PHOENIX - December 13, 2018 - (Newswire.com)
VT Business Products, Inc., an Arizona corporation (the “Company”), announced today that on November 30, 2018, it acquired all the intellectual property of The House of Jane™ (the “Assets”) from General Beverage Consulting & Management, Inc., a private company (“GBCM”). With this acquisition, the Company will focus on building a national branding and licensing company to exploit the growing market for cannabidiol products, also known as the CBD market. CBD can be derived from hemp, is non-psychoactive and is known for its therapeutic properties and perceived medical benefits.
The Assets were acquired in exchange for 1,600,000 shares of common stock and a $50,000 convertible note due by February 28, 2019. Prior to the acquisition, the Company’s board of directors approved the temporary reduction of the exercise price for its outstanding Series A Warrants to $1.25 per share to fund the expansion and operation of the new business. As of November 30, 2018, warrant holders had exercised 80,000 Series A Warrants for cash proceeds of $100,000. A notice of the temporary exercise price reduction has been mailed to all warrant holders.
Prior to the acquisition, the Company had 6,823,429 shares of common stock outstanding after executing a previously ratified one-for-two (1:2) reverse stock split. In addition to the shares of common stock issued in the acquisition and the shares of common stock issued for the exercise of warrants, the Company also settled $1,181,012 in outstanding debt resulting in the issuance of 944,810 shares of common stock. As a result, the Company had 9,448,239 shares of common stock outstanding as of November 30, 2018. To reflect the Company’s new business focus, the Company intends to change its name to HOJ, Inc. and redomicile in Nevada.
The Company also announced that MaloneBailey, LLP was retained as its independent accountants to perform an audit of the Company as of November 30, 2018.
About the Company. The Company’s plan will target licensing its trademarked brands and formulations to authorized producers within their respective states. The Company will promote its House of Jane™ brands nationally and sell its federally legal CBD products via online, health stores and other distribution channels. The Company will also seek to add to its brand portfolio through acquisition and/or licensing arrangements.
About MaloneBailey, LLP. Based in Houston, Texas and with offices in Beijing and Shenzhen, MaloneBailey is an international public accounting firm with deep knowledge and experience in the delivery of SEC audit services to small and mid-cap publicly traded clients. MaloneBailey is a member of Nexia International. For more information visit www.malonebailey.com.
Forward-Looking Statements: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company’s ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new business.
Company Contact: Frederic J. Buonincontri, P.O. Box 33483, Phoenix, AZ 85067, (602) 688-9981, ir@hojinc.com
Press Release Service by Newswire.com
Original Source: VT Business Products, Inc. Announces Acquisition of All the Intellectual Property of the House of Jane™
