PlantX Life (VEGA.C), through its wholly owned subsidiary PlantX Lifestyle USA, has completed its previously announced transaction to acquire all of the issued and outstanding membership interests of MK Cuisine Global’s Plant-Based Deli (New Deli).
“Finalizing the acquisition of New Deli brings us one step closer to realizing our vision for expansion…We’re now ready to fully capitalize on each company’s operational expertise and combine our strengths to implement powerful growth strategies,” said PlantX founder Sean Dollinger.
As you could probably guess, New Deli is a sustainable and plant-based retail location. New Deli was founded by Matthew Kenney and is advertised as a neighborhood bodega, also referred to as a convenient store, offering everyday retail goods ranging from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer, and wine. Following PlantX Lifestyle USA’s acquisition of New Deli, all brick-and-mortar New Deli locations will be rebranded as ‘New Deli by PlantX’ and will be operated in collaboration with the MKC team.
Although its not the most innovative rebranding, its clear to see that PlantX wants to maintain the presence that New Deli has established for itself. In fact, PlantX CEO, Julia Frank believes the brand awareness of the New Deli name will provide an exciting fusion for PlantX. Furthermore, the Company plans to leverage MKC’s operational experience while continuing to focus on the expansion of its ecommerce platform. In doing so, Ms. Frank hopes to facilitate the growth of a multifaceted ecosystem for all things plant-based.
According to the terms of the acquisition, PlantX Lifestyle USA will acquire all of the issued and outstanding membership interest of New Deli for an aggregate purchase price of USD$1,569,999. In addition to completing its latest acquisition of New Deli, PlantX Life announced today that it has established a charitable partnership with the Squamish Food Bank. This partnership is intended to further the Company’s commitment to both health promotion and sustainability through initiatives aimed at lowering food waste.
“The Squamish community has been so welcoming towards PlantX and for that we will always be grateful…Our ethos is that we want to give back and make positive changes however we can and our partnership with the Squamish Food Bank is an amazing way to manifest that in a community that we are highly fond of. This is especially important in these difficult times where many have been effected by the pandemic. We have witnessed a lot of hardship caused by food insecurity in the last year. Being able to combat these concerns by supporting the local food bank is in tune with our values,” said PlantX Founder, Sean Dollinger.
Housing PlantX’s first brick-and-mortar flagship store as well as its indoor plant warehouse, Squamish represents a pivotal location for the Company. By providing nutritional food items that are rescued, repurposed and shared, the Squamish Food Bank is able to combat food insecurity and reduce food waste. With this in mind, both PlantX and the Squamish Food Bank share a common goal, focused on contributing to the well-being of the Squamish community
PlantX Life’s share price opened at $0.58 today and is currently trading at $0.57 as of 10:27AM ET.