HICKSVILLE, NY, March 15, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Can B Corp. (OTCQB: CANB) ("Can B" or the "Company"), a health and wellness company specializing in developing, producing, and selling hemp-derived cannabinoid products and durable medical devices, is pleased to announce it has successfully completed a corporate debt restructuring.
Through the restructuring, Can B raised $1.55 million of new capital and extended previously due notes payable totaling $7.0 million to September 1, 2023, and December 31, 2024. Specifically, three Promissory Notes issued to three funds in early 2022 and three Promissory Notes issued to three private investors in late 2022 were restructured to extend maturity dates to late in 2023 to give the Company an additional window to deploy the capital from the new raise.
The implementation of the business plan across all three operating divisions will allow the Company to get on a more solid footing for future growth and expansion. Explicitly, some of the new working capital will be used for the installation of existing hemp processing equipment moved in the 4th quarter of 2022 during the consolidation of the Company's Tennessee and Florida operations into Colorado. The new equipment should come online early 2nd quarter of 2023 to begin processing hemp biomass which the Company previously acquired and has in storage. Additionally, the Duramed Division will begin acquiring new medical devices to deploy through its doctor network in New York and Michigan. The white label division currently in the midst of a national roll-out of the Longevity by Brooke Burke Body needs additional processing capacity and will be receiving new equipment in its Lacy, WA operations.
A key component of the restructuring was the sale of $5.7 million of accounts receivable from Can B's Duramed Inc. and Duramed MI, LLC divisions to fund payments on two promissory notes for $2.5 million and $1.5 million due to Can B Corp's largest institutional investor.
Marco Alfonsi, Can B's Chief Executive Officer, stated, "We are very pleased with the conclusion of our restructuring, which provides an inflow of capital and a major clean-up of our balance sheet. The debt consolidation and extension give us ample runway to uplist to a national securities exchange. We plan on accelerating on that path once we file our 10K for our year ended December 31, 2022, and 10Q for our first quarter ended March 31, 2023."
Spartan Capital Securities acted as the placement agent for the financing.
About Can B Corp.
Can B Corp. (OTCQB: CANB) is a health & wellness company providing the highest quality hemp-derived cannabinoid products, including under its own brands of Canbiola, Seven Chakras, NuWellness, Pure Leaf Oil, and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, retailers, online, and direct. Can B Corp. operate R&D and production facilities in Lacey, WA, and Florida. To learn more about Can B Corp. and our comprehensive line of high-quality products, please visit: Canbiola.com and , follow Can B Corp on Instagram and Facebook or visit one of the 1,000+ retail outlets that carry Can B Corp. products.
For more information about Can B Corp., please visit CanBCorp.com.
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Forward-Looking Statements
Forward-looking statements and risks and uncertainties discussed in this release contain forward-looking statements. The words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape, or manner of as a prediction of our future financial condition or stock price. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of latest information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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紐約州希克斯維爾,2023年3月15日(環球通訊社)--通過NewMedia Wire-B公司(BCorp.)(OTCQB:CANB)(“Can B”或“公司”)是一家專門開發、生產和銷售大麻類大麻產品和耐用醫療器械的健康和保健公司,該公司高興地宣佈,它已成功完成公司債務重組。
通過重組,CAN B籌集了155萬美元的新資本,並將之前到期的總計700萬美元的應付票據延長至2023年9月1日和2024年12月31日。具體地說,2022年初向三隻基金髮行的三份本票和2022年底向三名私人投資者發行的三份本票進行了重組,將到期日延長至2023年底,讓公司有一個額外的窗口來部署新募集的資金。
業務計劃在所有三個運營部門的實施將使公司為未來的增長和擴張奠定更堅實的基礎。明確地說,部分新的營運資金將用於安裝在公司田納西州和佛羅裡達州業務合併到科羅拉多州期間於2022年第四季度轉移的現有大麻加工設備。新設備將於2023年第二季度初上線,開始加工該公司之前收購並儲存的大麻生物質。此外,杜拉米德分部將開始採購新的醫療設備,通過其在紐約和密歇根的醫生網路進行部署。白標部目前正在全國推出的長壽由布魯克伯克機構需要額外的處理能力,並將收到新的設備在其萊西,華盛頓州的業務。
重組的一個關鍵組成部分是出售來自CAN B公司Durame Inc.和Durame MI,LLC部門的570萬美元應收賬款,為向CAN B公司最大的機構投資者支付250萬美元和150萬美元的兩張本票提供資金。
CAN B首席執行官馬爾科·阿方西表示:“我們對重組的完成感到非常高興,重組帶來了資本流入和資產負債表的重大清理。債務整合和延期給我們提供了充足的跑道,讓我們有足夠的跑道提升到全國性證券交易所。我們計劃在提交截至2022年12月31日的10K年報和截至2023年3月31日的第一季度10Q報後,加快這條道路上的步伐。”
斯巴達資本證券擔任此次融資的配售代理。
關於CAN B公司。
B公司(BCorp.)(OTCQB:CANB)是一家健康和健康公司,提供最高質量的大麻衍生大麻類產品,包括其自有品牌Canbiola、Seven Chakras、NuWellness、Pure Leaf Oil和Durame。CAN B利用多渠道分銷來接觸消費者,包括醫療機構、醫生辦公室、零售商、在線和直接。Can B Corp.在華盛頓州萊西和佛羅裡達州運營研發和生產設施。欲瞭解更多有關CAN B公司和我們全面的高質量產品線,請訪問:Canbiola.com和,關注Can B Corp onInstagram和Facebook或者去1000多家銷售CAN B Corp.產品的零售店之一。
欲瞭解更多有關CAN B公司的資訊,請訪問:CanBCorp.com。
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前瞻性陳述
本新聞稿中討論的前瞻性陳述以及風險和不確定因素包含前瞻性陳述。“預期”、“相信”、“估計”、“可能”、“打算”、“預期”以及類似的表述都是此類前瞻性陳述的標識。預期的、實際的結果、業績或成就可能與本文中包含的前瞻性陳述所預期、表達或暗示的內容大不相同。前瞻性陳述會受到許多風險和不確定性的影響,包括但不限於與經濟、競爭和其他影響我們的業務、市場、產品和業績的因素的影響有關的風險和不確定性。本文討論的事項不應以任何方式、形式或方式解釋為對我們未來財務狀況或股票價格的預測。除非法律另有要求,否則我們沒有義務在作出陳述之日之後,或為了反映意外事件的發生,公開更新或修改任何前瞻性陳述,無論是由於最新資訊、未來事件或其他原因。
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