Grillit, Inc. (GRLT)

[JMMatthews]

GRILLiT Announces Acquisition of Global A Brands

GRILLIT Completes Acquisition of Global A Brands, Inc for $28.8 million

Press Release | 08/22/2022

The acquisition of Global A Brands (GAB)provides GRILLIT a portfolio of sustainable consumer driven products which are creative, unique and competitive in their industry. GAB provides a frame work for each brand to have creative and management independence however working synergic, sharing resources to create, manufacture and market their products across a number of difference sectors including Supplements, Alcohol products, cosmetic and tea.

North Andover, Massachusetts: August 22, 2022, GRILLiT, Inc. ("GRILLiT" or the Company, OTC:GRLT) GRILLiT which creates, develops, and funds early-stage restaurant brands, today announced that it had entered into a sales purchase agreement ("Agreement") under which the Company will acquire 93.8% equity interest in Global A Brands Inc. ("GAB") in a stock-for-stock transaction.

Under the terms of the Agreement, GAB will receive 57,617,332,000 shares of the Company common stock, representing an equity value of approximately $28.8 million based on a $0.0005 per share price. Accordingly, the Company will receive 144,043,330 shares

GAB provided the related aunaudited statements of operations, stockholders' equity and cash flows for the fiscal years ended June 30, 2022, and 2021. GAB does not have any liabilities other than (i) liabilities reflected on the financial statements and (ii) liabilities incurred in the ordinary course of business since the balance sheet date.

The boards of directors of the parties involved have approved the transaction as well as the shareholders of GAB.

Manny A. Lopez, CEO of Global A Brands, stated "First, I want to congratulate our team for all of the effort that went into this last few months to get this transaction completed. We now have a great foundation of companies under our umbrella and management teams with excellent track records. I look forward to executing our strategy and providing an environment for our team to thrive in.

CEO of GRILLiT, Greg Mitchell, commented "Were really excited to be closing this acquisition. We are in tune with the vision that GAB brings to GRILLiT and look forward to putting our company on display for the market.

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?id=369654

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