PlantX Enters into Strategic Ecommerce Partnership with VeganWines.com and Provides Corporate Update
PlantX Life Inc. (OTC: PLTXF) announced a new strategic partnership with Vegan Wines, enhancing its product range by incorporating vegan alcoholic beverages into its ecommerce offerings. Through this collaboration, PlantX aims to manage Vegan Wines' ecommerce operations, revamping their website and product catalog. The partnership includes a vegan food hall opening in Chicago, alongside a tasting event scheduled for March 12, 2023. Additionally, the company will undergo a share consolidation on a 10-for-1 basis, reducing outstanding shares from approximately 36.9 million to 3.7 million.
- Strategic partnership with Vegan Wines expands product offerings to include vegan alcoholic beverages.
- Management of Vegan Wines' ecommerce operations expected to enhance customer experience.
- Collaboration includes a food hall opening in Chicago, potentially increasing foot traffic and sales.
- Acquisition of a 10% strategic position in VeganWines.com could bolster PlantX's market presence.
- Share consolidation may lead to shareholder dilution and could negatively impact market perception.
Expands PlantX Into Additional Plant-based Category: Alcoholic Beverages
The Company's board of directors has approved a share consolidation
VANCOUVER, BC / ACCESSWIRE / March 22, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt:WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced a comprehensive strategic ecommerce partnership with Vegan Wines, one of the leading
Vegan Wines (veganwines.com) is a completely vegan-friendly wine importer/distributor and wine club founded in 2017 by Frances Gonzalez, a long-time vegan and wine expert. The company offers an exclusive selection of high-quality vegan wines from around the world that are not only delicious but also cruelty-free. It selects its wines with integrity by selecting wines only from vineyards that they have personally visited. The subscription-based club and online wine shop ships to over 41 states. Frances is also the founder and organizer of VegFest Puerto Rico, a nonprofit established in Puerto Rico after Hurricane Maria that hosts an annual all-day festival dedicated to promoting plant-based living and sustainability with local farmers, artisans, food vendors, and more.
Leveraging PlantX's existing in-house tech team, marketing/SEO experts, and fulfillment operations in Chicago,
PlantX will be assuming management of Vegan Wines' domain and ecommerce operations, building a more user-friendly VeganWines.com website, and adding its full product catalog to PlantX's websites. The partnership also includes an exclusive collaboration for the vegan food hall that is being opened at the Company's Uptown Chicago XMarket location this year that is expected to attract both brands and consumers to what is expected to be the largest all vegan food halls to exist in the Midwest.
"Adding Vegan Wines is a huge win for PlantX as a technology and ecommerce company," said PlantX CEO, Lorne Rapkin. "The brand has a loyal following with many active subscribers who are purchasing monthly packages, and Frances is doing amazing things for the plant-based community. We are excited to offer Vegan Wines' personally selected wines alongside PlantX's own diverse product assortment, and to work with Frances to grow the entire vegan wine category."
Vegan Wines Founder and CEO Frances Gonzalez said, "I could not have chosen a better partner to join me on my mission of making the process of choosing and ordering vegan wine easier for everyone than PlantX."
As part of the collaboration, PlantX and Vegan Wines will co-host a first-of-its kind vegan wine and cheese tasting event at the PlantX Venice store on March 12th from 11am to 3pm PT. Customers are invited to come and explore an exclusive selection of vegan wines. Ms. Gonzalez will be on hand to guide customers through the wine tasting process and help them discover new and exciting flavors.
PlantX will be acquiring a
Corporate Update
The Company's board of directors has approved a share consolidation of the Common Shares on a 10 for one (1) basis. Currently, the company's authorized share structure consists of an unlimited number of Common Shares without par value, of which 36,941,781 Common Shares are issued and outstanding on a non-diluted basis. Following Consolidation and subject to rounding, it is expected that the Company will have 3,694,178 Common Shares issued and outstanding on a non-diluted basis. Pursuant to the Business Corporations Act (British Columbia) and the articles of the Company, shareholder approval is not required for the Consolidation. Therefore, the Company will not be seeking shareholder approval for the Consolidation. Further details regarding the Consolidation will be included in a subsequent news release.
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX's platform is a one-stop shop for plant-based products. With its fast-growing category verticals, PlantX offers customers more than 5,000 plant-based products across North America. PlantX also has other brands in the PlantX portfolio, including a juice brand, a coffee company, a plant shop, and brick-and-mortar grocery stores. PlantX uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. PlantX's digital presence eliminates entry barriers for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.
Connect with PlantX: Email | Website | Facebook | LinkedIn |Twitter |Instagram | YouTube | TikTok
For additional information, please contact:
Lorne Rapkin
Chief Executive Officer
(416) 419-1415
Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may," "will," "expect," "likely", "should," "would," "plan," "anticipate," "intend," "potential," "proposed," "estimate," "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, statements regarding the availability of Vegan Wine products, PlantX promotional events, and the business and strategic plans of the Company.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: receiving sufficient demand for the Offering; the Company's ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; the conflict in eastern Europe; having a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company's continuous disclosure documents, which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE: PlantX Life Inc.
View source version on accesswire.com:
https://www.accesswire.com/745121/PlantX-Enters-into-Strategic-Ecommerce-Partnership-with-VeganWinescom-and-Provides-Corporate-Update
FAQ
What is the significance of the partnership between PlantX and Vegan Wines?
When is the vegan wine and cheese tasting event hosted by PlantX?
What changes are being made to the share structure of PlantX?
What does acquiring a 10% stake in VeganWines.com mean for PlantX?
