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Pebblebrook Hotel Trust Provides Update on Property Sales and Strategic Property Redevelopment Plan

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BETHESDA, Md.–(BUSINESS WIRE)–$PEB #PEB–Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it executed a contract to sell the 132-room Hotel Amarano Burbank in Los
Angeles, California for approximately $72.9 million to a third party.

The contracted sale price reflects a 15.8x EBITDA multiple and a 5.7%
net operating income capitalization rate (after an assumed annual
capital reserve of 4.0% of total hotel revenues) based on the hotel’s
operating performance for 2018. Based on the trailing 12-month period
ended March 2019, the contracted sales price reflects a 16.9x EBITDA
multiple and a 5.3% net operating income capitalization rate (after an
assumed annual capital reserve of 4.0% of total hotel revenues). Both
the EBITDA multiples and net operating income capitalization rates are
adjusted for the estimated annualized impact of real estate taxes for
California’s Proposition 13.

The sale of Hotel Amarano Burbank is subject to normal closing
conditions, and the Company offers no assurances that this sale will be
completed on these terms, or at all. The Company is targeting to
complete the sale in the third quarter of 2019 and continues to be
encouraged with pricing levels and overall buyer interest in the
investment markets. Following the completion of the sale, the Company’s
estimated total net debt to trailing 12-month corporate EBITDA ratio
will decline to approximately 4.6 times.

The Company also continues to make progress on its strategic property
redevelopment plan and provided the following updates:

  • Mason & Rook Hotel: On July 1, 2019, Viceroy Hotels &
    Resorts will become the third-party operator of this 178-room
    upper-upscale hotel in downtown Washington, D.C. Following the
    completion of a comprehensive property renovation and improvement
    program by early 2020, the hotel will become Viceroy Hotel Washington,
    D.C., a part of the luxury Viceroy Hotels & Resorts brand family; and
  • Donovan Hotel: On July 1, 2019, Viceroy Hotel & Resorts will
    become the third-party operator of this 193-room upper-upscale hotel
    in downtown Washington, D.C. The Company plans to reconcept, redevelop
    and relaunch this hotel as part of the “Unofficial Z Collection” in
    2020.

“We are very excited to bring Viceroy to Washington, D.C. to manage
these two unique lifestyle hotels, which have so much upside potential,”
noted Jon E. Bortz, Chairman, President and Chief Executive Officer of
Pebblebrook Hotel Trust. “We expect that Viceroy will generate
significant long-term revenue improvement and increased operating
efficiencies at both of these hotels, given their extensive experience
operating urban lifestyle hotels including Viceroy Santa Monica, Hotel
Zeppelin, Hotel Zelos and Hotel Zetta for our company. In addition to
bringing the luxury Viceroy brand to D.C., we are also excited to create
our first ‘Unofficial Z Collection’ hotel on the east coast following
the comprehensive and transformative redevelopment and renovation of
Donovan Hotel.”

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate
investment trust (“REIT”) and the largest owner of urban and resort
lifestyle hotels in the United States. The Company owns 60 hotels,
totaling approximately 14,500 guest rooms across 16 urban and resort
markets with a focus on the west coast gateway cities. For more
information, visit www.pebblebrookhotels.com
and follow us at @PebblebrookPEB.

For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at
www.pebblebrookhotels.com.

This press release contains certain “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities Reform
Act of 1995.
Forward-looking statements are generally
identifiable by use of forward-looking terminology such as “may,”
“will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,”
“estimate,” “approximately,” “believe,” “could,” “project,” “predict,”
“forecast,” “continue,” “assume,” “plan,” references to “outlook” or
other similar words or expressions. Forward-looking statements are based
on certain assumptions and can include future expectations, future plans
and strategies, financial and operating projections and forecasts and
other forward-looking information and estimates.
Examples of
forward-looking statements include the following: the Company’s net debt
and EBITDA; descriptions of the Company’s plans; forecasts of the
Company’s future economic performance and its share of future markets;
forecasts of hotel industry performance; and descriptions of assumptions
underlying or relating to any of the foregoing expectations including
assumptions regarding the timing of their occurrence.
These
forward-looking statements are subject to various risks and
uncertainties, many of which are beyond the Company’s control, which
could cause actual results to differ materially from such statements.

These risks and uncertainties include, but are not limited to, the
state of the U.S. economy and the supply of hotel properties, and other
factors as are described in greater detail in the Company’s filings with
the Securities and Exchange Commission, including, without limitation,
the Company’s Annual Report on Form 10-K for the year ended December 31,
2018.
Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.

For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at
www.pebblebrookhotels.com.

All information in this press release is as of June 3, 2019. The
Company undertakes no duty to update the statements in this press
release to conform the statements to actual results or changes in the
Company’s expectations.

