CE Brands Inc. and eBuyNow eCommerce Ltd. Provide Update on Prospectus Offering; Qualifying Transaction

April 8, 2021 5:34 PM EDT

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CALGARY, Alberta and VICTORIA, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- CE Brands Inc. (TSXV:CEBI.P, “CEBI”) and eBuyNow eCommerce Ltd. (“EBN”) are pleased to announce that shareholders have overwhelmingly approved all matters relating to CEBI’s proposed acquisition of EBN (the “Proposed Transaction”). The Proposed Transaction is intended to constitute CEBI’s Qualifying Transaction within the meaning of TSX Venture Exchange policies.

CEBI and EBN are also pleased to announce that they have made further amendments to the Amalgamation Agreement dated March 12, 2020, to require that gross proceeds of not less than $10,000,000 must be raised under CEBI’s prospectus offering of subscription receipts (the “Public Offering”), which was announced on February 10, 2021. Previously, the Amalgamation Agreement required that gross proceeds of not less than $5,000,000 must be raised under the Public Offering. A copy of the amendment is available on CEBI’s SEDAR profile at www.sedar.com.

The Proposed Transaction requires the approval of the TSX Venture Exchange, and the Public Offering requires the approval of securities regulatory authorities and the TSX Venture Exchange.

Neither the Exchange nor its regulation services provider (as defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information Disclaimer

This press release contains forward-looking information within the meaning of applicable securities legislation. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. The use of any of the words “anticipates”, “expects”, “intends”, “will”, “would”, and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward looking information concerning receipt of regulatory and stock exchange approvals of the Proposed Transaction and Public Offering. The forward-looking information is based on certain key expectations and assumptions made by CEBI and EBN, including expectations and assumptions concerning the ability of CEBI and EBN to complete the Proposed Transaction and Public Offering on the terms proposed, or at all. Although CEBI and EBN believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because neither CEBI nor EBN can give any assurance that they will prove to be accurate. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed in this press release. These risks and uncertainties include, but are not limited to, the inability of CEBI and EBN to satisfy the conditions precedent to the Proposed Transaction and Public Offering. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date of this press release, and to not use such forward-looking information for anything other than its intended purpose. Neither CEBI nor EBN undertakes any obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.

Further Information

For further information about CEBI, please contact:

Dave HendersonPresident and Chief Executive Officer403-978-5201dhhendersonceb@gmail.com

Brian ProkopChief Financial Officer587-899-4807brianprokop@yahoo.ca

For further information about EBN, please contact:

Kalvie Legat Executive Vice President, Head of Corporate Development778-771-0901ir@ebuynow.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF THAT JURISDICTION.

Source: CE Brands Inc.


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