Mr. Daniel Brody reports
EAT WELL GROUP SELLS REMAINING STAKE IN PATAFOODS, FURTHER STRENGTHENING BALANCE SHEET
Eat Well Investment Group Inc. has successfully sold its remaining equity stake in PataFoods Inc. doing business as Amara Organic Foods (PataFoods) for $1.25-million (U.S.).
Eat Well initially acquired its PataFoods shares for an aggregate purchase price of approximately $909,804 (U.S.) and has now realized gross proceeds of $1.25-million (U.S.) from the sale.
The proceeds will be used to repay a portion of the company's debt obligations with a private lender and pay certain transaction fees.
"This sale is another step towards sharpening our focus on our core agribusiness while reducing overall debt," said Daniel Brody, president, chief executive officer and director. "By eliminating approximately $1.8-million in debt, we're enhancing financial flexibility and positioning the company for stronger long-term profitability. We remain strong supporters of PataFoods and look forward to their continued success."
EY acted as exclusive financial adviser to Eat Well Group in the transaction.
About Eat Well Investment Group Inc.
Eat Well Group is a Canadian-based leader in sustainable, plant-based ingredients dedicated to shaping the future of global food systems. As the 100-per-cent owner of Belle Pulses Ltd., one of North America's largest pulse processors, the company has been at the forefront of plant-based protein innovation for nearly 45 years. The company's IP-driven facilities across North America supply premium-quality ingredients to over 35 countries, supporting a growing demand for healthy, sustainable nutrition. With a team of over 50 employees, the company is committed to excellence, innovation and feeding the world with the highest-quality plant-based foods.
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