Sire Bioscience Signs LOI to Acquire Fusion Nutrition Incorporated to Accelerate the SIRE House of Brands Portfolio
TORONTO, Ontario, November 14, 2019, Sire Bioscience Inc. (CSE:SIRE) (OTC:BLLXF) (FSE:BR1B) ("SIRE" or the "Company"), a Health Canada hemp license holder, announced today that it has signed an LOI to acquire all of the outstanding shares of Fusion Nutrition Incorporated ("FUSION").
FUSION’S network of 800 points of distribution include Sport Chek, Popeye’s Supplements, GNC Canada, and Supplement King. The $50.84B ** USD sports nutrition industry continues to grow with an expected CAGR of 9.7% to 2025*. This growth is primarily driven by the expansion from traditional core consumers (bodybuilders and elite athletes) to mainstream consumers (recreational athletes, fitness enthusiasts, and overall health and wellness seekers).
Pursuant to the LOI, SIRE will acquire 100% of FUSION in consideration for the issuance of common shares of SIRE at a price per share price equal to the closing price of SIRE's shares on the trading day immediately prior to the closing of the acquisition, but in any event no less than $0.05 per share, for an aggregate transaction value of between $400,000 to $700,000.
With FUSION’s experience in the category, SIRE believes that it will be uniquely positioned to launch more relevant and highly customized products at a faster pace.
According to FUSION President, Ryan Herniman, the union of the CBD and sports nutrition industries is a natural fit. CBD, the non-psychoactive component of the cannabis plant, may have benefits in the reduction of pain and inflammation post-exercise, which may in turn aid in recovery and results.
“We’ve been studying the applications of cannabinoids for human performance for years and have always felt CBD would be a perfect pairing with our products,” explains Herniman. “With the advent of new regulations, this acquisition makes sense for both parties. SIRE has a team of experts in place to execute at a high level and we are thrilled to be a part of the vision.”
To learn more about FUSION you can visit their social platforms via @fusionmuscle or fusionmuscle.com.
About Fusion Nutrition Inc.
Founded in 1998, FUSION is a Canadian-based, leading supplement company with national distribution. It currently hosts up to 12 brands, including some of the fastest-growing supplements in Canada and numerous category leaders sold in Canada’s top five retailers. FUSION products are developed using the latest research available, with the goal of providing maximum efficacy by supporting the human body in its own natural processes.
About Sire Bioscience Inc.
SIRE’s principal business activity is to engage in the investment, production of, and sale of hemp for CBD extraction. SIRE has its wholly owned facility in Leamington, Ontario. The land parcel includes 50 acres of prime horticultural land, with a 160,000 sq. ft. facility of combined greenhouse and indoor space. SIRE’s goal is to become a vertically integrated CPG life science company with its “House of Brands” offering.
SIRE is headquartered in Toronto, Ontario and is backed by a group of successful entrepreneurs who have extensive experience in the areas of manufacturing, logistics, and renewable energy.
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Sire Bioscience Inc.