CALABASAS, Calif., July 18, 2023 (GLOBE NEWSWIRE) -- Resonate Blends, Inc. (OTCQB: KOAN) (“Resonate”) is pleased to report an update on its acquisition partner Pegasus Specialty Vehicles, LLC (“Pegasus” or the “Company”). On June 23, 2023, Resonate announced the signing of an Agreement and Plan of Merger (the “Merger Agreement”) with Pegasus and made a $435,000 investment into the Ohio-based company. This investment, prior to the expected closing of this transaction, has provided Pegasus with fresh capital to move forward on its ambitious revenue roadmap.
Pegasus is an innovative leader in the low-emission and zero-emission electric vehicle (“EV”) and emerging hydrogen fuel cell technology for school buses and specialty vehicles. Pegasus announced today they have shipped their first five (5) buses with ten (10) more in various stages of completion. The Company currently has more than 100 chassis in their production lot waiting for various components and the additional funding from Resonate to both close the Merger Agreement and complete the production of the 100+ buses.
Included in their chassis inventory are the first four Peterbilt chassis with a demo school bus model nearly completed. This represents Peterbilt’s first foray into the school bus market and is being met with significant market interest.
Pegasus is attending the STN Expo in Reno, Nevada this week showcasing their demo school bus and meeting with their vast dealer network connections and various strategic partners.
Completion of the announced Merger Agreement is subject to the satisfaction of closing conditions that are to be finalized as part of the Agreement. Accordingly, there can be no assurance that a closing will be consummated.
About Pegasus Specialty Vehicles, LLC
Pegasus Specialty Vehicles, LLC is a trailblazer in the technological evolution occurring within the School Bus industry. Our management team has developed a clear strategy - and the infrastructure to support this transition, to zero-emission solutions such as Electric and Hydrogen. The modular approach that we implement, alongside key established partnerships with Peterbilt, Via Motors and Hyperion, enables us to meet current and future customer needs as the industry adopts the new technologies, and provides tangible solutions to drive sustainable revenues and profits while reducing market risk.
About Resonate Blends, Inc. (OTCQB:KOAN)
Resonate Blends is a Calabasas, CA-based portfolio of Cannabis Wellness and Lifestyle brands. The company created the Resonate System—a comprehensive system of interconnected experience targets to personalize consumers’ relationship with Cannabis through its products. Koan Cordials, the world’s first Cannabis Cordial and Resonate’s flagship product line, was awarded the prestigious Gold Leaf Award for “Best New Brand” and a Clio Cannabis award for packaging and design. To learn more, please visit www.resonateblends.com
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our ability to raise capital, the regulatory approval process, the development, testing, production and marketing of our drug candidates, patent and intellectual property matters and strategic agreements and relationships. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. A complete discussion of the risks and uncertainties that may affect the Company’s business, including the business of any of its subsidiaries, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
Corporate Contact
David Thielen
Chief Investment Officer/Director
Resonate Blends, Inc.
david@resonateblends.com
571-888-0009
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/020cb09c-f49d-4e23-89fa-70cd9e833e11
