Endexx Corporation (OTC: EDXC) Announces Its Newly Acquired Subsidiary, Hyla, Producer Of Guarana-Based Non-Nicotine Vape Products, Has Initiated Marketing Approvals In Eight New Countries; They Include Germany, Israel and Italy
Endexx Corporation (OTC: EDXC) today announces its newly acquired subsidiary, Hyla, producer of Guarana-based non-nicotine Vape Products, has initiated marketing approvals in eight new countries — including Germany, Israel and Italy. At the same time, EDXC says the acquisition ‘significantly improves’ its balance sheet by removing overhang through reduction of promissory obligations and cancellation of warrants. The company’s recently filed Form 8-K details the company’s Hyla acquisition and financial restructuring of EDXC.
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The new countries where marketing approvals have been initiated include: Germany, Italy, Israel, Egypt, Slovenia, Romania, Iran and Bahrain.
These eight new country markets will be added to Hyla’s currently active markets” including the US, Canada, Czech Republic, Georgia, Russia, Slovakia, South Africa, Switzerland, United Arab Emirates, the U.K., and Uzbekistan, the company says.
Nick Mehdi, Hyla CEO, commented, “We continue to see increased demand for our non-nicotine, guarana-based vape products, with sales and territories increasing quarter by quarter, all despite a current inability to sell the product online in the U.S. With more than 1,000 stores carrying the product in the U.S., and the potential to expand our market penetration to as many as 19 countries by the end of 2022, we are excited to add our product line to the already strong retail presence Endexx maintains.”
The Garana plant, originated in Brazil, contains caffeine, theobromine, theophylline, tannins and flavonoids. It is also used commonly as a coffee substitute.
EDXC believes its acquisition on controlling interest in Hyla will expand its international distribution and mean a “significant increase in the company’s consolidated revenue. Endexx further states that the Hyla proprietary device produces an unprecedented number of 4,500 puffs per device. Its initial inventory of 140,000 devices were sold out within the initial months of its availability, Endexx says. It also says the device is CE approved and has UL global safety certification.
In terms of financial impact of the Hyla acquisition, Endexx believes it has also strengthened its balance sheet. Detailed in its filing, Endexx has entered into settlement, lock-up and leak-out agreements with its Historic investors. Each Historic investor has agreed to exchange pre-acquisition Promissory Note and Warrants with a replacement simple Promissory Note. The new Historic Investor Replacement Note removed the convertible debt and warrants, replaced by a simple, non-convertible debt facility with an 18-month term. Refer to the Form 8-K for details.
The Company added, “The Hyla acquisition continues to be an important milestone for Endexx as it not only has provided additional revenue — which we expect to experience immediately — and new international distribution for both our CBD Unlimited and Blesswell™ product lines, but it also significantly clears the overhang from our balance sheet. This consolidation and simplification of our debt structure will enable us to fund our operations more easily, and create future growth, unencumbered by complex and potentially toxic debt.”
For additional information on the acquisition, please see Endexx’s recent Form 8-K filing.
Source: Stock Market Press
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