JACKSON, WY / ACCESSWIRE / August 15, 2024 / Labor Smart, Inc. (OTC PINK:LTNC) is pleased to announce the successful closing of its acquisition of Illumination Holdings, Inc. This strategic move marks a significant milestone in the expansion of LTNC's portfolio, enhancing its position as a leading entity in the beverage and snack industry.
The acquisition, initially announced through a Letter of Intent on July 23, 2024, officially closed on August 13, 2024, integrating Illumination Holdings' extensive distribution network and brand portfolio into LTNC's operations. This network, which spans over 5,000 retail locations across Colorado, Southern Wyoming, and South Dakota, is projected to increase LTNC consolidated revenues by more than $25,000,000 on an annualized basis.
Key Highlights of the Acquisition:
Enhanced Distribution: Legacy Distribution Group, known for its robust Direct Store Delivery (DSD) operations with over 175 years of collective experience in the Colorado market.
Brand Portfolio: The acquisition includes Legacy Distribution Group with exclusive distribution rights of notable brands like Aspen Pure Water, Xing Tea, Go Fast, Rap Snacks, and several dozen other recognized names.
Licenses: LTNC has gained access to valuable Beer, Wine, Alcohol and Tobacco distribution licenses, broadening its market reach and operational capabilities.
At the end of the June 2024 quarter, the unaudited balance sheet of Illumination Holdings, Inc. included total assets of $10.3 million and total liabilities of $17.6 million, of which $3.5 million is Long Term Lease Obligations and $7.1 million is Long Term Debt, which the company anticipates being paid in full by the end of the 4th quarter 2025 from cash flows.
As part of the acquisition, Brad Wyatt, previously the Chief Executive Officer of Illumination Brands, Inc., has been appointed to the LTNC Board of Directors and will serve as Co-CEO alongside Tom Zarro, who continues as Chairman of the Board. Scott Darnell has also joined LTNC as Chief Strategy Officer and Board Member, bringing his strategic insights to the company.
Brad Wyatt stated, "This merger is a testament to our shared vision for growth and innovation in the beverage and snack sector. I am thrilled about the opportunities this presents for both our existing brands and future ventures."
Tom Zarro commented on the closure, "The magnitude of this deal can not be overstated. This acquisition not only rapidly accelerates our strategic growth but also brings aboard exceptional talent and innovative brands. We are better positioned to advance our business objectives significantly. I believe this is an enormous win for LTNC shareholders and our LOCK'DIN portfolio of beverages. There is much more to come now that this acquisition is complete. This truly is just the beginning."
The acquisition was completed with LTNC issuing 750,000,000 RESTRICTED common shares to Illumination Brands, Inc. for 100% of the outstanding shares of Illumination Holdings, Inc.
Pursuant to the agreement, Labor Smart, Inc. has appointed Bradley J. Wyatt and Scott Darnell as Board Members. Each will be granted 200,000,000 RESTRICTED common shares, or equivalent preferred shares, in connection with their appointment as Board Members. As officers, Mr. Wyatt and Mr. Darnell will have an opportunity to earn additional performance based restricted equity.
The company will hold a live X spaces event on Monday, August 19, 2024 at 8pm Eastern Time. CEO Tom Zarro will take live questions. Shareholders and interested parties can access the spaces by following @LaborSmartNews on X.com.
About Labor Smart
Labor Smart, Inc. is a holding company focused on assets in the beverage space. Its primary business is Next Gen Beverages, operating as LOCK'DIN? Beverages. LOCK'DIN? delivers life-changing, science-driven functional beverages formulated to provide athletes, entrepreneurs and everyday achievers safe and effective natural products that help improve performance and recovery without compromising health. The Brand offers four ready-to-drink beverages, including a world-class Hydrogen Water, a Nootropic Functional Drink, and a functional Coffee. The global brand is endorsed by World Famous Boxing Champion, Manny Pacquiao, who uses the products daily in his training regimen and is also an investor, shareholder and member of the company's Board of Directors.
About Illumination Holdings
Illumination Holdings is a vertically integrated distribution and brand incubation company focusing on creating new point-of-sales for consumer products while acquiring, innovating, and incubating brands owned by our company and clients. Boasting a distribution network of over 5000 large and small format locations ranging from independent and chain stores to hundreds of on-premise and non-traditional points of sales including high schools, hotels, commercial and government businesses.
About LOCK'DIN? Beverages
LOCK'DIN? delivers life-changing, science-driven products formulated to provide athletes, entrepreneurs and everyday achievers safe and effective natural products that help improve performance and recovery without compromising health. The Brand offers four ready-to-drink beverages, including a best-in-class hydrogen water, and a Nootropic functional Coffee.
LOCK'DIN? is a global brand endorsed by World Famous Boxing Champion Manny Pacquiao who uses the products daily in his training regimen and is also an investor, shareholder and member of the company's Board of Directors.
Visit www.lockdin.com to try our products and experience what it means to be LOCK'DIN!
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