Biggest takeaway - Collaboration with the Tech Division CEO begins tomorrow. Remaining process is just a formality, but should be completed by end of Q3.
“The formal closing will arise from the Vesting Order. To quote one published definition of a vesting order, “…Simply put, a vesting order is a court order that passes legal title in lieu of a legal conveyance. 2. It is an equitable remedy, and is, therefore, by its nature, discretionary, and results from a finding by a court that fairness demands that the court act in a way to transfer property from one party to another…”
Winning Brands anticipates that the submission requesting the Vesting Order will be made in approximately 30 days, and that the Vesting Order itself, may be granted within 60 days following the submission.
By this timeline, WNBD will be able to conduct business with the Tech Division’s customer base, as the new owner (parent company to the Tech Division) in Q4 2021, and report this business in WNBD’s 2021 Annual Report, as hoped.
In the meantime, because no insurmountable objections to the intended Vesting Order are foreseen, the target Tech Division and Winning Brands are, effective July 1st, beginning to coordinate their business planning and management. My goal, as Group Chairman, is to help strengthen the Tech Division even in the interim. This will contribute momentum to WNBD Q4 operations, and will already be enhancing WNBD value in the present by strengthening that operation.
The transaction is governed by a non-disclosure agreement regarding key particulars. THIS IS IN WINNING BRANDS’ INTEREST. It is vital that no unnecessary complications are introduced during the final court approval stage arising from errant 3rd party communication, initiatives and unpredictable factors.
The bottom line: Starting July 1st, a new phase begins for WNBD. The CEO of the Tech Division and I can and will now work in tandem to enhance the operations of the Tech Division, immediately. My willingness to invest Winning Brands time and resources into such interim business cooperation, prior to the formal Vesting Order, reflects my confidence that formal closing is just that, a “formality”. Nonetheless, I am also determined to keep the remaining process clean and tidy as it has been to date, taking nothing for granted, honoring our non-disclosure obligations and expecting the same of the other parties.
In addition to the exciting co-management of the Tech Division that begins tomorrow, Winning Brands is advancing well on its other VISION 21 business initiatives, which will be reported shortly.”
