Sipup Corp (OTC: SPUP) has on Dec 8, 2020 entered into a non-binding letter of intent for a business combination with VeganNation Ltd., a leading global plant-based company building an all encompassing conscious consumer ecosystem, connecting and empowering plant-based and sustainable businesses and individuals. Under the terms of the letter of intent, VeganNation will become a wholly owned subsidiary of Sipup.
VeganNation, the world's first sustainable ecosystem, along with SIPUP announced its plans to merge with the vision to build the first publicly traded plant-based ecosystem. The growth of sustainable and plant-based consumer goods presents a unique opportunity to participate in the fastest growing lifestyle globally.
A condition to closing is that Sipup will complete a private placement of its securities with net proceeds to the Company of $3.5 million. The consummation of the transaction will also be subject to, standard closing conditions, including satisfactory due diligence by the parties and the entry into a definitive merger agreement.
The combined Company anticipates executing on its strategy involving growth in revenue and long-term profitability. This strategy includes continued R&D investment, new initiatives in sales, marketing and innovation, as well as finalizing a strategic acquisition.
The SIPUP board appointed Isaac Thomas as the new CEO of the company "the time for a green and sustainable world has never been more crucial and the economic opportunities that it brings with it are enormous. As a public company, we aim to be a leader in the new green revolution and bridge the corporate world to sustainability" said Thomas.
VeganNation commented, "the global conscious consumer is set to change the world as we know it and VeganNation is on the forefront of the new green sustainability revolution"
"Thrivability", explains Isaac Thomas, CEO and Co-Founder of VeganNation, "thrivability for all is the new way of business. We aim to connect everything plant-based and sustainable into a strong global economic ecosystem."
About VeganNation
The VeganNation ecosystem unites individuals, businesses and organizations to discover, share and trade goods and services based on vegan values and lifestyles. VeganNation is leading the vegan community with a sophisticated technology platform that enables a robust vegan economy to flourish.
