NoHo Inc (DRNK)

[Giftd]

THIS IS THE PROCESS!!!
NOHO, Inc. will be entering into an Asset Purchase Agreement for the sale of its intellectual property to Sibannac, Inc., a Nevada corporation (OTC Pink: SNNC).

The Boards of Directors of both firms are finalizing the assets to be conveyed and the terms of the sale. Notably, Sibannac intends to use the NOHO brand and its viable social media platforms and followers to launch new formulations and delivery methods of hangover products in combination with CBD (Cannabidiol). The products will be manufactured and distributed from Sibannac's new facility in Scottsdale, Arizona.

The proposed transactions will be structured in the following steps. First, Sibannac will create a privately held specific purpose acquisition company to be funded by newly registered Sibannac securities, consisting of units of common stock and warrants. The companies will then enter into an asset purchase agreement using the newly issued securities as consideration to NOHO. NOHO will then enter into a share exchange or buyback agreement, effecting the exchange of Sibannac securities for NOHO stock held by NOHO shareholders.

The transaction as contemplated will result in the exchange of free trading NOHO shares for free trading Sibannac shares. The exchange rate and share price is being negotiated at this time. The transaction is subject to accounting and audit review as well as regulatory approval.

David Mersky, NOHO's CEO, said of the acquisition, "We believe we have a transaction envisioned that will result in significant value to our shareholders. Anyone who has followed NOHO from its prior management understands the structural and financial challenges we have faced in turning the company around. This deal presents the best opportunity to deliver shareholder equity and allow the NOHO brand to flourish under Sibannac's leadership team. Sibannac not only has a beneficial, lean share structure in place, but also an excellent management team and the facilities to develop the NOHO brand."

The parties intend to complete the transaction in the Fall of 2020. NOHO shareholders will be advised within sixty (60) days of the closing of the effective date for the shareholders of record to participate in the exchange.