Planet Based Foods Announces Closing of Strategic Reorganization
Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF) has completed its strategic reorganization announced on April 2, 2025. The transaction involved transferring all outstanding shares of Planet Based Foods Inc. (PBF) to certain company insiders, resulting in the cancellation of 800,000 multiple voting shares and 600,000 subordinate voting shares.
As part of the deal, PBF transferred its proprietary recipes, trademarks, and intellectual property assets to the Company in exchange for forgiving $5.5 million in intercompany debt and receiving an exclusive U.S. license for the IP use with a revenue-based royalty structure.
The reorganization led to significant leadership changes: Ted Cash was appointed as CEO and interim CFO, while Braelyn Davis (former CEO), Robert Davis (former CIO), James Harris, and Gregory Maselli stepped down from their respective positions.
Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF) ha completato la riorganizzazione strategica annunciata il 2 aprile 2025. L'operazione ha comportato il trasferimento di tutte le azioni in circolazione di Planet Based Foods Inc. (PBF) ad alcuni dirigenti interni, con la conseguente cancellazione di 800.000 azioni con diritto di voto multiplo e 600.000 azioni subordinate.
Come parte dell'accordo, PBF ha trasferito le proprie ricette proprietarie, marchi e beni di proprietà intellettuale alla Società in cambio della cancellazione di un debito intersocietario di 5,5 milioni di dollari e dell'ottenimento di una licenza esclusiva per l'uso della proprietà intellettuale negli Stati Uniti, con un sistema di royalty basato sui ricavi.
La riorganizzazione ha portato a importanti cambiamenti nella leadership: Ted Cash è stato nominato CEO e CFO ad interim, mentre Braelyn Davis (ex CEO), Robert Davis (ex CIO), James Harris e Gregory Maselli si sono dimessi dai rispettivi incarichi.
Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF) ha completado su reorganización estratégica anunciada el 2 de abril de 2025. La transacción implicó la transferencia de todas las acciones en circulación de Planet Based Foods Inc. (PBF) a ciertos directivos internos, resultando en la cancelación de 800,000 acciones con voto múltiple y 600,000 acciones subordinadas.
Como parte del acuerdo, PBF transfirió sus recetas propietarias, marcas y activos de propiedad intelectual a la Compañía a cambio de la condonación de una deuda intercompañía de 5.5 millones de dólares y la obtención de una licencia exclusiva para el uso de la propiedad intelectual en EE.UU., con una estructura de regalías basada en ingresos.
La reorganización condujo a cambios significativos en el liderazgo: Ted Cash fue nombrado CEO y CFO interino, mientras que Braelyn Davis (ex CEO), Robert Davis (ex CIO), James Harris y Gregory Maselli renunciaron a sus respectivos cargos.
Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF)는 2025년 4월 2일 발표한 전략적 조직 개편을 완료했습니다. 이번 거래는 Planet Based Foods Inc. (PBF)의 모든 발행 주식을 일부 내부 임원에게 이전하는 것으로, 다중 의결권 주식 80만 주와 종속 의결권 주식 60만 주가 취소되었습니다.
거래의 일환으로 PBF는 독점 레시피, 상표 및 지적 재산권 자산을 회사에 이전하고, 550만 달러의 사내 부채를 탕감받았으며, 미국 내 지적 재산 사용에 대한 독점 라이선스를 수익 기반 로열티 구조로 받았습니다.
이번 조직 개편으로 주요 리더십 변화가 있었으며, Ted Cash가 CEO 겸 임시 CFO로 임명되었고, Braelyn Davis(전 CEO), Robert Davis(전 CIO), James Harris, Gregory Maselli는 각자의 직위에서 물러났습니다.
Planet Based Foods Global Inc. (CSE : PBF) (OTC : PBFFF) a finalisé sa réorganisation stratégique annoncée le 2 avril 2025. La transaction a consisté à transférer toutes les actions en circulation de Planet Based Foods Inc. (PBF) à certains initiés de l'entreprise, entraînant l'annulation de 800 000 actions à droit de vote multiple et de 600 000 actions subordonnées.
Dans le cadre de cet accord, PBF a transféré ses recettes exclusives, ses marques et ses actifs de propriété intellectuelle à la Société en échange de l'annulation d'une dette interentreprises de 5,5 millions de dollars et de l'obtention d'une licence exclusive pour l'utilisation de la propriété intellectuelle aux États-Unis, avec un système de redevances basé sur le chiffre d'affaires.
Cette réorganisation a entraîné d'importants changements au sein de la direction : Ted Cash a été nommé PDG et directeur financier par intérim, tandis que Braelyn Davis (ancienne PDG), Robert Davis (ancien directeur des systèmes d'information), James Harris et Gregory Maselli ont démissionné de leurs postes respectifs.
Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF) hat seine am 2. April 2025 angekündigte strategische Umstrukturierung abgeschlossen. Die Transaktion beinhaltete die Übertragung aller ausstehenden Aktien von Planet Based Foods Inc. (PBF) an bestimmte Insider des Unternehmens, was zur Streichung von 800.000 Mehrstimmrechtsaktien und 600.000 nachrangigen Stimmrechtsaktien führte.
Im Rahmen der Vereinbarung übertrug PBF seine geschützten Rezepte, Marken und geistigen Eigentumsrechte an das Unternehmen im Austausch für den Erlass von 5,5 Millionen US-Dollar konzerninterner Schulden und erhielt eine exklusive US-Lizenz zur Nutzung des geistigen Eigentums mit einer umsatzbasierten Lizenzgebühr.
Die Umstrukturierung führte zu bedeutenden Führungswechseln: Ted Cash wurde zum CEO und Interim-CFO ernannt, während Braelyn Davis (ehemalige CEO), Robert Davis (ehemaliger CIO), James Harris und Gregory Maselli von ihren jeweiligen Positionen zurücktraten.
- Elimination of $5.5 million in intercompany debt
- Retention of intellectual property assets with potential royalty revenue stream
- Streamlined share structure through cancellation of 1.4M shares
- Loss of exclusive U.S. market rights, now to royalty income
- Significant management turnover with multiple executive departures
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2025) - Planet Based Foods Global Inc. (CSE: PBF) (OTC Pink: PBFFF) (FSE: AZ00) (the "Company") is pleased to announce the successful closing of its strategic reorganization previously announced on April 2, 2025 (the "Transaction") pursuant to the terms of a Share Purchase Agreement dated April 2, 2025 with Planet Based Foods Inc. ("PBF"), a private California-based company, and certain insiders of the Company (together, the "Purchasers").
As part of the Transaction, all outstanding shares of PBF were transferred to the Purchasers in exchange for the surrender of their securities in the Company. This resulted in the cancellation and return to treasury of 800,000 multiple voting shares and 600,000 subordinate voting shares of the Company. In addition to the share transfer, PBF transferred to the Company its proprietary recipes, trademarks, and related intellectual property assets (the "IP") in return for the Company forgiving approximately
Following the completion of the Transaction, Messrs. Braelyn Davis, James Harris, and Gregory Maselli have resigned from the Company's board of directors, and Braelyn Davis and Robert Davis have stepped down from their executive positions as Chief Executive Officer and Chief Innovation Officer, respectively. Mr. Ted Cash has been appointed Chief Executive Officer of the Company and will act at the interim Chief Financial Officer until the Company appoints a new Chief Financial Officer, which is expected to occur in the near future.
"I am honored to step into the role of Chief Executive Officer at Planet Based Foods Global," said Ted Cash. "This is a pivotal time for our company as we restructure and continue to innovate in creating sustainable food solutions. I look forward to working with our talented team to build a strong foundation for growth, create value for our stakeholders, and advance our mission to provide delicious, planet-friendly food solutions to consumers worldwide."
Shareholder approval of the Transaction was obtained by way of consent resolution in accordance with subsection 4.6(1)(b) of the Canadian Securities Exchange's Policy 4 - Corporate Governance Securityholder Approvals and Miscellaneous Provisions.
About Planet Based Foods Global Inc.
The Company is dedicated to advancing the plant-based food industry through a diverse portfolio of sustainable food ingredients and innovative plant-based solutions that prioritize quality and environmental responsibility. Planet Based Foods Global Inc. is committed to upholding the highest standards of sustainability and fostering equitable partnerships that empower communities worldwide. With a focus on creativity and integrity, the Company provides products that align with evolving consumer values and contribute to a more sustainable food ecosystem.
Additional information about the Company is available on SEDAR+ (www.sedarplus.ca). To subscribe to automated email alerts for future news and public filings, visit the Planet Based Foods website at www.planetbasedfoods.com.
On Behalf of the Board
Ted Cash
CEO and Interim CFO
Contact:
info@planetbasedfoods.com
Forward-Looking Statements
Certain statements included in this news release constitute "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws (collectively, "forward-looking statements"). Such statements include those identified by the expressions "anticipate", "assume" "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. These forward-looking statements or information relate to, among other things, the future plans of the Company and the appointment of a new Chief Financial Officer.
These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance, or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, development of the industry in which the Company operates; risks associated with the conduct of the Company's business activities; risks relating to reliance on the Company's management team and outside contractors; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; laws and regulations governing the industry in which the Company operates; operating or technical difficulties; employee relations, labour unrest or unavailability; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and other risk factors disclosed in the Company's public disclosure documents available on the Company's profile at www.sedarplus.ca.
Readers are cautioned against attributing undue certainty to forward-looking statements or forward- looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend and does not assume any obligation to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information other than as required by applicable law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248497
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