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 (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
Namaste Announces (N:CSE) Two New Partnerships
Namaste Announces New Partnerships With Sneaky Pete and VaporTownUSA
– Momentum Public Relations –
Press Release: October 4th, 2016
Namaste Technologies Inc. (“Namaste” or “Company) (CSE:N)(FRANKFURT:M5BQ) is pleased to report that it has entered into two new strategic partnerships to expand its market presence as the leading e-commerce company focused on vaporizers and accessories. The partnerships are with well-known online reviewer Sneaky Pete (SPV Enterprises LLC) and VaporTownUSA.com. Both these partnerships are anticpated to enhance the overall revenue of Namaste through online video reviews, high quality links to the Namaste sites and expansion of sales channels internationally. Additional information can be accessed on each of the entities at www.sneakypetestore.com and www.vaportownusa.com.
Sneaky Pete is a leading source of information for cannabis consumers that has generated hundreds of thousands of YouTube views. Sneaky Pete’s professional quality reviews focus on the latest vaporizer products and are often a first place of reference for product consumers. Sneaky Pete’s videos drive traffic to Sneaky Pete’s online store as well as affiliate traffic to Namaste. Under this new partnership, Namaste will manage all credit card processing, logistics and inventory fulfillment. SPV Enterprises will be compensated based on Namaste’s drop shipping price platform. Namaste has already begun the integration of Sneaky Pete’s online store and expects a live launch on or about October 10, 2016. Namaste will utilize its e-commerce resources to enhance video rankings and conversion rates for Sneaky Pete’s Youtube channel and retail store.
VaporTownUSA.com is an existing online retail site for vaporizers and accessories. Namaste will be managing sales, customer service and logistics for VaportownUSA.com and net profits will be shared between VaporTownUSA.com management and Namaste equally. Through this relationship, Namaste plans to expand VaporTownUSA’s product offering and increase sales by utilizing search engine optimization and inbound marketing techniques. VaporTownUSA generated approximately C$200,000 of revenues in 2015
Management Commentary
Mr. Sean Dollinger, President and CEO of Namaste, comments: “These new partnerships with Sneaky Pete and VaporTownUSA represent our company’s strategy to build and nurture strategic relationships within our industry through exposure to new sales channels and growth through online retail consolidation. We have always been strong supporters of Sneaky Pete and are very proud to have him on as a part of our team. Likewise, the partnership and integration of VaporTownUSA represents another aspect of our strategy in operating existing retail sites. Namaste continues to pursue multiple additional partnerships of this nature.”
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) Signs Definitive Agreement to Acquire URT1 Limited and Forms World’s Largest E-Commerce B2C Vaporizer Company
Namaste Signs Definitive Agreement to Acquire URT1 Limited and Forms World’s Largest E-Commerce B2C Vaporizer Company
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 15, 2016) –
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) reports that it has entered into a Definitive Asset Purchase Agreement (the “Agreement”) with URT1 Limited and its wholly owned US subsidiaries (collectively referred to as “URT1”) to create the world’s largest e-commerce company focused on sales of vaporizers and accessories. This most recent acquisition, in combination with the acquisition of VaporSeller, reiterates Namaste’s strategic position as the leading consolidator of the industry.
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.
Strategic Rationale
The strategic rationale for the transaction includes:
- The acquisition positions Namaste as the largest business to consumer e-commerce retailer of vaporizers and accessories globally, with combined proforma unaudited 12 month trailing revenues of approximately C$10 million for the period ended August 31, 2016, total monthly site traffic of over 550,000 visitors. The combined company will operate 26 websites in 20 countries with distribution centers in North America, South America, Europe and Asia Pacific.
- The combined company will have over 3,000 products for sale; the largest product offering of any company in the industry. The complementary product offerings of both companies creates significant revenue expansion potential through cross selling across all sites. In addition, Namaste will utilize its proven search engine optimization strategies to enhance site traffic, conversions and average selling prices of URT1. URT1 currently converts its traffic at 0.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in the US compared to Namaste at 2.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Improving URT1’s conversion rate to 1.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} would double the revenue of the site, which currently generates 75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of URT1’s revenues.
- The higher gross margins of URT1 are beneficial to the gross margins of the combined entity. The opportunity to further improve the gross margin will result from increased buying power with the existing vendor base and focus on private label sales. The combined entity will generate a gross profit margin of over 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
- Further profit contribution is expected from the reduction in overhead costs, which will enhance earnings before interest, depreciation and amortization. This is due to a shared technology and e-commerce platform, lean centralised management team, and outsourcing of staff functions to India. The resulting increased cash flow generation creates a financial platform for further industry consolidation.
- Following from the acquisitions of VaporSeller and URT1, revenues for the fiscal year ending August 31, 2017 are expected to be C$15.7 million and C$24.9 million for the fiscal year ending August 31, 2018. It is expected that the company will generate positive earnings before interest, depreciation and amortization by December 31, 2016. It is anticipated that Namaste’s revenues will increase in line with projected growth for the industry of 35{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} per year for the period 2014 – 2020 (Source: Wells Fargo Research).
- The transaction broadens the management and board profile of the Company with the addition of experienced executives with extensive global industry expertise. Namaste will benefit from decades of financial, accounting, and administrative experience, and deep relationships with product vendors that URT1 has cultivated since 2000.
