Organic Garage to acquire plant-based The Future of Cheese company
Under the terms of the Definitive Agreement, the Company will acquire all of the issued and outstanding shares of FoC by issuing 13,800,000 common shares to the shareholders of FoC at a deemed price of $0.45 per share. 690,000 common shares will also be issued to an arm’s length finder in connection with the Acquisition.
Matt Lurie, CEO of Organic Garage said, “I am pleased that we have concluded the Future of Cheese (FoC) Definitive Agreement and can move to the next step of the closing of the transaction. The team at FoC has been working very hard and preparing for the next phase of their rollout which is getting the products into the market.”
FoC is a Toronto, Canada, based plant-based foods company in the business of developing, manufacturing and marketing plant-based dairy alternative products. Pursuant to the terms of the Definitive Agreement, the resulting company intends to change its name to “The Future of Cheese Inc.”
The Future of Cheese Inc., will remain a wholly-owned subsidiary of Organic Garage, and will operate the FoC Business as a complementary but separate business from the organic grocery business of Organic Garage. The current directors and officers of FoC, Craig Harding and Jennifer Wojtaszek, will remain in their respective roles following completion of the acquisition.
Completion of the acquisition is subject to acceptance by the TSX Venture Exchange and other customary conditions. The acquisition is expected to close by the end of February 2021, subject to satisfaction of all such conditions to closing set out in the agreement.
Craig Harding, co-founder of Future of Cheese, said, “The agreement with Organic Garage paves the way for both companies to achieve combined exponential growth, and potential increased value for OG shareholders, by entering the exciting plant-based food space led by a team unmatched by competitors.”
