Active Health Foods, Inc. (OTC: AHFD) Announces Acquisition of CoinChamp, Inc.

Rhea-AI Summary

Active Health Foods has finalized a share exchange agreement with CoinChamp, acquiring it for $500,000 in AHDF shares. This transaction converts CoinChamp into a wholly-owned subsidiary, with full consolidation of its financial statements expected for Q4. CoinChamp operates a prediction platform for various events and has an app available on the App Store. CEO Glen Bonilla expressed optimism about the acquisition, anticipating increased brand presence and revenue through wider audience engagement. The deal was completed on October 19, 2021, involving 87,719,298 shares at the prior day's closing price.

Positive

• Acquisition of CoinChamp enhances market presence and user engagement opportunities.
• Expected increase in revenue through broader audience reach following consolidation.

Negative

• None.

LOS ANGELES, Oct. 20, 2021 /PRNewswire/ -- Active Health Foods is pleased to announce that it has completed a share exchange agreement with CoinChamp for shares of AHDF valued at five hundred thousand dollars ($500,000) for full control of the Los Angeles based tech company. This transaction will effectively make CoinChamp a fully owned subsidiary of the Company for Q4 and, as such, the financially statements will be fully consolidated. 

CoinChamp is a prediction platform that lets users predict on the outcome of sports, weather, politics, and much more. The Company has developed an app that is available to download on the App Store to start accessing the game and making predictions. Glen Bonilla CEO, said "We're very excited to have completed this acquisition which will allow us to position ourselves in front of a greater audience that should attract more users and establish a robust brand presence and increased revenue for the Company".

The acquisition was made from Glen Bonilla, in a related party transaction in exchange for 87,719,298 shares. The transaction was consummated on October 19, 2021 using the closing price from the previous trading day.

 

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SOURCE CoinChamp, Inc.

FAQ

What is the significance of Active Health Foods' acquisition of CoinChamp?

The acquisition positions Active Health Foods to enhance user engagement and expand its brand presence, potentially increasing revenue.

What was the value of the share exchange between Active Health Foods and CoinChamp?

The share exchange was valued at $500,000 in AHDF shares.

When was the acquisition of CoinChamp completed?

The acquisition was completed on October 19, 2021.

How many shares were exchanged in the CoinChamp acquisition?

A total of 87,719,298 shares were exchanged for the acquisition.

What does CoinChamp offer as a platform?

CoinChamp is a prediction platform that allows users to predict outcomes in sports, weather, politics, and more.