BFYW ANNOUNCES A MANUFACTURING AGREEMENT AND LETTER OF INTENT TO ACQUIRE THE JORDRE WELL AND THE IDEATION LAB AND ITS SUITE OF BRANDS AND SERVICES
BFYW announced a manufacturing deal with Ironwood, Termination of the Ironwood LOI, signing of LOIS with The Jordre Well and its Parent Company, The Ideation Lab
Columbus, Ohio--(Newsfile Corp. - September 22, 2022) – Better For You Wellness, Inc. (OTCQB: BFYW) ("Better For You Wellness" or the "Company"), an Ohio-based company focused on the rapidly-growing $1.5T wellness industry, is pleased to announce several updates, including that it has reached a manufacturing agreement with Ironwood Clay Company ("Ironwood") as the Company terminates its Letter of Intent (LOI) to acquire Ironwood. Additionally, the Company has announced it has signed an LOI to purchase the brand incubator The Ideation Lab, LLC (“The Ideation Lab”), and its beverage division, The Jordre Well, LLC (“The Jordre Well”), in an all-stock transaction that requires the completion of financial audits and fairness opinions.
Regarding the Ironwood transactions, Chief Executive Officer Ian James said, "We have worked for the better part of a year to acquire Ironwood and enjoy collaborating with the Ironwood team on brand development and manufacturing. It became clear that it would be impossible for us to close the acquisition of Ironwood due to Ironwood's Clay Mining Operation's inability to meet SEC reporting requirements related to the mining of a natural resource. Because of our relationship, BFYW and Ironwood look forward to the commercial scale manufacturing of Mango Moi and other brands in the BFYW portfolio at Ironwood." James added, "We believe terminating the Letter of Intent and entering a manufacturing agreement with Ironwood for some of the Company’s skincare products is in the best interest of BFYW shareholders."
Regarding the planned acquisition of The Jordre Well and its 51% owner, The Ideation Lab, James noted that the auditors expect to complete the financial audits by October. Once completed, an independent third-party will render a fairness opinion.
The Jordre Well is a functional beverage company that is 49% owned by Coffee Holding Co., Inc. (NASDAQ: JVA), a leading integrated wholesale coffee roaster and dealer in the United States. Earlier this week, The Jordre Well announced its portfolio of products from Stephen James Curated Coffee Collection ("SJCCC"), the Company's premium coffee brand, which is now being sold through Amazon.com and is in discussion with major national retailers. The e-commerce giant carries 8 of SJCCC's premium coffee products and ships to more than 100 countries around the globe. Additionally, the deal contemplates Coffee Holding Company continuing its global purchase of coffee beans, manufacturing, distribution, and licensure of its Cafe Caribe and Harmony Bay to The Jordre Well for Hemp infusion.
In addressing the LOI, BFYW's Chief Brand Officer, Stephen Letourneau, said, "SJCCC found a great partner in Amazon.com - the world's largest e-commerce site, and is in discussions with major retailers for shelf placement in Q2 of 2023," Mr. Letourneau said. “The number of SKUs and categories in The Jordre Well and The Ideation Lab acquisition will help to grow BFYW’s wellness portfolio exponentially.”
"We look forward to carrying on SJCCC’s mission of responsible sourcing, roasting, and delivery of high-quality coffee beans for taste-conscious customers," Mr. James said. “The SJCCC beverage line, with planned Ready-to-Drink opportunities in 2023, would further allow us to meet our promise of good tasting functional plant-based wellness ingestibles.”
BFYW’s acquisition of The Jordre Well contemplates Coffee Holding Co. to continue to license the Harmony Bay and Café Caribe brands for hemp-infused coffee products, manufacturing, and distribution. Mr. James indicated the hemp-infused market is poised for considerable growth upon Congress moving to require hemp-derived CBD to be permitted and regulated as a food additive.
“Since the passage of the 2018 Farm Bill, Congress has called upon the FDA to give guidance lawful pathways for marketing hemp-derived CBD in food and dietary supplements. For companies like Ben & Jerry’s and Molson Coors who seek to infuse food and beverages with hemp derivatives, Congress is seeking to give the FDA the explicit authority to set ground rules around labeling, packaging, and serving for any CBD-infused food or beverage,” James said. “This would allow companies like The Jordre Well and The Ideation Lab to take formulations they have developed for food, beverages, and dietary supplementals, and accelerate their speed to market.”
The Ideation Lab has been developing plant-based wellness brands since 2020, including Garrett and Emmett's Pet Treats, a pet lifestyle brand, E.J. Well Co, a women's wellness brand, and others.