SinglePoint Sells GreenStar E-Cigarette Brand to Havana Holdings.
11 June 2015 - US-based mobile technology and marketing provider SinglePoint, Inc. (OTC: SING) has finalized a deal to sell its GreenStar e-cigarette brand to US-based Havana Holdings, Inc. in a purchase valued at USD 1.4m.
The deal includes the GreenStar brand and all of the underlying IP.
Havana's business plan is to develop a low cost E-cigarette brand targeted specifically to the 30m strong US Hispanic market.
Under the deal, Havana will issue SinglePoint 57.1m shares of common stock and the holder of Havana's outstanding preferred shares will convert these preferred shares into common stock.
After the Closing, it is estimated that SinglePoint will own about 75% of Havana's company stock.
Havana Holdings intends to continue SinglePoint's business plan for GreenStar which is to develop new and existing relationships for a product rollout that will include both traditional and smokeless tobacco products ranging from electronic cigarettes, vape pens and, contingent on the trade embargo being lifted, Cuban cigars.
The first product will be a low-cost, disposable "vape" pen to be marketed toward high-volume sales. Havana believes Vape use has doubled in the last 12 months.
Havana, formed in 2004, is a non-trading public company.
Buyer: Havana Holdings, Inc
Vendor: SinglePoint, Inc
Deal size in USD: 1.4m
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Jun 11, 2015|
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