IGNITE Provides an Update on the Filing of Its Q1 Financial Statements and MD&A

IGNITE Provides an Update on the Filing of Its Q1 Financial Statements and MD&A

IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, announces that, further to its news release dated May 29, 2020 (“Initial Press Release”), the Company is expected to file its interim financial statements for the period ended March 31, 2020, interim MD&A for the same period and accompanying certificates (collectively, the “Interim Filings”) by July 15, 2020.

The following is a list of the Company’s material business developments since the Initial Press Release:

  • On June 9, 2020, the Company announced that it has hired a new President (Lester Lee), replacing its prior acting President, Curtis Heffernan, and completed a private placement of convertible debentures totaling CA$5 million. Details were disclosed in a news release issued on June 9, 2020.
  • On June 15, 2020, the Company announced that it has closed the previously announced acquisition of Ignite Distribution Inc. Details of the acquisition and the consideration payable were disclosed in a news release issued on June 15, 2020.
  • On June 24, 2020, the Company announced that it has entered into an exclusivity agreement with Namaste’s CannMart to distribute certain of its products in Ontario and Alberta. Details were disclosed in a news release issued on June 24, 2020.

ABOUT IGNITE

IGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company’s ‘quality-first’ approach is fundamental to the brand and its products. Originally operating in the cannabis and hemp-derived cannabidiol (CBD) wellness space, IGNITE was able to establish its brand awareness. IGNITE product categories now include a full line of CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices, produced by various partners and sold through select distributors, brick and mortar retailers, and online through the Company’s website, ignite.co. The IGNITE THC product line, which was launched subsequent to the CBD product line, incorporates quality, locally sourced, cannabis products.

Since the launching of its THC and CBD products, the Company has expanded into the beverage space, launching a full line of functional performance enhancing drinks. The IGNITE beverage line currently consists of PH-alkaline balanced water, a line of premium performance drinks, named Z-RO as well as a gluten-free, seven-time distilled vodka. IGNITE beverages will be distributed nationally within the United States and available to purchase on the IGNITE beverages website, IgniteBeverages.co.

IGNITE is a socially responsible company and is committed to using its marketing and brand power as a positive catalyst for a healthy lifestyle. The IGNITE management team believes that socially responsible oriented actions have a positive impact on the Company, its employees and its shareholders.

Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.

Further information on IGNITE can be found on the Company’s website at ignite.co

For further information, please contact:
Linda K. Menzel, General Counsel
Tel: 310-867-3859
Email: linda.menzel@ignite.co

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to IGNITE, its ability to file the Interim Filings by July 15, 2020. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID-19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan; reliance on the “IGNITE” brand which may not prove to be as successful as contemplated; the ability to and risks associated with unlocking future licensing opportunities with the “IGNITE” brand, and the ability of IGNITE to capture significant market share. There can be no assurance that any of the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

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Published at Mon, 06 Jul 2020 11:36:46 +0000

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