Livewire Ergogenics closes buy of majority stake in Apple Rush Co.
M2 EQUITYBITES-May 21, 2014-Livewire Ergogenics closes buy of majority stake in Apple Rush Co
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21 May 2014 - US chewable energy supplements and other functional foods company Livewire Ergogenics Inc (OTCMKTS:SFBL) said it had closed its acquisition of a majority stake in local organic drinks firm Apple Rush Co Inc (OTCMKTS:APRU).
When it announced the deal on 6 March, Livewire did not disclose its financial value, but said the purchase price will be paid in cash and stock.
Livewire said in its current statement it plans to rename the acquired business to Applied Herbaceuticals Inc. Following the deal, the company now owns some 77% in Apple Rush, as well as the Canna Rush and Canna Bliss brands and has sealed a long-term license agreement to be the exclusive worldwide licensee for the Apple Rush and Ginseng Rush brands, it further explained.
Applied Herbaceuticals will concentrate on distributing the cannabidiol (CBD)-based Canna Rush and Canna Bliss products, LiveWire's CEO, Bill Hodson, said, adding that his company will collaborate with its joint-venture team and distribution partners to launch branded and private-label products through the rebranded entity.
The acquisition complements Livewire's group of brands and expands its portfolio to include CBD and other industrial-hemp based products, Hodson has said.
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