Eat Well Group (CSE: EWG) (OTC: EWGFF), a leading plant-based food ingredient and CPG company, has entered into a definitive membership interest purchase agreement (“MIPA”) as part of a NASDAQ merger with TRxADE Health Inc. (NASDAQ: MEDS). The MIPA outlines the sale of Sapientia Technology Inc., EWGFF wholly-owned subsidiary, to Superlatus Inc. According to the Eat Well, the move is part of its commitment to sharpening its focus and leveraging its global agricultural strategy by divesting noncore assets. The sale of Sapientia, which will be for $10 million, “unlocks significant value and positions the company for exponential growth in collaboration with MEDS and Superlatus Foods,” the announcement noted. In addition, the announcement indicated that Superlatus is completing a merger with TRxADE on the NASDAQ exchange, which calls for Superlatus shareholders to receive more than 30 million shares of MEDS. Following the merger, TRxADE will focus on becoming an industry-leading processing and forming technologies company; the company plans to offer high-nutrition, texture plant-based foods and snacks. The announcement stated that TRxADE will divest its existing operating business and assets shortly after the merger. “We are very pleased to announce the sale of Sapientia for USD $10 million, allowing us to unlock the value of our IP portfolio and retain a substantial position in the NASDAQ company, MEDS,” said Eat Well Group CEO Marc Aneed in the press release. “This strategic move allows us to double down on our agricultural strategy and pursue further M&A opportunities, which will help establish Eat Well as a leading global agricultural platform.”
To view the full press release, visit https://ibn.fm/Yn9LE
About Eat Well Investment Group Inc.
Eat Well Group is a pioneering Canadian-based company leading the way in the future of sustainable, plant-based foods. With a rich history spanning nearly 45 years, the company’s subsidiaries have been at the forefront of processing, distributing and marketing premium-quality plant-based foods. Operating with IP-driven facilities across North America, Eat Well distributes to more than 35 countries worldwide. With a talented team of some 80 employees, the company takes pride in its products consistently ranking among the top 10 globally. With its family of private label and owned brands, including Sapientia, Amara Organic Foods, Belle Pulses and Eat Well, the company is dedicated to feeding families worldwide with excellence and innovation. For more information about the company, please visit www.EatWellGroup.com.
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