Grillit, Inc. (GRLT)

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GRILLIT ANNOUNCES LEGALLY BINDING TERM SHEET TO ACQUIRE GLOBAL A BRANDS INC.

Press Release | 06/24/2022

North Andover, Massachusetts: June 24, 2022, GRILLiT, Inc. ("GRILLiT" or the Company, PINK: GRLT) announced today it has entered into a legally binding term sheet to acquire Global A Brands, Inc ("GAB"). The purchase price for the acquisition is $36 million, paid in Company's common stock. The Company will also complete a capital raise of $1.5 million before the closing. As part of the transaction, the Company will convert $2,014,000 of outstanding debt into equity, a decrease of 63.94% of total liabilities as of March 31, 2022.

Global A Brands, Inc. (GAB) is a US-based company focusing on acquiring and developing early-stage businesses globally within the consumer packaged goods in the health, wellness, and luxury lifestyle market.

The Company believes the acquisition of GAB will enhance its portfolio of consumer packaged goods along with existing retail restaurant businesses. GAB provides a vertical framework for each brand from concept, design & development, manufacturing, sales & marketing, and distribution through its subsidiaries and strategic business partnerships across the globe.

CEO of Global A Brands Manny Lopez stated "We are excited by both the progress of our portfolio over the last twelve months and being able to idenitly a liquidity point for our shareholders by mergeing with Grillit. We believe there are number of complimentary synergies between the both companies and the repective management teams. Consolidaing with a listed Company also gives the group the ability to acquire further revenuse generating businesses and easier access to capital market to drive our investment and growth within our portfolio".

CEO of GRILLiT commented "Were really excited to be entering into this agreement with GAB as their business model aligns extremely well with that of GRILLiT. As I described just over a year ago, our vision was to acquire businesses like GAB who possess a talented management team with a history of closing acquisitions and developing early-stage businesses that increases shareholder value. We will be working hard to complete our agreement and finalize the acquisition.

Global A Brands, Inc. (GAB)
GAB is a US Based company focusing on acquiring and developing early-stage businesses globally within the wellness and luxury lifestyle market.

About GRILLIT, INC
GRILLiT creates, develops, and funds early-stage restaurant brands with a focus on acquiring businesses from baby boomers seeking liquidity and an exit strategy. GRILLiT's vision is to be the preferred catalyst to build great restaurant brands and develop technologies supporting the restaurant industry.

https://www.otcmarkets.com/stock/GRLT/news/GRILLIT-ANNOUNCES-LEGALLY-BINDING-TERM-SHEET-TO-ACQUIRE-GLOBAL-A-BRANDS-INC?id=362506