a premium position within its upcoming discovery channel that will cater towards multiple media partners, user generated content and highlighted e-commerce partners who will be able to monetize their live and archived videos. One of the upcoming discovery channel categories will focus on legalized cannabis and will feature Namaste as a premier e-commerce partner within that channel. Furthermore, Peeks will enlist social influencers that will participate in promoting the purchase of products through the Peeks Offer-Box technology. By simply tapping their screen, viewers inside Peeks can purchase influencer endorsed products provided by Namaste.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “We are very pleased to launch on the Peeks platform. We see significant opportunity to generate revenue through this application and plan to work with multiple high-profile influencers to affectively convert Peek’s 75 million registered users into exponential sales growth.”
About Keek Inc.
Keek’s core business is the developing of an online social video platform for both web and mobile with an emphasis on mobile which allows users to upload and share personal videos of themselves or events surrounding them, their self-expression. Keek has developed a global video social network, enabled over the Internet and on mobile devices around the world. Since inception, Keek’s community has grown to over 75 million registered users across 6 global regions including North America, South America, Europe, Middle East, Asia/Oceania, and Africa. Keek has also began an integration of Peeks livestreaming technology. Peeks is described as an e-commerce enabled platform that allows users to livestream personal interactive e-commerce enabled mobile broadcasts.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the link below:
- Published in Namaste Technologies, News Home
Namaste (N:CSE) Approved to Distribute Through eBay
Namaste Approved to Distribute Through eBay
– Momentum Public Relations –
Press Release: November 29, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(CSE:N.CN)(FRANKFURT:M5BQ) is pleased to announce that it has been approved to distribute its products through eBay Inc. (“eBay”), a global commerce leader that connects millions of buyers and sellers around the world. As one of a select number of companies in the vaporizers and accessories industry to be permitted to distribute through eBay’s marketplace, Namaste will list its products under the recently launched vaporizers and e-cigarettes category.
Namaste will be required to keep sufficient product inventory on hand in the anticipation of increased demand through eBay’s marketplace and ensure adherence to all applicable category policies.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “We are very pleased to be one of a select few companies in our industry to be permitted to distribute our products through eBay. As a household name, we are also pleased to see the launch of a new product category from eBay to specifically address the growing demand for our products. We anticipate being able to significantly increase sales through the eBay marketplace.”
About eBay Inc.
eBay Inc. is a global commerce leader that includes Marketplace, StubHub and Classifieds platforms. Collectively, the platforms connect millions of buyers and sellers around the world. The technologies and services that power these platforms are designed to enable sellers worldwide to organize and offer their inventory for sale and buyers to find and buy it virtually anytime and anywhere. The Marketplace platforms include the online marketplace located at www.ebay.com, its localized counterparts and the eBay mobile apps; which are among the world’s largest and most vibrant marketplaces for discovering great value and unique selection.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the link below:
- Published in Namaste Technologies, News Home
Namaste (N:CSE) Signs Exclusive Distribution Agreement for Inhalater Products
Namaste Technologies Inc. Signs Exclusive Distribution Agreement for Inhalater Products
– Momentum Public Relations –
Press Release: Nov. 16, 2016
Namaste Technologies Inc.(N:CSE) is pleased to announce that it has entered an exclusive distribution agreement with Pharmacor Technologies Inc. for the international sale of the Inhalater line of vaporizers and accessories. This Agreement represents one of multiple exclusive agreements the Company intends to pursue and is testament to the unique international distribution network and level of service the Company is known for delivering.
Inhalater Line of Products
Inhalater vaporization technology is the result of over 10 years of research and development and comprises a unique dual heating system that offers medicinal grade extraction qualities. This differentiates the products from other vaporizers. Pharmacor is currently releasing the Inhalater S6, which features the following characteristics:
- Great taste and effective with flowers, concentrates and shisha tobaccos;
- Medical grade device with protective caps and cost effective disposable mouth pieces;
- Real-time temperature boost system that enhances vapor production and taste;
- Compatible with a range of accessories including water tools, electric grinder to prepare concentrates and capsule pack to carry preloaded doses; and
- Over 90 minutes of vaporization time.
The technology is patent pending for all industrialized countries. The Inhalater S6 will retail for approximately $300, which is a competitive price for a premium medical grade vaporizer.
