PlantX Life Inc (CSE:VEGA) (OTCQB:PLXTF) (FRA:WNT1) announced it has agreed to acquire certain assets of Liv Marketplace LLC, via its wholly-owned New Deli Hillcrest LLC subsidiary, for about US$3.2 million in cash and stock.
The company said Liv Marketplace is the exclusive online fulfillment partner and retail distributor of PlantX products within the US and is responsible for building and operating PlantX’s 4,515-square-foot brick-and-mortar retail store in San Diego, California.
Upon completion of the acquisition, Liv Marketplace’s San Diego location will be rebranded as New Deli by PlantX.
“The acquisition is an important component of the company’s expansion process as it highlights the successful progression of the company’s brick-and-mortar operations,” PlantX Life CEO Julia Frank said in a statement.
“New Deli by PlantX in San Diego will be used as a central retail and meal delivery hub in the United States and we are excited to have added an additional corporate-owned location,” Frank added.
The US$3.2 million purchase price for Liv Marketplace will consist of US$450,000 in cash plus 5,916,436 PlantX common shares, which will be released in stages over an 18-month period, issued at a price equal to C$0.55 per share.
PlantX added that New Deli Hillcrest will also purchase an additional US$97,245.11 worth of inventory from Liv Marketplace.
Vancouver-based PlantX Life styles itself as the digital face of the plant-based community with a one-stop destination for all things plant-based, like an online shop and meal delivery services. The online shop houses over 5,000 vegan products, and its recently added meal service delivers chef-created dishes straight to the doors of Western Canada. All in all, the company offers more than 10,000 plant-based products.
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