Wee-Cig International Corp. Signs Letter of Intent to Acquire The Jamaican Brew House

Rhea-AI Summary

Wee-Cig International Corporation (WCIG) announced a Letter of Intent to acquire The Jamaican Brew House (JBH), known for its innovative cannabis-based products. JBH produces a neutral liquid base that simplifies the incorporation of cannabis into food and beverages, ensuring consistent CBD/THC content without the typical cannabis taste. The acquisition aims to leverage JBH's patent-pending technology to enhance market presence and product offerings. Wee-Cig's CFO Efraim Babayov will assume the roles of interim CEO and President following Russell Korus's resignation.

Positive

• Acquisition of JBH introduces patent-pending technology that can enhance product offerings.
• JBH's innovative product line and strong management team are expected to drive market growth.
• The acquisition aligns with Wee-Cig's strategy to expand into the cannabis sector, potentially increasing revenue.

Negative

• Uncertainty surrounding the integration of JBH into Wee-Cig's existing operations.
• Leadership transition due to the resignation of CEO Russell Korus may affect management stability.

Las Vegas, NV, Jan. 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Wee-Cig International Corporation (OTCMarkets: WCIG), a company focused on identifying and growing top tech companies in emerging markets, today announced that we have signed a Letter of Intent (LOI) to acquire The Jamaican Brew House.

The Jamaican Brew House (“JBH”) is a producer of an exclusive neutral liquid base made from cannabis that can be used in a range of food and beverage applications. The naturally soluble liquid eliminates the need for emulsification or nanoencapsulation, resulting in a finished product that has consistent CBD/THC content and is free of the taste of cannabis terpenes. JBH is the first company to utilize a botanical process to naturally create a neutral cannabis base and is further differentiated by its innovative products, unique flavor profiles, and customer-first experience, making cannabis products more enjoyable for consumers. The team at JBH includes sales and marketing leaders from the beverages industry, cannabis and food processing, and a corporate advisory team, all of whom will bring their industry knowledge to the company's operations.

This acquisition will bring a patent pending technology to Wee-Cig International Corporation, which the Company intends to immediately commence marketing. The Company expects to enter into a definitive agreement with JBH no later than thirty (30) days from entry into this LOI, with a closing during the first quarter of fiscal 2023.

"I am extremely excited to announce we have entered into a Letter of Intent," comments Efraim Babayov, CFO of Wee-Cig International Corporation. “The expansion of operations of The Jamaican Brew House is expected to be the focus of our company in 2023 and will bring a new and existing operating segment. I believe this acquisition once concluded will provide tremendous value to our company and shareholders."

Concurrent with the entry into this Letter of Intent, Mr. Russell Korus, CEO, President and director of the Company, has resigned all positions. Mr. Efraim Babayov has agreed to assume the role of interim CEO and President.  

About Wee-Cig International Corporation

Wee-Cig International Corporation is a publicly traded holding and acquisition company (WCIG) with a particular talent in identifying top tech companies in emerging markets and helping them get to the next level. Constantly scouring the technology landscape to find the best investment
opportunities, Wee-Cig targets companies that capitalize on unique opportunities by leveraging extensive, decades long industry relationships and management expertise. For more information,
visit: https://weecigcorp.com/

For media inquires contact:
Wee-Cig Media Relations
media@weecigcorp.com

FAQ

What is the purpose of Wee-Cig's acquisition of The Jamaican Brew House?

The acquisition aims to enhance Wee-Cig's product offerings by incorporating JBH's innovative cannabis-based technology.

What technology is being acquired from The Jamaican Brew House?

JBH offers a patent-pending neutral liquid base made from cannabis that simplifies product formulation.

When is the acquisition of The Jamaican Brew House expected to close?

Wee-Cig anticipates finalizing the acquisition within thirty days of the Letter of Intent, with closing expected in the first quarter of fiscal 2023.

Who is leading Wee-Cig International Corporation after the acquisition announcement?

Efraim Babayov has stepped in as interim CEO and President following the resignation of Russell Korus.

How does the acquisition of JBH impact Wee-Cig's business strategy?

This acquisition aligns with Wee-Cig's goal to grow in emerging tech markets, specifically the cannabis sector, enhancing their market presence.