Bloombox Expected to Be Used Across Outlets in an Estimated 7-10 States in 2019
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VANCOUVER, British Columbia, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Innovative Properties Inc. d/b/a Nabis Holdings (CSE:NAB; OTC: INNPF, FRA:7IP) (“Nabis” or the “Company”), is pleased to announce that the Company has entered into a binding term sheet (“Term Sheet”) with Momentum Ideas Co. (“Momentum”) to acquire certain assets used and marketed under the brand Bloombox (“Bloombox”), a leading intelligent retail cannabis software platform, including the Bloombox Software and data platform (the “Investment”). The acquisition of Bloombox will create a dominating presence in the U.S. cannabis market, featuring an integrated ecosystem of modern, next-generation cannabis technology. Bloombox is one of the world’s first standards-based cannabis software systems, enabling frictionless integration with nearly any business system or regulatory body.
Nabis will benefit from Bloombox’s revolutionary identity platform, which redefines consumer-business interaction through data and enables a new level of personalization at the retail level. Integrated systems for menus, ordering, product content, consumer marketing, loyalty programs, and more, will drive success with both existing and new customers. Bloombox’s current pipeline of clients, along with Nabis’ pipeline is anticipated to put this cutting-edge platform to use in seven to ten U.S. States in 2019.
The Bloombox team will be working closely with Nabis, including Sam Gammon, who will be appointed as as Nabis’ Chief Technology Officer, upon the closing of the Investment, under which the Bloombox platform will continue to expand. The platform will remain available for 3rd-party operators to license for their own use in a Software-as-a-Service (SaaS) model.
“Bloombox is a strategic investment for Nabis as it creates a very well established retail and supply chain ecosystem to be used and distributed across the Nabis’ network of dispensaries across the United States,” said Shay Shnet, CEO & Director of Nabis. “We look forward to working with the Bloombox team to further establish this retail cannabis software as the industry standard that we expect to be adopted by almost all cannabis retail locations, supply chain, & users.”
“After years of laser focus on developing our top-notch ecosystem of cannabis technology, I am thrilled to be joining forces with Nabis, one of the top multi-state cannabis investment companies,” said Sam Gammon, Founder & CEO of Bloombox. “Together with Nabis, we can revolutionize the customer experience and replace a plethora of outdated and inefficient operating models. This partnership of Nabis & Bloombox immediately positions us to shake up the status quo and sweep the U.S. cannabis market. Between Nabis’ market reach and Bloombox’s vision for a revolutionized cannabis supply chain and buying experience, our retail presence will not only serve the largest, most valuable markets in the world, but will do so at a cost that other operators simply cannot compete with, all while delivering a consumer experience that is unparalleled inside or outside the cannabis sector,” continued Sam. ”We can now row towards one goal, as one unified team: to create a vertically-integrated powerhouse the likes of which this industry has never seen.”
Under the Term Sheet, the Company will issue to Momentum two million common shares of Nabis (“Nabis Shares”) at a deemed value of $1.00 per share for an aggregate purchase price of $2 million for Bloombox. The Nabis Shares will be issuable upon closing of the Investment and is subject to a statutory four (4)-month hold period. If, after the date that is four (4)-month and one day following closing, the 10-day volume weighted average price of the Company’s shares on the Canadian Stock Exchange (“CSE”) does not equal or exceed $1.65, the Company shall issue an additional 500,000 Nabis Shares (“Additional Shares”) to Momentum, at a deemed price equal to the closing price of Nabis Shares on the CSE prior to the date of issuance. The Additional Shares shall be restricted from resale for an additional four (4)-month hold period from the date of issuance. Momentum is an unrelated third party and the transaction is expected to close in February 2019.
About Innovative Properties Inc. (d/b/a Nabis Holdings)
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical (CSE:MPX), one of the largest takeovers in the U.S. Cannabis space to date, the company has proven track record in emerging markets to create significant shareholder value. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
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The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the investments will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.