VANCOUVER, BC — Eat Beyond Global Holdings Inc., an investment issuer focused on the global plant-based and alternative protein sector is pleased to announce that it has entered into a Letter of Intent, dated effective October 18, 2021, to acquire all of the outstanding share capital of Mylk Brands Inc., a British Columbia corporation, and indirectly acquire Mylk’s wholly-owned subsidiary Fresh Start Beverage Company d/b/a Banana Wave, a Florida corporation.
Banana Wave is based in Boca Raton, Florida. Banana Wave’s beverages are made from fiber-rich oats and real bananas. They are available in five different flavors: original, unsweetened original, mango, chocolate, and strawberry. All varieties are gluten-free, soy-free, and non-GMO with 90 calories or fewer, and contain vitamin b, potassium, fiber, and protein.
Banana Wave is based in Boca Raton, Florida. Banana Wave’s beverages are made from fiber-rich oats and real bananas. They are available in five different flavors: original, unsweetened original, mango, chocolate, and strawberry. All varieties are gluten-free, soy-free, and non-GMO with 90 calories or fewer, and contain vitamin b, potassium, fiber, and protein.
“We are delighted to be able to add Banana Wave to Eat Beyond’s roster of portfolio companies” said Michael Aucoin, Eat Beyond CEO, “Banana Wave products are truly differentiated in an increasingly competitive dairy alternative category. With truly great flavour and compelling nutritional benefits, we believe the Banana Wave brand is a product on the cusp of greatness.”
Steve Gelerman, CEO of Banana Wave said “We are delighted to be able to partner with the Eat Beyond team to help realize the true potential of Banana Wave. We have had tremendous early success in building the brand and with the financial resources and advisory capabilities of Eat Beyond, we intend to make Banana Wave a true market leader.”
“Steve and the team have a track record of building great food companies.” Aucoin continued, “His leadership at Ian’s Natural Foods established it as an iconic natural foods brand and he brings that wealth of experience along with the tremendous products of Banana Wave”.
Proposed Transaction Terms
Under the terms of the LOI, in consideration for all outstanding share capital of Mylk, the Company is expected to issue 14,470,588 common shares to the existing security holders of Mylk at a deemed price of $0.80 per Consideration Share. In addition, it is currently expected that approximately 420,000 additional Consideration Shares will be issued upon the automatic conversion of currently outstanding convertible notes of Mylk in the principal amount of $225,000.
