PureK Holdings Corp. (TSXV:PKAN) plans to acquire the BudaPets brand.
The Vancouver company will purchase Nirvana Group LLC, a Florida-based producer and distributor of all-natural pet wellness products.
Under the deal, PureK agreed to issue $1.5 million in unsecured convertible debentures, which bear a 3.25% non-compounding interest per year.
According to Monday s press release, Nirvana members could also receive earn-out compensation of $500,000, which is obtainable in common share if the Florida company s revenue surpasses $1 million for fiscal 2021.
In addition, Nirvana Members are eligible to receive an additional $1 million if its revenue exceeds $2.5 million in 2022.
PureK CEO Kathy Casey said they are excited that BudaPets is joining their existing portfolio pet care portfolio, including PureKana Pet division of the company s CBD subsidiary.