#PlantBased #Stock Endexx (OTCBB: $EDXC)
Improves Balance Sheet Removing
Overhang Through Reduction of Promissory Obligations and Cancellation of
Warrants; @EndexxCorp
Company also announces #allnatural, #zeronicotine
#vape products initiated marketing approvals in eight new country markets
CAVE
CREEK, Ariz., September 14, 2022 –(Investorideas.com Newswire) Endexx Corporation (OTCBB:EDXC), a
provider of innovative, plant-based, and sustainable health and skincare
products, reports that following the completion of the acquisition of a
controlling interest in Hyla, Endexx has also strengthened its balance sheet.
Read this news,
featuring EDXC in full at https://www.investorideas.com/news/2022/lohas/09141EDXC-Balance-Sheet.asp
Endexx
entered into settlement, lock-up and leak-out agreements with its Historic
Investors, in which each Historic Investor agreed to exchange its
pre-acquisition Promissory Note and Warrants with a replacement simple
Promissory Note. This new Historic
Investor Replacement Note removed the convertible debt and warrants, replaced
by a simple, non-convertible debt facility with an 18-month term.
“The
HYLA acquisition continues to be an important milestone for Endexx as it not
only has provided additional revenue – which we expect to experience
immediately – and new international distribution for both our CBD Unlimited and
Blesswell™ product
lines, but it also significantly clears the overhang from our balance
sheet. This consolidation and
simplification of our debt structure will enable us to fund our operations more
easily, and create future growth, unencumbered by complex and potentially toxic
debt.”
The
company also announces its newly acquired subsidiary, HYLA US Holdco Limited, a
producer and distributor of organic, guarana-based, all-natural, zero-nicotine vape
products, has initiated marketing approvals in eight new country markets,
including Germany, Italy, Israel, Egypt, Slovenia, Romania, Iran and
Bahrain.
These
markets will be added to HYLA’s currently active markets, the United States,
where the HYLA formulations are produced, Canada, the Czech Republic, Georgia,
Russia, Slovakia, South Africa, Switzerland, the United Arab Emirates, the
United Kingdom, and Uzbekistan. HYLA’s
unique products contain no nicotine, but rather guarana, which the Company
believes will provide an attractive alternative in a market that continues to
express high demand for vape products.
Introduced
in October 2021, Hyla’s initial inventory of 140,000 devices was sold out
within the first month of availability. The
proprietary formulations are manufactured in Los Angeles to protect the
intellectual property before entering the international markets for final
manufacturing and distribution. The Hyla
vape products bear the Underwriters Laboratories global safety certification
and are CE approved.
Named
after the Amazonian Guarani tribe, the guarana plant finds its origins in the
green forests of Brazil. According to Brazilian mythology, the first Guarana plant
was grown by a king who planted the eye of a child villager. The Guarana seed, a natural “Nootropic”, has
a multitude of uses, the most common being a coffee substitute. It has also been commonly used topically and
as an anti-aging serum with antidepressant effects, cardiovascular support,
libido enhancement, neuro-protection, longevity promotion and weight loss, all as
having been anecdotally reported.
Guarana contains caffeine, theobromine, theophylline, tannins, and
flavonoids.
HYLA
CEO Nick Mehdi commented, “We continue to see increased demand for our
non-nicotine, guarana-based vape products, with sales and territories
increasing quarter by quarter, all despite a current inability to sell the
product online in the U.S. With more
than 1,000 stores carrying the product in the U.S., and the potential to expand
our market penetration to as many as 19 countries by the end of 2022, we are
excited to add our product line to the already strong retail presence Endexx
maintains.”
For
additional information regarding the Hyla acquisition and the financial
restructuring of Endexx, please refer to the Company’s Form 8-K, which
was filed with the United States Securities and Exchange Commission on
September 7, 2022.
About Endexx Corporation
Endexx
Corporation develops and distributes all natural, plant-derived topical
skincare products. Its products vary
from balms, creams, lotions, butters, masks, scrubs, and oils, all with the
shared purpose of healthy skin and grooming wellness. The science behind these products involves a
decade of clinical research in the field and lab work to provide functional
formulation with ingredients for optimal absorption and support of skin health.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
We
caution that any forward-looking statements (as such term is defined in the
U.S. Private Securities Litigation Reform Act of 1995) contained in this press
release or made by us, our management, or our spokespeople involve risks and
uncertainties and are subject to change based on various factors, many of which
are beyond our control. Accordingly, our future performance and financial
results may differ materially from those expressed or implied in any such
forward-looking statements. Forward-looking statements include, without
limitation, statements regarding our future operating results, the
implementation and impact of our strategic plans, and our ability to meet
environmental, social, and governance goals. Words such as “estimate,”
“commit,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,”
“expect,” “anticipate,” “intend,” “potential” and any similar expressions may
identify forward-looking statements. Risks associated with the following
factors, among others, could affect our financial performance and cause actual
results to differ materially from those expressed or implied in any
forward-looking statements:
Except
as may be required by law, we assume no obligation and do not intend to make
publicly available any update or other revisions to any of the forward-looking
statements contained in this press release to reflect circumstances existing
after the date of this press release or to reflect the occurrence of future
events, even if experience or future events make it clear that any expected
results expressed or implied by those forward-looking statements will not be
realized. More information on potential factors that could affect our results
is included “Risk Factors” in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 31, 2022.
For
further information, please contact:
Endexx Corporation
Endexx@endexx.com
480-595-6900
Investors:
Scott
Arnold
CORE
IR
Media:
Jules
Abraham
CORE IR
917-885-7378
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