Orlando, Florida--(Newsfile Corp. - December 4, 2019) - Elev8 Brands, Inc. (OTCQB: VATE), a holding company focused on the commercial development of hemp and cannabinoid-infused beverages along with an array of CBD topicals and tinctures, announces an exchange agreement to eliminate all 2,746,732 of Kona Gold Solutions' Preferred Series D shares.
In a contract between the two companies, Kona Gold Solution has agreed to exchange its Preferred Series D shares into a $1,500,000 non-convertible promissory note payable within 10 years.
Elev8 Brands CEO, Ryan Medico, states, "This is very exciting for both companies. We strive to keep our share structure very clean, so an opportunity to reduce this number of shares was well worth it. A 10-year term gives Elev8 a realistic timeframe to pay back the note while reducing our outstanding shares."
"Elev8 Brands has been a fantastic partner to work with over the years and I'm excited about this agreement that will mutually benefit both Companies," stated Robert Clark, CEO of Kona Gold Solutions, Inc. "Both Companies have experienced substantial growth and this agreement will further allow opportunities in the future."
About Elev8 Hemp: Elev8 Hemp's mission is simple: craft the highest-quality, organic hemp products for consumers in search of a healthier, happier lifestyle. Everyone needs to get the proper amount of healthy proteins to keep them feeling better and more energetic. We source only the best organic hemp protein powders-naturally full of powerhouse amino acids and Omegas-3, 6, and 9-so we can infuse your daily coffee and tea with an abundance of minerals, vitamins, antioxidants and fiber.
Mother Nature creates this pure hemp with a rare, perfect balance for optimal nutrition and exceptional taste. Elev8 Hemp takes these raw, natural products and transforms them into delicious CBD-infused beverages that will become your new favorite daily drink. CBD-infused coffees and teas are our specialty, and we take our mission very seriously. Let us do what we do best and let achieving a healthier lifestyle be as simple as remembering your morning cup.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
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