Term of the Agreement
Pursuant to the term of the Agreement, Pharmacor has provided Namaste exclusivity over the sale of the Inhalater line of products for a period of 2 years. The exclusivity shall apply to all countries outside Canada and the US. In exchange for exclusivity, Namaste has committed to use reasonable commercial efforts to build the Inhalater brand internationally and will provide support in terms of managing advertising, shipping, customer service and support, and warranty and return functions. Namaste will charge Pharmacor competitive market rates for managing these services and has established standard operating procedures for administration and execution of the Agreement.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “We are very pleased to be working with Pharmacor to bring their products to the international marketplace. We have built Namaste into a differentiated company based on our extensive international distribution network and our ability to enter agreements with manufacturers to provide specific solutions to take their products to market. We see multiple opportunities to continue expanding our business through exclusive distribution rights.”
About Pharmacor Technologies Inc.
Pharmacor technologies is a Canadian based company in operation since 2006. With its first product release in 2012, the company has established itself as a leading entity in the field of medicinal vaporisation. Focused on developing and manufacturing forward thinking technology, Pharmacor combines unique Canadian R&D capacities in the field of cannabis technology with the mass production capacity of Chinese partners. This positions the company as a reference point in the world of vaporization.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the links below:
- Published in Namaste Technologies, News Home
Namaste Highlights Voting Results from Key US States and Grants Options
Namaste Highlights Voting Results from Key US States and Grants Options
– Momentum Public Relations –
Press Release: November 9, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to report on the Company’s market position in the context of the recent voting results on the legalization of cannabis for recreational and medical purposes in US states. Specifically, of note, US states including California, Nevada, Massachusetts, and Maine voted to support the legalization of cannabis for recreational purposes. Post voting, a total of eight states have now legalized cannabis for recreational purposes, which represents upwards of 68 million people living in states where the recreational consumption of cannabis is legal. This represents approximately 21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total US population. Based on these voting results, it is anticipated additional US states will pursue legalization in future.
As a result of the acquisition of VaporSeller and URT1, Namaste is ideally positioned to capitalize on these developments in the US, where 74{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Company’s customer base is located. This includes traffic originating from the state of California, the most populated state in the US and now one of the largest legalized cannabis markets in the world, where Namaste’s portals generated total site sessions of 76,829 for the months of September and October. It is anticipated that site traffic and sales from California and other states where voters supported legalization will increase in the foreseeable future.
Sean Dollinger, President and CEO of Namaste, comments: “The voting results that we have received this morning represent a historic event. At the beginning of 2016, we set forth with the objective of increasing our US presence and post completion of our first two acquisitions, we have ideally positioned ourselves to capitalize on deregulation events such as those that have just taken place. We will now focus our efforts on expanding our presence and offering in these key states.”
Option Grant
Namaste further announces that pursuant to the Company’s shareholder approved Stock Option Plan, the Company’s Board of Directors granted a total of 5,530,000 Incentive Stock Options (“Options”) to directors, officers, employees and consultants of the Company. 4,930,000 Options shall vest over a period of 2 years and 600,000 Options shall vest over a period of 1 year. All Options vest on a quarterly basis and have an exercise price of $0.35.
Select compensation includes:
- Sean Dollinger, President and CEO – 1,500,000 Options and US$125,000 annual cash compensation; and
- Philip van den Burg, CFO – 1,200,000 Options and US$100,000 annual cash compensation.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the links below:
- Published in Life Sciences, Namaste Technologies, News Home
Namaste (N:CSE) Expands Product Portfolio in Advance of US Elections
Namaste Expands Product Portfolio in Advance of US Elections
– Momentum Public Relations –
Press Release: November 3, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce that the Company has secured new agreements with manufacturers of indoor growing equipment. These product lines will be added to Namaste’s e-commerce portals and complement the Company’s existing portfolio of vaporizers, pipes, papers and other accessories. This new product portfolio also represents a further monetization of Namaste’s customer list of approximately 250 thousand names.
US Elections
Currently, cannabis is legal for medical use in 25 states and recreational use in four states. Next week, the US will have three states voting on the legalization of medical use (Florida, Arkansas, and North Dakota) and five states voting on the legalization of recreational use of cannabis (California, Massachusetts, Arizona, Nevada, and Maine). Should all five states vote in favor of recreational marijuana, the US could have upwards of 75 million people living in states where the recreational consumption of cannabis will be legal. This represents approximately 23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total US population and is anticipated to advance the potential for legalization in additional states. In the US, support for the legalization of cannabis reached an all-time high of 57{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in favor. Namaste’s product portfolio is ideally positioned to capitalize on these potential developments in the US.
