Tuesday, February 01, 2022 3:35:38 PM
"Scottsdale, Arizona--(Newsfile Corp. - February 25, 2021) - Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the "Company"), announced the following:
Sibannac, Inc. and NOHO, Inc. (OTC Pink: DRNK) have finalized a plan to effect a cross purchase transaction by each company. After significant market analysis, taking into account the positioning of both companies, their individual strengths and capabilities, as well as a diligence analysis as to the fairness of the proposed transactions, the companies are preparing to enter the following transactions:
Sibannac Acquisition
Sibannac will purchase the intellectual property of NOHO, consisting of its trademark and proprietary formulations, but NOHO will retain the use of its name and branding, through a separate license agreement, as it moves into production of new consumer products. Sibannac will issue up to $2.8 Million Dollars of Sibannac warrants at a strike price to be determined. Sibananc will register the warrants and issue the same to NOHO in the transaction. NOHO will issue the warrants to the shareholders as a dividend."
IG
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