Demand Brands (DMAN) Engages Leading Accounting and Advisory Firm To Conduct Audits

Rhea-AI Summary

Demand Brands, Inc. (OTC PINK:DMAN) announced its engagement with EisnerAmper for auditing services related to its acquisition of CF3 SPV I, LLC. This transaction includes cannabis operating companies generating over $20 million in annual revenue. The audited businesses have established facilities in California and various distribution contracts. Following the completion of the transaction, Andy Colehower is expected to assume the role of CEO. This strategic move aims to strengthen Demand Brands' vertical integration in the cannabis sector.

Positive

• Engagement with EisnerAmper indicates a commitment to financial transparency.
• Acquisition of CF3 SPV I, LLC brings in over $20 million in annual revenue.
• Existing cannabis businesses have established cultivation facilities and distribution contracts across California.

Negative

• None.

SANTA MONICA, CA / ACCESSWIRE / January 12, 2022 / Demand Brands, Inc. (OTC PINK:DMAN), ("Company" or "DMAN"), announced today that the Company, http://dman.co, has engaged the leading accounting and advisory firm EisnerAmper https://www.eisneramper.com to provide auditing service in connection with its acquisition ("Transaction") of CF3 SPV I, LLC, a holding company, consisting of a portfolio of Cannabis operating companies and intellectual property including Viridi Farms, 8T8 & MBX Research Inc. ("Businesses"). EisnerAmper is presently auditing the Businesses to determine final valuations in anticipation in closing the Transaction in the next few weeks.

The Businesses are, collectively, currently generating more than $20,000,000 in annual revenue at their present run rates and they have established cultivation and harvest facilities on the Central Coast of California and distribution contracts throughout the entire state. Some of the brands that the Businesses manage supply line for include High Times, Revelry Herb Co., TruLeaf, Lowell Herb Co., CanEx and GroupoFlor. More information on the Businesses can be found here: https://dman.co/ .

It is expected that Andy Colehower, a senior executive in the wholesale food and beverage sector, will become the new CEO of the Company upon the completed Transaction.

About Demand Brands, Inc. The Company, AKA Pacific Technologies Group, Inc., sources, invests in, and explores opportunities in Cannabis related businesses that fit into its vertical integration strategy.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes", "belief", "expects", "intends", "anticipates", "projects" "will", or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.

Press Contact:
connect@pacifictechnologiesgroup.com
323-967-7900

SOURCE: Demand Brands, Inc.

View source version on accesswire.com:
https://www.accesswire.com/683065/Demand-Brands-DMAN-Engages-Leading-Accounting-and-Advisory-Firm-To-Conduct-Audits

FAQ

What is the recent acquisition by Demand Brands, Inc. (DMAN)?

Demand Brands, Inc. announced the acquisition of CF3 SPV I, LLC, which includes a portfolio of cannabis operating companies.

Who will become the new CEO of Demand Brands after the acquisition?

Andy Colehower is expected to become the new CEO of Demand Brands upon completion of the acquisition.

What annual revenue do the businesses acquired by Demand Brands generate?

The businesses being acquired by Demand Brands collectively generate over $20 million in annual revenue.

Which accounting firm is conducting the audit for Demand Brands' acquisition?

EisnerAmper is the accounting firm engaged to conduct the audit for the acquisition of CF3 SPV I, LLC.