For additional information or to receive press releases via email,
please visit our website at
www.pebblebrookhotels.com

 
Pebblebrook Hotel Trust
Amarano Hotel Burbank
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net
Operating Income
Trailing Twelve Months
(Unaudited, in millions)
 

Twelve months ended

December 31,

2018
 
Hotel net income $ 2.7
 
Adjustment:
Depreciation and amortization 1.9
 
Hotel EBITDA $ 4.6  
 
Adjustment:
Capital reserve (0.4 )
 
Hotel Net Operating Income $ 4.1  
 

This press release includes certain non-GAAP financial measures
as defined under Securities and Exchange Commission (SEC) rules.
These measures are not in accordance with, or an alternative to,
measures prepared in accordance with U.S. generally accepted
accounting principles, or GAAP, and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting
rules or principles. Non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with the hotel’s
results of operations determined in accordance with GAAP.

 

The Company has presented trailing twelve-month hotel EBITDA
and trailing twelve-month hotel net operating income after capital
reserves and an estimated adjustment for the annualized impact of
real estate taxes for California’s Proposition 13 because it
believes these measures provide investors and analysts with an
understanding of the hotel-level operating performance. These
non-GAAP measures do not represent amounts available for
management’s discretionary use, because of needed capital
replacement or expansion, debt service obligations or other
commitments and uncertainties, nor are they indicative of funds
available to fund the Company’s cash needs, including its ability
to make distributions.

 

The Company’s presentation of the hotel’s trailing twelve-month
EBITDA and trailing twelve-month net operating income after
capital reserves should not be considered as an alternative to net
income (computed in accordance with GAAP) as an indicator of the
hotel’s financial performance. The table above is a reconciliation
of the hotel’s trailing twelve-month EBITDA and net operating
income after capital reserves calculations to net income in
accordance with GAAP. Any differences are a result of rounding.

 
 
Pebblebrook Hotel Trust
Amarano Hotel Burbank
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net
Operating Income
Trailing Twelve Months
(Unaudited, in millions)
 

Twelve months ended

March 31,

2019
 
Hotel net income $ 2.4
 
Adjustment:
Depreciation and amortization 1.9
 
Hotel EBITDA $ 4.3  

 

Adjustment:
Capital reserve (0.4 )
 
Hotel Net Operating Income $ 3.9  
 

This press release includes certain non-GAAP financial measures
as defined under Securities and Exchange Commission (SEC) rules.
These measures are not in accordance with, or an alternative to,
measures prepared in accordance with U.S. generally accepted
accounting principles, or GAAP, and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting
rules or principles. Non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with the hotel’s
results of operations determined in accordance with GAAP.

 

The Company has presented trailing twelve-month hotel EBITDA
and trailing twelve-month hotel net operating income after capital
reserves and an estimated adjustment for the annualized impact of
real estate taxes for California’s Proposition 13 because it
believes these measures provide investors and analysts with an
understanding of the hotel-level operating performance. These
non-GAAP measures do not represent amounts available for
management’s discretionary use, because of needed capital
replacement or expansion, debt service obligations or other
commitments and uncertainties, nor are they indicative of funds
available to fund the Company’s cash needs, including its ability
to make distributions.

 

The Company’s presentation of the hotel’s trailing twelve-month
EBITDA and trailing twelve-month net operating income after
capital reserves should not be considered as an alternative to net
income (computed in accordance with GAAP) as an indicator of the
hotel’s financial performance. The table above is a reconciliation
of the hotel’s trailing twelve-month EBITDA and net operating
income after capital reserves calculations to net income in
accordance with GAAP. Any differences are a result of rounding.

 

Contacts

Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust –
(240) 507-1330

Cannabis

Nextleaf Solutions Provides Commercial Update

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Vancouver, British Columbia–(Newsfile Corp. – July 6, 2020) – Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (“Nextleaf“, “OILS“, or the “Company“), Canada’s most innovative cannabis extractor, is pleased to provide the following commercial update:

Bulk THC Distillate Supply Deal

Nextleaf Labs Ltd. (“Nextleaf Labs“), a Health Canada licensed standard processor of which the acquisition by OILS is pending, has entered into a bulk supply agreement with a B.C.-based multi-licensed cannabis producer focused on the distribution of adult-use cannabis products through provincial markets. Pursuant to the agreement, Nextleaf Labs has agreed to supply 50 kilograms of THC distillate to the purchaser.

“We are very pleased to be working with a team with tremendous depth of experience distributing cannabis products through provincial adult-use channels,” said Charles Ackerman, CFO. “As we continue to grow our revenue, we believe our lean overhead structure and purposeful business model, which hasn’t deviated since our Company’s founding, will allow OILS to achieve and maintain profitability in the near team, and as our industry continues to commoditize. We believe our investment in innovation will help us to ensure the long-term sustainability of our business and provide a robust platform to scale globally from our base in Canada,” continued Ackerman.