Agreement Details
Namaste has entered into agreements with Gorilla Grow Tent Inc., SuperCloset Inc. and Kind LED Grow Lights, all leading manufacturers of the most advanced growing equipment available on the market. Namaste will initially market each of the manufacturers’ products in the US and Canada, and will receive wholesale rates on product sales. It is anticipated after the initial launch, Namaste will launch each of these brands into the twenty international markets Nasmaste currently serves.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “The markets for our current and new products are expanding considerably. With the acquisition of VaporSeller and URT1, we have given ourselves a substantial position in the US market which now represents 74{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of our customer base. We view the upcoming election in the US as a key catalyst for our company and will continue to focus our efforts on expanding our brands in the US, which is the largest market for our products globally.”
About Gorilla Grow Tent Inc.
Gorilla Grow Tents are professionally designed grow tents that are ideal for experts and perfect for beginners and set the standard for quality and durability. Each grow tent is built with stable reinforced materials and are the strongest and safest materials available. Gorilla Grow tents have no plastic and feature a proprietary diamond reflection technology for best yield. Gorilla Grow Tents also feature a patent pending adjustable height extension kit that gives you the ability to increase your growing height from 7′ to 8′ or even 9′ tall.
About SuperCloset Inc.
Founded by Kip Anderson in 2002, SuperCloset, also known as SuperPonics, is accredited by the Better Business Bureau and maintains a perfect A+ rating, surpassing any other company in the hydroponics industry. SuperCloset is known as the leading manufacturer of Automated Superponics Systems and Grow Boxes in the world. Based in beautiful San Francisco, California, the company is in the perfect environment for combining innovative and imaginative ideologies with progressive methods of harvesting local, sustainable and organic products.
About Kind LED Grow Lights
Kind LED Grow Lights are the industry leader in indoor LED grow lights. Kind LED consulted with hundreds of professional hydroponic and soil growers to rigorously research and develop their cutting edge LED indoor grow light technology that has since revolutionized the indoor growing industry. Kind LED is widely considered the best indoor LED grow light on the market today. Kind LED Grow Lights are comprised of high powered 5 and/or 3 Watt Light Emitting Diodes featuring a proprietary intensified 12 band spectrum, including infrared and UV diodes designed for both vegetative and flowering stages of growth.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
- Published in Namaste Technologies, News Home
Namaste (N:CSE) Closes Acquisition of URT1
Namaste (N:CSE) Closes Acquisition of URT1
– Momentum Public Relations –
Press Release: October 18, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce that the Company has closed its acquisition of certain assets of URT1 Limited and it’s wholly owned US subsidiaries (collectively referred to as “URT1”). With completion of this acquisition, Namaste is now the world’s largest e-commerce company focused on sale of vaporizers and accessories. The acquisition of URT1 significantly increases Namaste’s revenue and gross profit on a proforma basis and re-affirms the Company’s role as the industry’s principal consolidator.
URT1 is one of the top 5 domains in the world for the sale of vaporizers, pipes and accessories. The company operates two websites, www.everyonedoesit.com and www.everyonedoesit.co.uk, and retails through select third-party marketplaces. Unaudited 12 month trailing revenues were approximately C$3.2 million for the period ended August 31, 2016 with a gross profit margin of 53{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. URT1 has been in business since 2000.
Terms of the Transaction
Pursuant to the terms of the Definitive Asset Purchase Agreement announced on September 15, 2016, Namaste has acquired all the website domains, the customer list of over 40,000 individuals, the EDIT Collection of smoking accessories, direct relationships with over 190 vendors, intellectual property and related technologies. The purchase price was calculated as one-times the 12-month trailing gross revenue of URT1, subject to adjustments for inventory, wind down costs, and assumed liabilities. The assumed liabilities include a secured note of approximately C$500,000 for 4 years at an interest rate of 4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} payable in equal annual installments. Upon closing of the transaction, the Company has provided an initial 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the purchase price to URT1 of the estimated cash wind down costs and 13,771,933 common shares. The Company will make an adjustment to the purchase price in 45 days, subject to the actual wind down costs realized by URT1. Any additional consideration to URT1 will either be provided in cash or common shares of the Company at a 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} discount to the 10 day volume weighted average trading price of the common shares of the Company on the Canadian Securities Exchange.
Liberty North Capital Corp. acted as an advisor to URT1 in connection with the transaction.
