Acquired Sales Corp. (OTC Pink: AQSP) signed a letter of intent to acquire 100% Illinois-based Warrender Enterprise Inc. also known as Lifted Liquids for approximately $7.5 million in cash, plus 4,545,455 shares of Acquired Sales Corp.’s common stock. Those shares were lately trading at $2.45.
The deal is subject to several conditions including the completion of an acceptable due diligence investigation and audit of Lifted Liquids, completion of a capital raise of at least $9 million by Acquired Sales Corp., execution of definitive acquisition documents, receipt of a tax opinion on the transaction, obtaining all necessary approvals, and the completion of all necessary securities filings.
Lifted Liquids was founded in 2015 and produces its own lines of CBD-infused products, CBD devices, research and development of CBD and vape brands and products for private label clients. The statement noted that Lifted Liquids has a unique raw goods/CBD supply chain that many customers benefit from: CBD and CBG isolate, full spectrum and broad spectrum water soluble and distillate.
Lifted Liquids CEO Nicholas S. Warrender said: “We are absolutely thrilled to join forces with like-minded individuals operating companies who are focused on the consumer first. Our goal is, and always has been, to help people improve their lives through quality products and to create a company that serves as a magnet to attract high caliber individuals with harmonious values and character.” Warrender will continue as the CEO of Lifted Liquids under a long-term employment agreement, and Lifted Liquids will operate as a wholly-owned subsidiary of Acquired Sales Corp.
CBD Lion Acquisition
Just a few weeks ago Acquired Sales said it planned to buy another Illinois company CBD LION LLC and said it planned to change the combined company’s name to CBD LION CORP. to emphasize its vision to become the national leader in the CBD products industry. Acquired Sales has already acquired 4.99% of rapidly growing CBD-infused beverage and products maker Ablis Holding Company and of craft distillers Bendistillery Inc. and Bend Spirits, Inc. Bend, Oregon.
William C. “Jake” Jacobs, CPA, President and CFO of Acquired Sales Corp., said: “We are excited about partnering with Nick and the Lifted Liquids team. Lifted Liquid’s growth reflects Nick’s outstanding leadership and his team’s determination to deliver the highest quality products to Lifted Liquids’ customers. On top of that, Lifted Liquids and Nick bring a lot of proven industry and regulatory experience, and an expansive network, which gives Lifted Liquids a competitive edge.”