Armeau Brands Inc. (OTC PINK: ARUU) is pleased to announce that the Company has entered into a Securities Exchange Agreement with the members of 271 Lake Davis Holdings, LLC, d/b/a SanSal, pursuant to which SanSal has become a wholly-owned subsidiary of the Company. Founded in 2015, SanSal is a Colorado-based producer of superior quality whole plant broad spectrum phytocannabinoid hemp oils and extracts. SanSal currently operates a 140-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado Department of Agriculture to grow industrial hemp pursuant to federal law.
Pursuant to the Exchange Agreement, Armeau acquired all the outstanding limited liability company interests of SanSal in exchange for the issuance to SanSal's members, pro rata, of 7,800,000 "restricted" shares of ARUU common stock, whereupon the holder of the Company's previously outstanding 7,500,000 shares of "restricted" common stock contributed those shares to the capital of the Company for cancellation. Following the SanSal acquisition, there are currently 9,750,000 shares of Company common stock issued and outstanding. The Company has no Preferred shares issued and outstanding.
In connection with consummation of the acquisition, Alexander M. Salgado and Erduis Sanabria, members of SanSal's management team, were appointed to the Company's board of directors and as the Company's Chief Executive Officer and Executive Vice President, respectively. Jaitegh Singh, Armeau's President, then stepped down from such office and as a director, but continues with the Company as Vice President and Secretary.
"We are very pleased to have completed the acquisition of SanSal, which is now a wholly-owned subsidiary of the Company," commented Mr. Singh. "We look forward to working with our new partners to support their current business and growth strategy."
About Armeau Brands
Armeau Brands Inc. (OTC PINK: ARUU) was incorporated in Nevada in March 2011 and since that time has focused its business efforts on seeking to produce and market its own brand of ice wine using Armenian-harvested grapes. Following, its completion of the SanSal acquisition, the Company now intends to focus its business efforts on SanSal's business of producing of superior quality, whole-plant. broad spectrum phytocannabinoid hemp oils and extracts. The Company has made application to FINRA for a name change to SanSal Wellness Holdings, Inc (and a corresponding change in its trading symbol) and implementation of a six for one forward stock split. The Company files periodic reports with the Securities and Exchange Commission, which can be viewed at www.sec.gov.