Management and Board Appointments
Philip van den Berg has been appointed as Chief Financial Officer, Corporate Secretary and Director and Kiran Sidhu has been appointed as an Independent Director, subject to the approval of the Canadian Securities Exchange.
Philip van den Berg graduated cum laude in economics in 1985 at the University of Amsterdam. After graduating, Mr. van den Berg joined Pierson, Heldring & Pierson in the Netherlands as investment analyst. Most of his experience on the sell side was with Goldman Sachs in London where he joined when its European equities division was established in 1987. In 1995 Philip went to Deutsche Morgan Grenfell to participate in re-establishing its European equities division. During his career on the sell-side, he held various positions within research departments as investment analyst, supervisory analyst, member of the investment policy committee and head of research. In 1997 Philip moved to the buy-side as co-founder of Olympus Capital Management, one of the first European hedge funds (long short equity). In 2006 Philip co-founded Taler Asset Management, a wealth management company based in Gibraltar. Currently Philip is a non-executive director at Taler. Since 2014 Philip has been an active investor in various start-up companies in Europe and the US where he has held positions as director and CFO, including Golden Leaf Holding and URT1. He has implemented corporate governance and administrative systems, has been involved in a number of capital market transactions, oversaw a public listing and has been involved in mergers and acquisitions.
Kiran Sidhu graduated with and A.B. honors in computer science in 1985 from Brown University and an MBA in Finance from the Wharton School of Business in 1987. Mr. Sidhu was a manager with Price Waterhouse’s strategic consulting group in Los Angeles and a senior associate with Merrill Lynch Capital Markets in mergers and acquisitions in New York. Mr. Sidhu served as CFO of On Stage Entertainment and oversaw its initial public offering on NASDAQ. On Stage was subsequently sold to McCown De Leeuw & Co. Mr. Sidhu was a founder and the finance director of Nano Universe PLC where he oversaw its listing on the LSE-AIM. In 2003 he built Aspen Communication located in New Delhi, India into an outsourcing company skilled in e-commerce fraud detection, accounting, customer and systems support and data analytics to large customers included Party Gaming.
Sidney Himmel has resigned as Chairman of the Company and will remain with the Company as an advisor on accounting and corporate finance related activities. Darren Collins will remain with the Company as Executive Vice President, Corporate Development.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “The acquisition of URT1 represents our second major acquisition since taking the Company public in March of this year and positions Namaste as the largest e-commerce company focused on the sale of vaporizers and accessories globally. In combination with our recently completed capital raise, Namaste is poised for significant organic growth and will continue to seek strategic acquisition opportunities. I would like to thank all those individuals involved in bringing this transaction together. I would also like to personally thank Sidney and Darren for their contribution to the company and look forward to continuing to work with them both in their new roles.”
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the links below:
- Published in Namaste Technologies, News Home
Namaste (N:CSE) Closes Private Placement
Namaste Closes Private Placement
– Momentum Public Relations –
Press Release: October 17, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce the closing of its non-brokered private placement for gross proceeds of $3,000,000. In addition, the Company is pleased to announce the bridge note to the private placement has been converted to equity increasing the cash proceeds available to the Company.
Further to the Company’s press releases on October 5, 2016 and October 12, 2016, the Company has completed its non-brokered private placement of 25,000,000 units (the “Units”) of the Company for gross proceeds of $3,000,000 (the “Offering”). The Offering was completed at a price of $0.12 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”), with each full Warrant being exercisable for one Common Share at an exercise price of $0.20 per Common Share for a period of 24 months from the date of closing.
The proceeds from the offering will be utilized to fund cash closing costs associated with the wind down and integration of the URT1 acquisition, increases in stock needed to support the expected sales increase as a result of the URT1 acquisition and general working capital. The acquisition of URT1 is anticipated to close in the coming days. The Company will also pay finders’ fees of 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cash and 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} broker’s warrants to select eligible parties.
Further to the Company’s press release dated September 7, 2016, the Company has received election from its arm’s length bridge note lender (the “Lender”) to convert the total $400,000 principal amount into common shares of the Company at a price of $0.15 per common share in lieu of repayment. As a result, the Company will issue the Lender a total of 2,666,666 common shares and have increased cash proceeds available to the Company.
Sean Dollinger, President and CEO of Namaste, comments: “I am proud to say we now move forward fully capitalized to execute our acquisition of URT1 and business plan. I would like to thank investors for their overwhelming support for our placement.”
