October 5, 2021 - TheNewswire - Calgary, Alberta - CleanGo Innovations Inc. (CNSX:CGII.CN) (FSE:APO2) (OTC:SOFSF) (“CleanGo Innovations” or the “Company”) is pleased to provide additional details on its letter intent (“LOI”) dated September 29, 2021 to acquire (the“Proposed Transaction”) Dakota Supplies Inc. (“Dakota Supplies”), as previously announced in its press release of September 29, 2021.
Acquisition of Dakota Supplies Inc.
The final structure of the Proposed Transaction will be determined by the parties following the receipt of tax, corporate and securities law advice. The Transaction is an arm’s length transaction and pursuant to the provisions of the LOI, the parties will negotiate a definitive agreement (the “Definitive Agreement”) in respect of the Transaction with customary terms and conditions.
Under the terms of the LOI, the Company has agreed to purchase all of the issued and outstanding shares of Dakota Supplies for the purchase price of $2,000,000 (the “Purchase Price”), subject to adjustment for liabilities and advancement of funds.
The Company intends to pay the Purchase Price through cash and/or the issuance of common shares of CleanGo subject to completion of due diligence.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to the following key conditions:
- completion of mutually satisfactory due diligence;
- execution of the Definitive Agreement; and
- receipt of all required regulatory, corporate, and third-party approvals, and the fulfillment of all applicable regulatory requirements and conditions necessary to complete the Proposed Transaction.
There are no finder’s fees payable under the Proposed Transaction.
About Dakota Supplies Inc.
Dakota Supplies Inc. is an Alberta based company that specializes in identifying product gaps and designing innovative solutions for a variety of industries, with a focus on aviation. The Dakota team has designed and launched the MOPPITT™ Kit, which includes an extendable pole, hand unit and cleaning pods. The MOPPITT™ is currently used by Air Canada in their entire global fleet. The MOPPITT™ is an all-in-one hands-free cleaning unit that works in conjunction with proprietary cleaning pods.
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Every type of aircraft, train, bus or passenger coach has floors and lavatories but limited space to store cleaning supplies and even more limited time to clean. The MOPPITT ® family of products provides a unique all-in-one ‘touchless’ system that is safe, convenient, quick, easy, and effective to use, all in a lightweight compact design for easy storage.
Management Commentary
“By acquiring Dakota Supplies, CleanGo Innovations will be able to take a shortcut into the global aviation and transportation sanitation industry. We intend to use our proprietary patented, CleanGo GreenGo disinfectant and cleaner to fill the MOPPITT™ cleaning pods and start keeping passengers both safe from germs, viruses and harmful chemicals” explained Anthony Sarvucci, CEO of CleanGo Innovations. “Developed and inspired through the power of emulsification, our non-toxic and environmentally friendly CleanGo GreenGo products are the superior choice over toxic and harmful cleaners. We hope to make the transportation sector, facilities and home environments, a little greener and in turn keep staff and families safe from harmful cleaner chemicals.“
About CleanGo Innovations Inc.
CleanGo Innovations Inc. is an international publicly traded company that specializes in the development of early staged, ESG, green, non-toxic and sustainable technology companies. We provide access to capital, executive management and industry experience to grow our portfolio of companies.
CleanGo GreenGo Inc. is a wholly owned subsidiary of CleanGo Innovations Inc.
CleanGo Innovations experienced management team bring new ideas and innovation based on science to find solutions to the current world we live in. Customers rely on quality, nontoxic products to keep their homes clean and their loved ones safe.
For further information, please contact:
Anthony Sarvucci
Chief Executive Officer
CleanGo Innovations Inc.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information
This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. Forward-looking statements can often be identified by words such as “will”, “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, proposes” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future, including without limitation statements related to Company’s prospect of success in executing its proposed plans, the completion of the Proposed Transaction and the prospects for Dakota Supplies’ business.
Forward-looking statements are based on certain assumptions by management regarding the Company, including, without limitation, the Company’s ability to acquire Dakota Supplies and obtain required regulatory approvals and the timing thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required to execute its proposed business plans and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company’s operations may also adversely affect the future results or performance of the Company. The Company can provide no guarantee that it will be successful in completing the acquisition of Dakota Supplies. Investors are cautioned that forward looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.
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