COSTA MESA, Calif., Nov. 01, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Sipp Industries, Inc. (SIPC), a multifaceted corporation specializing in technology, manufacturing and distribution of commercial and consumer products, today announced it has entered into a financing agreement with Wanderport Corporation (WDRP) for a $500K bridge line of credit to support near term growth.
The line of credit is structured as a convertible note and can only be used for beverage development, production, sales and marketing. The facility can increase to $1M and serves as a bridge until the Company secures additional financing to support its organic and external growth.
The Company and Wanderport Corporation formalized their partnership in September 2017 by completing a 25M share stock swap. At Sipp’s current stock value, Wanderport has an unrealized gain of $1.5M which it will use as part of a mechanism to provide funding to Sipp Industries.
Through its wholly owned subsidiary, Major Hemp, Sipp Industries has recently received the Certificate of Label Approval (COLA) from the Tobacco Tax and Trade Bureau (TTB) for a new hemp IPA beer, Major Hemp H-IPA. The beer has been produced by Church Street Brewing and is being packaged into cans for wider distribution.
The Company is collaborating with Church Street Brewing to host a launch party on November 2, 2018 from 5pm until 11pm at 1480 Industrial Drive, Suite C, Itasca, IL. The H-IPA will be available for tasting and purchase from tap as well as cans.
The Company is also expecting to receive the label approval for its first hemp beer, Major Hemp Brown Ale (MHBA) and begin production with its Colorado contract brewer, Sleeping Giant, soon. MHBA will also be available in kegs and cans.
“We could not be more excited for the recent development of our craft hemp beers. We are at a cusp of rapid growth and the financing provided by Wanderport is instrumental in supporting our near term growth. This will allow us to keep our cost of capital to a minimum while we seek for the most favorable terms of financing for longer term growth,” commented Syman Vong, Chief Executive Officer.
“As a strategic partner, we are delighted to assist in Sipp Industries’ growth. Not only will we be a financing partner but we will also participate in Sipp’s product and market expansion,” stated Liliana Vo, Wanderport’s President and interim CEO.
About Sipp Industries, Inc.
Sipp Industries is a multifaceted corporation that specializes in technology, manufacturing and distribution of commercial and consumer products. Through its wholly owned subsidiary, Major Hemp, the Company provides hemp beer, high quality and competitively priced hemp-based products, bulk hemp, CBD supply, co-packing and private labeling services.
About Wanderport Corporation
Wanderport Corporation is a premier manufacturer and distributor of food, beverages and consumer products made with hemp. Its premium quality coffee blends are currently being sold in a growing number of grocery stores and small businesses in the Southern California territory. Its products are also sold online at www.sapacoffee.com and www.amazon.com. For more information, please visit http://www.wanderportcorp.com.
Forward Looking Statements:
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team.
Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management’s plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management’s control.
Major Hemp President
Sipp Industries, Inc.