LAKE FOREST, Ill., Jan. 08, 2020 (GLOBE NEWSWIRE) -- Acquired Sales Corp. (OTC Pink: AQSP) today announced that it has signed a definitive merger agreement to acquire 100% of rapidly growing and profitable Warrender Enterprise Inc. d/b/a Lifted Liquids (www.LiftedMade.com), of Zion, Illinois, for consideration of (1) $3.75 million in cash, (2) $3.75 million in the form of a secured promissory note, (3) 4,545,455 shares of unregistered common stock of AQSP, and (4) warrants to purchase 1,820,000 shares of unregistered common stock of AQSP at an exercise price of $5.00 per share. AQSP will pay the $3.75 million cash portion of the consideration from cash on hand.
The closing of the merger is subject to a number of other conditions, including obtaining AQSP majority shareholder approval, providing required stockholder information and notice, and the completion, filing and clearance of all necessary securities filings. No assurance can be given that all such conditions will be fulfilled.
Following the closing, Nicholas S. Warrender, the owner, Founder and CEO of Lifted Liquids, will continue as the CEO of Lifted Liquids under a long-term employment agreement, and Lifted Liquids will operate as a wholly-owned subsidiary of AQSP. Warrender will also become Vice Chairman and Chief Operating Officer of AQSP.
Warrender stated: "Our partnership with AQSP brings value beyond measure, giving us the ability to continue our expansion at an even more rapid rate. It takes a team, and we have the utmost confidence in each individual that is a part of this movement. We want to continue to leave a positive mark and impact on the lives of our current and future customers. Our goal is to bring industry leaders together and this is the first major step in reaching that goal."
"William C. "Jake" Jacobs, CPA, President and CFO of AQSP, stated: "We are very excited to become partners with Nick Warrender and his talented team at Lifted Liquids. We want to join forces with talented entrepreneurs like Nick to build the largest company in the cannabinoid-infused products industry."
Founded in 2015, Lifted Liquids was created with a passion to build a culture-based organization focused upon quality products and a healthier lifestyle. Lifted Liquids produces its own lines of CBD-infused products, as well as numerous CBD-infused products for private label clients. In addition, Lifted Liquids has a raw goods supply chain that many customers benefit from: CBD and CBG isolate, full spectrum, broad spectrum water soluble, distillate and more.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the contingencies to the closing of the contemplated transaction between the companies, and the growth strategies and future plans of the companies. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to the contemplated transaction between the companies not closing, or to the actual results of these companies' operations or the performance or achievements of these companies differing materially from those expressed or implied by the forward-looking statements. Acquired Sales Corp. undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of contingencies to the closing of the contemplated transaction between the companies, and as a result of certain other factors, including those set forth in Acquired Sales Corp.'s filings with the Securities and Exchange Commission.
CONTACTS:
Acquired Sales Corp.
William C. "Jake" Jacobs, CPA, President and CFO
Phone: 847-400-7660
Email: JakeJacobs@AcquiredSalesCorp.com
Website: www.AcquiredSalesCorp.com
Warrender Enterprise Inc. d/b/a Lifted Liquids
Attention: Nicholas S. Warrender, Owner, Founder and CEO
Phone: 224-577-8148
Email: Nick@LiftedLiquids.com
Website: www.LiftedMade.com