Terms of the Transaction and Conditions to Closing
Pursuant to the terms of the Agreement, Namaste will acquire all the website domains, the customer list of over 40,000 individuals, the vendor list of over 197 vendors, intellectual property and related technologies, in exchange for common shares of Namaste. The purchase price will be calculated as one-times the 12-month trailing gross revenue of URT1, subject to adjustments for inventory, wind down costs, and assumed liabilities including a secured note of approximately C$500,000 to be transferred at closing of the transaction. The purchase price will be funded by issuing Namaste common shares at a deemed value of C$0.12.
Closing of the transaction is subject to the following:
- Receipt of all director and requisite regulatory approvals relating to the transaction, including without limitation, CSE approval if required;
- Completion of all financial and legal due diligence; and
- Completion of a minimum capital raise of C$1,500,000 on satisfactory terms to both parties.
Liberty North Capital Corporation is acting as an advisor to URT1 in connection with the transaction.
Management and Board Appointment
Upon completion of the transaction, Philip van den Berg will be appointed as Chief Financial Officer and Director, Kiran Sidhu will be appointed as an Independent Director and Cameron Guerrero will join as Executive Director, Merchandising and Global Operations.
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 (CSE:GLH) 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 (LSE:PRTY). Mr. Sidhu currently serves as CEO of URT1.
Cameron Guerrero has over 14 years of retail e-commerce and IT experience. He has worked for several technology and e-commerce companies, including 10 years at Fortune 500 ranked Zappos.com. Throughout his career, he has gained experience in several core e-commerce functions, including warehouse operations, purchasing, systems configuration and training, site merchandising, marketing, and customer service. As Buying Manager at Zappos.com, he managed a buying team with portfolios totaling US$25 million and received several awards for achieving millions of dollars in incremental sales growth. Throughout his career, he has successfully led international and domestic teams on large scale systems integrations including the integration between Zappos.com and parent company Amazon.com. Currently, Mr. Guerrero leads the operations of URT1, as Director, Merchandising and Global Operations.
Darren Collins will remain with the Company as Executive Vice President, Corporate Development.
Management Commentary
Mr. Sean Dollinger, President and CEO of Namaste, comments: “The acquisition of URT1 represents the realization of our objective to become the largest business to consumer e-commerce company focused on vaporizers and accessories. This transaction also further solidifies our position as the leading consolidator of the industry, provides a scalable and profitable platform for further consolidation, brings new product lines to our company, and strengthens our board and management team. I would like to thank all those individuals responsible for bringing this transaction together and look forward to working with the management of URT1.”
About URT1
Founded in 2000, URT1 Limited is one of the longest standing and best known online retailers of vaporizers, pipes and accessories in the UK. The company operates the web portals www.everyonedoesit.com and www.everyonedoesit.co.uk and carries over 2,500 products, including the latest vaporizers, pens, water pipes and an extensive line of accessories, which is one of the largest product selections available in the industry.
About Liberty North Capital Corporation
Liberty North Capital Corp. (“Liberty North”) is a transaction oriented, private investment banking firm, with offices in Toronto and Montreal. Established in response to the demand for high quality banking, merger and acquisition, and advisory services for small cap companies, Liberty North offers hands-on investment banking experience emphasizing practical and innovative solutions necessary to complete transactions in today’s sophisticated financial markets. Liberty North is also an Exempt Market Dealer registered in the provinces of Ontario and Quebec.
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.
- Published in Life Sciences, Namaste Technologies, News Home, Technology
Namaste (N:CSE) Closes $129,000 Final Tranche of Financing
Namaste (N:CSE) Closes Final Tranche of Private Placement
– Momentum Public Relations –
Press Release: September 12, 2016
Namaste Technologies Inc. (“Namaste” or the “Company“) (N:CSE)(FRANKFURT:M5BQ) reports that it has closed the final tranche of its non-brokered private placement by issuing 1,075,000 units (“Units“) of the Company for gross proceeds of $129,000. Each Unit consists of one common share of the Company and one common share purchase warrant at an exercise price of $0.18 for a period of 2 years.
In combination with the convertible note announced by the Company on September 7, 2016 and the first tranche closing of the non-brokered private placement, the Company has now secured a total of $1,489,000 to fund the acquisition of VaporSeller, inventory expansion and general corporate purposes.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 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, Technology
Namaste Technologies (N:CSE) arranges $400,000 note financing
Namaste (N:CSE) Announces Convertible Note Financing
– Momentum Public Relations –
Press Release: September 7, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (N:CSE)(FRANKFURT:M5BQ) reports that it has issued a convertible unsecured note (the “Note”) to an arm’s length lender (the “Lender”) for an aggregate principal amount of $400,000 in accordance with the terms of a subscription agreement.
The term of the Note is for an initial 90 days with an option to extend for up to 2 years. The Company will issue the Lender an initial 100,000 common shares of the Company and an additional 100,000 common shares of the Company for each 90 days the Note is outstanding. The Note is redeemable at any time during the initial 90 day term by making a payment equal to the principal amount of the Note. If the Company elects to exercise the extension option, the Lender will be issued an additional 550,000 common shares of the Company and the note shall be redeemable at a ten-percent (10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) premium to the principal amount of the Note. At the option of the Lender, the principal amount of the Note is convertible into common shares of the Company at a conversion price of $0.15 per common share. All common shares issued pursuant to the Note shall have a four month plus one day hold period. The proceeds will be used by the Company for the purposes of inventory expansion, commercialization of new products, and general corporate purposes.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 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:
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