This agreement represents an important milestone for the Company, allowing OILS to continue the commercialization of its intellectual property (“IP“) portfolio through the production of cannabis oils and concentrates by Nextleaf Labs. OILS owns a portfolio of over 35 issued patents and 65 pending patents for the extraction, distillation, and formulation of cannabinoids.

Commercial Scaleup

Concurrent with commercialization of the Company’s IP through distilled cannabis oil production, Nextleaf has made several key hires in operations and quality assurance roles to support increased growth and fundamentals. The Company has been able to recruit highly-trained staff with existing cannabis production and manufacturing experience.

“The recent downsizing by a number of Canada’s largest cannabis producers has allowed OILS to add some very experienced operators to our team, who I expect will play a major role in our growth as a company over the next few years,” said Paul Pedersen, CEO of Nextleaf Solutions. “With an the abundant supply of dried cannabis biomass, Nextleaf Labs is developing a competitive advantage by utilizing more efficient proprietary technology to transform otherwise unsellable biomass into high-purity THC and CBD oils at a lower cost per milligram compared to processors running less efficient off-the-shelf extraction technology,” continued Pedersen.

The Company is focused on reaching full utilization of over half a tonne of biomass processing per day at its Metro Vancouver cannabis oil refinery in 2020. Nextleaf Labs is processing biomass under the Cannabis Extraction Agreement announced on April 2, 2020 with a 10-acre greenhouse cannabis grower. Nextleaf Labs expects to continue scaling its operations through toll processing and the supply of bulk cannabis concentrates. The industry has seen increased demand for economical extraction and distillation due to the legalization of cannabis 2.0 derivative products, and an over supply of dried cannabis biomass that has a shorter shelf life compared to cannabis oils.

Employee Equity Participation Plan

The Company announced today that it has issued shares under its Employee Equity Participation Plan (the “Plan“) implemented on April 1st in response to the COVID-19 pandemic to align the efforts and compensation of non-executive employees with the Company’s long-term business strategy.

The Plan is fully voluntary and permits non-executive employees to receive common shares in the capital of the Company in lieu of a portion of an employee’s cash compensation. The Plan allows the Company to reduce the cash component of employee compensation and further align incentives across the team.

Under the Plan for the month of June, Nextleaf has issued an aggregate of 68,126 common shares at a price of $0.285 per share.

About Nextleaf®

OILS is Canada’s most innovative cannabis extractor, developing technology for extracting and distilling THC and CBD oils. Nextleaf’s industrial-scale extraction plant in Metro Vancouver has a design capacity to process 600 kg per day of dried cannabis biomass into distilled oils. The Company owns a portfolio of over 35 issued patents and 65 pending patents for the extraction and distillation of cannabinoids. Nextleaf Solutions commercializes its patent portfolio through IP licensing, and the wholesale of THC and CBD oils through Nextleaf Labs, a Health Canada licensed standard processor.

Nextleaf Solutions trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.

Follow OILS across social media platforms: Twitter, LinkedIn, Facebook, and Instagram.
www.nextleafsolutions.com

For further information, please contact:
604-283-2301 (ext. 219)
investors@nextleafsolutions.com

On behalf of the Board of Directors of the Company,
Paul Pedersen, CEO

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s ability to capitalize on its IP portfolio, expectations regarding lower costs resulting from utilization of the Company’s technology, changes in the global market for cannabinoid-based products, the potential for shareholder value creation through the formalization and protection of IP, the Company’s future profitability and expected revenue growth, the long-term sustainability of the Company’s business model, the ability to scale the Company’s business globally, the Company’s strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The CSE has not reviewed, approved or disapproved the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59174

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Cannabis

Sun Kissed Industries Inc.’s Numuni Subsidiary Launches Full BETA Sales Affiliate Program with a Highly Accomplished List of Initial Sales Affiliates

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New York, New York–(Newsfile Corp. – July 6, 2020) – Sun Kissed Industries Inc. (OTC Pink: SKDI) (“Sun Kissed”, “SKDI”), an emerging leader in the development and sale of CBD consumables, digital content management, and online ad monetization technology,”), is pleased to provide a key and very exciting update for its current and prospective investors, as the Company moves forward with the full BETA launch of the Numuni Sales Affiliate Program.

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Numuni Inc. (“Numuni”), a monetization platform developed for digital media publishers, software providers, and online games, has already acquired nearly 100 affiliates and just began BETA testing their sales program on July 1st, 2020.

Numuni will develop all sales training materials and additional technical features based on the feedback of their newly acquired BETA Sales Affiliates and plans to finish the development of its pre-existing software infrastructure during this time. BETA Sales Affiliates will have the ability to earn a 5% lifetime commission of the earnings generated by any website publishers they refer to Numuni. This will provide Numuni with significant traction and revenue-generating capabilities immediately upon the full pending public launch of its robust platform.

