LAS VEGAS, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Barrel Energy Inc., (OTC Markets: BRLL) (the “Company” or “Barrel”) is pleased to announce the company has signed a Letter of Intent (“LOI”) to acquire ZB Holdings, Inc. (“ZB or Zoombang”) of Katy, Texas.
ZB Holdings, Inc, (www.zoombang.com) is a technology driven consumer products company which produces and markets protective apparel in the sports, military, law enforcement and industrial safety sectors through a proprietary trademarked design and production technique.
Zoombang’s products are unique in that they absorb and dissipate more energy than any other product available. In third-party test results of protective wear, Zoombang outperformed globally recognized sports gear providers McDavid, Under Armour, Nike, Schutt and other leading brands by effectively reducing impact energy.
Zoombang boasts a wide range of protective sports apparel that are designed for every level of sports enthusiast from youth to professional sports. The high-quality gear is currently in use by professional athletes within the NFL, NBA, NHL, CFL, the X Games, AMA Motocross and Major League Soccer.
The Company’s Chairman, Harpreet Sangha, stated, “We are delighted to be working with the team at ZB Holdings and the incredible Zoombang Product line. The conditions of the LOI mark a very exciting and important point in the Company’s history. We are rapidly building a diverse team as we foresee numerous market opportunities ahead for the Company in expanding the global reach of the extraordinary Zoombang product lines.”
Under the proposed transaction, Barrel will acquire 100% of the assets of ZB, and ZB will acquire 40% of the fully diluted shares of common stock of Barrel. The LOI holds both parties to a non-circumvention agreement to work diligently and cooperatively together to complete this transaction that will be further outlined in a Definitive Agreement.
About Barrel: Barrel Energy Inc. (OTC Markets: BRLL) is a diversified holding company whose strategy is to acquire interests in a range of profitable ventures in the Energy, Agriculture and Consumer products manufacturing and marketing.
Louis Silver, Head of Corporate Communications
Company Disclaimers: As a "penny stock" Company, within the meaning of federal and state securities law, Barrel Energy Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, Barrel Energy, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.