VANCOUVER, British Columbia, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Richard Buzbuzian (“RB”), Koby Smutylo (“KS”) and Tony Di Benedetto (“TDB”) announce that they have acquired, directly and indirectly, ownership or control of an aggregate of 18,800,000 (the “RB Shares”), 30,000,000 (the “KS Shares”) and 25,500,000 (the “TDB Shares”) common shares, respectively, of Wolfpack Brands Corporation (“Wolfpack” or the “Company”) pursuant to debt settlement transactions with the Company. RB acquired the RB Shares directly and indirectly through, among others, certain associates and affiliates, including Buzbuzian Capital Corp. (“RB Holdco”). RB Holdco is a company controlled by RB, director, President, CFO and Executive Chairman of Wolfpack. KS acquired the KS Shares indirectly through 25010812 Ontario Inc. (“KS Holdco”). KS Holdco is a company controlled by KS, director and CEO of Wolfpack. TDB acquired the TDB Shares directly and indirectly through, among others, certain associates and affiliates, including Launch Capital Inc. (“TDB Holdco”). TDB Holdco is a company controlled by TDB, a director of Wolfpack.
Pursuant to the transactions, the Company issued (1) an aggregate of 100,500,000 common shares (“Common Shares”) in the capital of the Company, at a deemed price of $0.005 per Common Share, in consideration for the settlement of a total of $502,500 in outstanding debt owing to certain creditors of the Company, and (2) an aggregate of 60,600,000 Common Shares in the capital of the Company, at a deemed price of $0.02 per Common Share, in consideration for the settlement of a total of $1,212,000 in outstanding debt owing to certain creditors of the Company, as invoiced. The transactions were completed pursuant to shares for debt agreements between, among others, RB Holdco, KS Holdco and TDB Holdco and the Company (the “Agreements”). Under the Agreements and pursuant to the debt settlement transactions with other parties, RB acquired the RB Shares, representing 11.65% of the issued and outstanding Common Shares of the Company, KS acquired the KS Shares, representing 18.59% of the issued and outstanding Common Shares of the Company, and TDB acquired the TDB Shares, representing 15.80% of the issued and outstanding Common Shares of the Company. Prior to the closing of the transactions, none of the parties identified herein owned any Common Shares of Wolfpack.
The transactions described herein were made as part of a series of refinancing and balance sheet remedial transactions intended to restructure Wolfpack’s outstanding indebtedness and improve its financial position for reporting purposes.
While RB Holdco, KS Holdco and TDB Holdco have no current plans or intentions that relate to or would result in the items listed in (a) through (k) of Form 62-103F1, depending on various factors including, without limitation, the Company’s financial position, the price levels of the Common Shares of the Company, conditions in the securities markets and general economic and industry conditions, the Company’s business or financial condition, and other factors and conditions they may acquire or dispose of additional securities in the future, but have no current plans or future intentions to do so.
For further information please contact:
A copy of the early warning report may be obtained by contacting RB at (647) 501-3290, KS at (613) 869-5440 and TDB at (416) 791-9399.
Buzbuzian Capital Corp.
2D 319 Lonsdale Road
Toronto, ON M4V 1X3
25010812 Ontario Inc.
8 Monk Street
Ottawa, ON K1S 3Y6
Launch Capital Inc.
20 Di Benedetto Lane
Woodbridge, ON L4H 3H2