GRILLIT ANNOUNCES LEGALLY BINDING TERMS SHEET FOR ACQUISITION OF GLOBAL A BRANDS INC.

GRILLIT ANNOUNCES LEGALLY BINDING TERMS SHEET FOR ACQUISITION OF GLOBAL A BRANDS INC.Press release | 06/24/2022

North Andover, Massachusetts: June 24, 2022, GRILLiT, Inc. (“GRILLiT” or the company, PINK: GRLT) announced today that it has entered into a legally binding term sheet to acquire Global A Brands, Inc (“ ATM”). The purchase price for the acquisition is $36 million, paid in common stock of the company. The Company will also raise $1.5 million before closing. As part of the transaction, the Company will convert $2,014,000 of outstanding debt into equity, representing a 63.94% decrease in total liabilities as of March 31, 2022.

Global A Brands, Inc. (GAB) is a United States-based company focused on acquiring and growing early-stage companies globally in the consumer packaged goods space in the market. health, wellness and luxury lifestyle.

The company believes that the acquisition of GAB will strengthen its consumer packaged goods portfolio as well as existing retail foodservice businesses. GAB provides a vertical framework for each brand from concept, design and development, manufacturing, sales and marketing and distribution through its subsidiaries and strategic business partnerships around the world.

Global A Brands CEO Manny Lopez said, “We are excited about both the progress of our portfolio over the past twelve months and our ability to build a point of liquidity for our shareholders by merging with Grillit. We believe that there are a number of complementary synergies between both the companies and the respective management teams. Consolidation with a listed company also gives the group the opportunity to acquire new revenue-generating activities and easier access to the capital market to stimulate our investments and our growth within our portfolio”.

GRILLiT CEO commented “We were really excited to enter into this agreement with GAB as their business model aligns extremely well with GRILLiT’s. As I described just over a year ago, our vision was to acquire companies like GAB that have a talented management team with a history of completing acquisitions and growing start-up companies that increase shareholder value. We will work hard to complete our agreement and finalize the acquisition.

Global A Brands, Inc. (GAB)

GAB is a US-based company focused on acquiring and growing early-stage companies globally in the luxury wellness and lifestyle market.

About GRILLIT, INC.

GRILLiT creates, develops and finances early-stage restaurant brands with a focus on acquiring businesses from baby boomers looking for cash flow and an exit strategy. GRILLiT’s vision is to be the preferred catalyst for building great restaurant brands and developing technologies supporting the restaurant industry.

Disclaimer

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may”, “will”, “should”, “plan”, “expect”. to, “plans”, “continues”, “estimates”, “plans” and “intends” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company’s ability to successfully execute its broader business strategy, including entering into definitive agreements with suppliers, business partners and customers; general economic and business conditions, the effects of continuing geopolitical unrest and regional conflict, competition, changes in technology and marketing methods, delays in the completion of various engineering and manufacturing programs, changes in customer ordering patterns, changes in product lineup, continued success in technical advancements and delivery of technological innovations, component shortages, production delays due to performance quality issues with components outsourced, regulatory requirements and the ability to comply with them, governmental agency rules and changes, and various other factors beyond the Company’s control.

Contact Media Relations

Greg Mitchell – President

https://grillitbrands.com/

Email: [email protected]

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