Ignite Confirms Date of Filing of Its Financial Statements and MD&A and Provides Corporate Update
VAUGHAN, Ontario, April 29, 2020 (GLOBE NEWSWIRE) -- IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, announced today that it will postpone filing its annual financial statements and related documents for the financial year ended December 31, 2019 due to logistics and delays caused by the unprecedented COVID-19 pandemic. IGNITE is relying on the 45-day extension for filing the documents provided in BC Instrument 51-515: Temporary Exemption from Certain Corporate Finance Requirements, and equivalent instruments in Alberta and Ontario, thereby exempting the Company for 45 days from the following requirements:
- the requirement to file audited financial statements for the year ended December 31, 2019 (the “Financial Statements”) within 120 days of the Company’s financial year end as required by section 4.2(b) of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”);
- the requirement to file management discussion and analysis (the “MD&A”) for the period covered by the Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102; and
- the requirement to file certifications of the Financial Statements (the “Certificates” and together with the Financial Statements and MD&A, the “Annual Filings”) pursuant to section 4.1 of National Instrument 52-109.
IGNITE currently expects to file the Annual Filings no later than June 15, 2020, after the close of markets.
Until such time as the Annual Filings have been filed, management and certain other insiders of IGNITE are subject to an insider trading blackout which reflects the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
“All of our team members are focused on proactively managing day-to-day operations during these unprecedented times” said IGNITE President, Curtis Heffernan. “We’re adapting rapidly to a number of challenges associated with ensuring efficient and effective continuity of operations with our strategic partners across all markets. A number of cost savings initiatives have also been implemented with the help of our entire management team. We’re also adapting to the economic realities of the near-term impact on our channels of trade. We remain focused on continuing to execute on all aspects of our growth strategy by extending the reach of the IGNITE brand into multiple product categories and across global markets.”
The following is a list of the Company’s material business developments since the date of its most recent interim financial reports and associated management discussions and analysis:
- On October 25, 2019, the Company closed the first Series (the “First Series”) of its previously announced non-brokered, private placement of convertible debenture units (each consisting of a convertible debenture and a share purchase warrant) for aggregate gross proceeds of $10,000,000. Details of the First Series were disclosed in the Company’s September 30, 2019 management discussion and analysis as well as a related news release issued on October 25, 2019.
- On December 10, 2019, the Company closed the second Series (the “Second Series”) of its previously announced non-brokered, private placement of convertible debenture units (each consisting of a convertible debenture and a share purchase warrant) for aggregate gross proceeds of $10,000,000. Details of the Second Series were disclosed in a news release issued on December 10, 2019.
- On January 13, 2020, the Company announced that, in concert with its plan to expand its distribution, both domestically (within North America) and internationally, it had entered into agreements with two leading US companies; Acosta, Inc. (“Acosta”) and Accelerate 360 (“Accelerate”). Details of the agreements with Acosta and Accelerate were disclosed in a news release issued on January 13, 2020.
- On January 20, 2020, the Company announced the expansion of its product offerings with the formation of a new division – Ignite Beverages. Ignite Beverages is expected to focus on the development and distribution of innovative premium beverages across multiple categories including an alkaline PH9 water followed by additional products in the largest ready‐to‐drink categories that align with the IGNITE brand. The IGNITE beverage products will be distributed nationally within the United States and available for purchase in retail locations including specialty retail, grocery, and convenience. Subsequently, the Company announced that Ignite Beverages added vodka and a performance beverage to its product line.
- On March 2, 2020, the Company announced that it had executed a licensing agreement with CannMart Inc. (“CannMart”), a leading online provider of high quality cannabis products and accessories, operating as a wholly-owned subsidiary of Namaste Technologies Inc. The agreement grants CannMart a non-exclusive licence to utilize certain IGNITE brand trademarks on legal cannabis-based products in consideration for certain royalty payments. Details of the agreement with CannMart were disclosed in a news release issued on March 2, 2020.
- On March 3, 2020, the Company was pleased to announce the appointment of Mr. Thomas Kofman, an independent, non-executive director, to its board of directors. In concert with Mr. Kofman’s appointment, Mr. Scott Rohleder announced his retirement from IGNITE’s board of directors.
- On March 23, 2020, the Company announced the launch of new CBD health and wellness products including edibles, sport creams, essential oil and tinctures to be distributed by the Coastal Carolina Division of Circle K as per an agreement entered into on February 13, 2020 between the Company and Circle K. Details of the agreement with CannMart were disclosed in a news release issued on March 23, 2020.
- On March 31, 2020, the Company announced that it expanded its partnership with UK manufacturer and distributor Taylor Mammon to add new CBD products, including roll-ons, bath bombs, tattoo cream, moisturizers, creams, serums, body oils, and expanding its existing range of tinctures to offer different levels of potency and 10ml CBD e-liquids for vape devices in the UK. Details of the expansion were disclosed in a news release issued on March 31, 2020.
IGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company’s ‘quality-first’ approach is fundamental to the brand and its products. Originally operating in the cannabis and hemp-derived cannabidiol (CBD) wellness space, IGNITE was able to establish its brand awareness. IGNITE product categories now include a full line of CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices, produced by various partners and sold through select distributors, brick and mortar retailers, and online through the Company’s website, ignite.co. The IGNITE THC product line, which was launched subsequent to the CBD product line, incorporates quality, locally sourced, cannabis products.
Since the launching of its THC and CBD products, the Company has expanded into the beverage space, launching a full line of functional performance enhancing drinks. The IGNITE beverage line currently consists of PH-alkaline balanced water, a line of premium performance drinks, named Z-RO as well as a gluten-free, seven-time distilled vodka. IGNITE beverages will be distributed nationally within the United States and available to purchase on the IGNITE beverages website, IgniteBeverages.co.
IGNITE is a socially responsible company and is committed to using its marketing and brand power as a positive catalyst for a healthy lifestyle. The IGNITE management team believes that socially responsible oriented actions have a positive impact on the Company, its employees and its shareholders.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.
Further information on IGNITE can be found on the Company’s website at ignite.co
For further information, please contact:
Linda K. Menzel, General Counsel
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to IGNITE, its ability to file the Annual Filings by May 18, 2020, its expected product offering, its future ability to license its intellectual property and the successful distribution of its licensed products. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID-19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan; reliance on the “IGNITE” brand which may not prove to be as successful as contemplated; the ability to and risks associated with unlocking future licensing opportunities with the “IGNITE” brand, and the ability of IGNITE to capture significant market share. There can be no assurance that any of the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
Released April 29, 2020