Poda Lifestyle and Wellness Ltd.
PODA Acquires Manufacturing Equipment and IP
Vancouver, Bc (ots/PRNewswire)
PODA HOLDINGS, INC. ("Poda" or the "Company") (CSE: PODA) (FSE: 99L) (OTCQB: PODAF) is pleased to announce that it has signed a purchase agreement with its Chinese manufacturing partner to acquire Poda Pod manufacturing equipment, 15 patent applications related to Poda Pod technology, and three Chinese trademarks for approximately CDN $3.45M payable in cash.
The manufacturing equipment is comprised of all proprietary custom-built equipment for Poda Pods production capable of producing an estimated 5 million Poda Pods per annum. All manufacturing equipment will be shipped to Vancouver, BC. The 15 patent applications were filed in China and represent unique product design and manufacturing methods applicable to the development and large-scale production of Poda Pods.
Ryan Selby, CEO of Poda, commented, "Given the general unrest of the geopolitical situation around the globe, the Company has determined it will manufacture Poda Pods in North America. This will reduce the amount of lag time from manufacturing to customer delivery and will provide a significant reduction in tariffs allowing the Company to be more competitive. The acquisition of the manufacturing equipment and patent applications is an important step in the growth and value of Poda which the Company believes outweighs the resulting delays in production."
On Behalf of the Board,
Ryan Selby
CEO, Director, and Chairman of the Board
Poda Holdings, Inc.
Toll-free North America: +1-833-TRY-PODA (879-7632)
Outside North America: +1-406-TRY-PODA (879-7632)
ABOUT PODA HOLDINGS
Poda Holdings, Inc. ("Poda" or the "Company") is actively engaged in the global commercialization of Heat-not-Burn ("HnB") smoking products, which have the potential to reduce the risks associated with combustible smoking products. The Company has developed a patented HnB system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The innovative design of the Company's HnB platform prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially-reduced-risk smoking experience. Poda's HnB system is fully patented in Canada and is patent pending in over 60 additional countries, covering almost 70% of the global population. The Company's Poda Pods are the first and only cigarettes to have a completely closed end. This exclusive design eliminates all cleaning requirements and provides a truly ashless HnB cigarette. Poda's fully patented system is one of a kind and solves the major pain-point that other HnB products suffer from: daily cleaning requirements. The Company's flagship Beyond Burn™ Poda Pods contain a unique tobacco-free blend of pelletized tea leaves infused with synthetic nicotine, which provides adult smokers with a smoke-free alternative to their regular habit without sacrificing satisfaction. Beyond Burn™ Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although Poda believes, in light of the experience of its officers and directors, current conditions, and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Poda can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Poda undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Poda, its securities, or financial or operating results (as applicable). Poda disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.