BFYW ENTERS SUPERSEDING LOI TO ACQUIRE IRONWOOD AND NEN SKINCARE BRAND
LOI Supersedes and Replaces Prior Letters of Intent entered into between BFYW and Ironwood
Columbus, Ohio--(Newsfile Corp. - May 5, 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 that it has entered into a non-binding letter of intent (the "LOI") to acquire Ironwood Clay Co Inc. ("Ironwood") outlining the principal terms and conditions on which the Company is prepared to enter into a formal Purchase and Sale Agreement for all the issued and outstanding shares of Ironwood. This LOI supersedes and replaces any and all prior non-binding letters of intent entered into between the Company and Ironwood.
Under the terms of the LOI, the Company is expected to pay a total purchase price of approximately $25,400,000 CAD, comprised of $9,400,000 CAD of Better For You Wellness, Inc. stock, and $16,000,000 CAD in cash, of which $8,000,000 CAD is payable at closing and the remainder of which is due within 12 months of closing. Closing is expected to occur on June 30, 2022.
Established in 1988, Ironwood is a specialized OEM skincare supplier offering private label product development, turn-key manufacturing, raw materials and bulk formulas to high-impact personal care companies across the globe, and is the leading international supplier of glacial oceanic clay. Ironwood's NENA Skincare brand ("NENA") is a rapidly growing natural skincare brand whose core ingredient is glacial oceanic clay. Ironwood's Health Canada, FDA, Halal, GMP and ECOCERT/COSMOS accredited facility can produce over 500 skincare, body care, and hair care formulations and products, and is trusted by some of the world's leading companies including Nu Skin Enterprises, Inc., Walgreens Boots Alliance Inc., and more. NENA products are currently available direct-to-consumer via www.nenaskincare.com as well as online through Amazon, Well.ca., and others, and available in hundreds of retail locations across Canada including Pharmasave, Rexall, and more. Beyond Canada, Ironwood distributes its products, ingredients and raw materials globally to the United States, China, Korea, and more.
"This established and profitable acquisition within the natural beauty and skincare space will allow Better For You Wellness to become a vertically-integrated wellness company," commented Ian James, Chief Executive Officer of Better For You Wellness, Inc. "As I have stated before, skin is our largest organ, and what we put on our bodies is just as important as what we put in them - making skincare a major cornerstone in an overall approach to wellness."