Vancouver, Canada-based ScreenPro Security Inc said on Friday that it had finalized the acquisition of Naturevan Nutrition Ltd, a privately-held British Columbia firm operating within the health and wellness industry and having 22 natural health supplement products.
Under the terms of the deal, ScreenPro acquired all the issued and outstanding shares of Naturevan for an aggregate purchase price of $2,200,000.
The purchase price was covered by the issuance of a total of 25,833,333 units of ScreenPro Security and $650,000 in cash. Every unit is comprised of one common share of ScreenPro issued at a deemed price of $0.06 and one common share purchase warrant.
The acquisition enables ScreenPro to enter the health and wellness space with immediate sales, an e-commerce team and established sales distribution channel, it said.
ScreenPro Security “is very pleased and excited to have Naturevan Nutrition Ltd. as part of the portfolio. This is a great compliment to our existing business operations and with the ability to sell products through e-commerce and retail, this will help us diversify our revenue streams. With high grade Canadian made supplements, we look forward to sustained business growth in the years to come,” the company’s Chief Executive Officer Lena Kozovski said in a press release.
The shares of ScreenPro Security Inc closed 9.09% (CAD 0.0050) lower at CAD 0.0500 on the Canadian Securities Exchange on Thursday.