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
- Published in Namaste Technologies, News Home
Namaste Announces New Agreements With PAX Labs and Firefly Vapor
Namaste Announces New Agreements With PAX Labs and Firefly Vapor
– Momentum Public Relations –
Press Release: October 11, 2016
Namaste Technologies Inc. (“Namaste” or “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce two new agreements with industry leading manufacturers, PAX Labs (“PAX”) and Firefly Vapor (“Firefly”). The agreements with PAX and Firefly approve Namaste to sell their products in North America and over 20 countries internationally. Namaste is the only company in the world to receive international rights from these companies.
PAX and Firefly are two of the most innovative manufacturers of portable vaporizers and carry two of the most sought after products on the market. As the Company prepares for the holiday season, the most productive period of the year for vaporizer and accessory sales, these expanded relationships position Namaste for what is anticipated to be considerable e-commerce traffic and sales generation. Provided to a select number of companies in the industry, these contracts were awarded based on Namaste’s leading position in the e-commerce market segment with the anticipated closing of the URT1 acquisition in the coming week, international exposure, and strong logistics networks and customer service standards.
Sean Dollinger, President and CEO of Namaste, comments: “These agreements with PAX and Firefly represent major commercial steps forward for Namaste and further display our expanding market position as the leading e-commerce seller of vaporizers and accessories globally. Both these companies set the standard for excellence and innovation in the industry and we anticipate strong demand for these products through our e-commerce platforms. Our team has worked extensively with each of these companies to secure the ability to offer these products in North American and overseas. I would like to thank each of these companies for their support and the faith they have in Namaste to successfully carry their brands.”
About PAX Labs
Founded by two Stanford Design Program graduates, San Francisco-based PAX was developed with the mission of making smoking obsolete. The company creates superior, beautiful and technologically advanced products that push the boundaries of vaporization. PAX is the manufacturer of the PAX 2, which is the best-selling portable dry herb vaporizer in the world. PAX recently announced the release of the PAX 3, an updated version of the PAX 2 that is compatible with waxes and essential oils, features medical-grade materials, built-in rechargeable battery that powers four heating temperatures, and a mobile application to customize the unit features.
About Firefly Vapor
Mark Williams and Sasha Robinson founded Firefly Vapor in 2012 with the singular goal of enhancing people’s lives by creating the very best vaporizers in the world. Their first product, the Firefly, immediately earned praises from the likes of Wired Magazine and the New York Times as well as vape experts and connoisseurs. Firefly is the manufacturer of the Firefly 2, an innovative vaporizer that offers best in class performance. The Firefly 2 is enhanced with multiple new technologies including a smart-phone application to control various temperature and user profiles, touch sensors to activate the heating element, light weight construction and heating components that bring the device to temperature in only 3 seconds.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the link below:
- Published in Namaste Technologies, News Home
Namaste (N:CSE) Announces Non-Brokered Private Placement of Units
Namaste Announces Non-Brokered Private Placement of Units
Namaste Technologies Inc. (“Namaste” or “Company”) (CSE:N)(CSE:N.CN)(FRANKFURT:M5BQ) announces a non-brokered private placement financing of units of the Company (“Units”) at a price of $0.12 per Unit, with each Unit being comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”), with each full Warrant being exercisable for one Common Share at an exercise price of $0.20 per Common Share for a period of 24 months (the “Offering”).
The Offering will consist of up to 16.67 million Units issued for total gross proceeds of $2,000,000. The proceeds of the Offering will be used to fund the acquisition of certain assets of URT1 Limited and its subsidiaries (including wind down and restructuring charges), inventory expansion, commercialization of new products and general corporate purposes. The proceeds will be released to the Company concurrently with the closing of the Offering which is expected to occur on or about October 13, 2016.
Closing of the Offering is subject to the following:
- Receipt of all necessary regulatory approvals, including without limitation, CSE approval if required; and
- Execution and delivery of standard documentation containing typical representations and warranties, covenants, conditions and other provisions.
All securities issued in connection with the Offering are subject to a four month and a day hold period. Finder’s will be paid a cash fee equal to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the gross proceeds raised in the Offering. In addition, Finder’s will receive broker warrants (“Broker Warrants”) exercisable for Units equal in number to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the number of Units sold under the Offering. The Broker Warrants will be exercisable at a price of $0.12 per Unit for a period of 24 months after the closing of the Offering.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the link below:
- Published in Namaste Technologies