Robert Reynolds, the founder and CEO of Numuni stated, “We are extremely thrilled to collaborate with our highly influential and experienced BETA Affiliates in building the foundation of our sales acquisition strategy over the next 45-60 days. Their feedback will be 1 of the initial key essential steps in helping us hit the ground running when our software is fully launched to market.”

By utilizing the same sales acquisition model in his prior endeavor, CPAlead, Robert was able to acquire over +150,000 website publishers, making CPAlead the 40th fastest-growing private company in the USA.

Similarly, Numuni will now be extremely favorably positioned to rapidly scale up its sales operations, by using their affiliate marketing team, and without relying on the high overhead cost of expensive marketing campaigns.

“The digital content monetization market is ripe for disruption again, even more so this time around. And our truly groundbreaking sector disruptive technology is going to be an extreme game-changer,” Mr. Reynolds sums up in concise terms.

Digital publishers are increasingly considering truly effective alternative monetization methods due to the decline of traditional ad revenues and rising public opposition against users’ private data being sold. Numuni plans to capitalize on this growing market trend, having already received pre-commitments from multiple Top-50 trafficked websites, and will utilize its robust and groundbreaking Sales Affiliate Program to rapidly acquire many more worthy & relevant high trafficked websites over the balance of this year and beyond.

About Sun Kissed Industries, Inc.:

Sun Kissed Industries Inc. (OTC Pink: SKDI) is an emerging leader in the development and sale of CBD consumables, digital content management, and online ad monetization technology. The Company is pursuing meaningful acquisitions as part of an aggressive M&A strategy designed to position Sun Kissed as a dominant player in well-defined, high-growth markets within rapidly expanding sectors.

About Numuni, Inc.:

Numuni is a technology platform that aims to disrupt the digital marketplace for paid content by making use of the vast amount of unused computing resources that personal computer desktops have. Numuni is positioned to truly transform the user experience of consuming digital content, increasing the content provider’s earnings as they deliver that experience, as well as leverage the GPU computing power as a commodity to increase efficiency and cost savings.

General information about Numuni, Inc. can be obtained at the company’s website at numuni.io. Follow @numunionline on Twitter and find Numuni, Inc. on Facebook at facebook.com/numuni.io

About Hakuna:

Hakuna is an award-winning CBD-products company, currently nominated for “Best Hemp-Derived CBD Product” by the California Cannabis Awards after winning the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017. Hakuna was also recently awarded “Runner Up” at the Los Angeles Coffee & Donut Festival People’s Choice Coffee Awards for 2019. Hakuna generates significant revenues with a substantial distribution footprint, including over 110 established retail distribution partners across over 20 states in the domestic US market.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements, including information about management’s view of Sun Kissed Industries Inc.’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event, or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors, which may cause the results of Sun Kissed, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Sun Kissed’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Sun Kissed cannot guarantee future results, levels of activity, performance, or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Sun Kissed undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Sun Kissed.

SOURCE: Sun Kissed Industries Inc.

SKDI Contact:

invest@sunkissedindustries.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59166

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Cannabis

IGNITE Provides an Update on the Filing of Its Q1 Financial Statements and MD&A

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VAUGHAN, Ontario, July 06, 2020 (GLOBE NEWSWIRE) — IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, announces that, further to its news release dated May 29, 2020 (“Initial Press Release”), the Company is expected to file its interim financial statements for the period ended March 31, 2020, interim MD&A for the same period and accompanying certificates (collectively, the “Interim Filings”) by July 15, 2020.
The following is a list of the Company’s material business developments since the Initial Press Release:On June 9, 2020, the Company announced that it has hired a new President (Lester Lee), replacing its prior acting President, Curtis Heffernan, and completed a private placement of convertible debentures totaling CA$5 million. Details were disclosed in a news release issued on June 9, 2020.
 
On June 15, 2020, the Company announced that it has closed the previously announced acquisition of Ignite Distribution Inc. Details of the acquisition and the consideration payable were disclosed in a news release issued on June 15, 2020.
 
On June 24, 2020, the Company announced that it has entered into an exclusivity agreement with Namaste’s CannMart to distribute certain of its products in Ontario and Alberta. Details were disclosed in a news release issued on June 24, 2020.ABOUT IGNITEIGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company’s ‘quality-first’ approach is fundamental to the brand and its products. Originally operating in the cannabis and hemp-derived cannabidiol (CBD) wellness space, IGNITE was able to establish its brand awareness. IGNITE product categories now include a full line of CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices, produced by various partners and sold through select distributors, brick and mortar retailers, and online through the Company’s website, ignite.co. The IGNITE THC product line, which was launched subsequent to the CBD product line, incorporates quality, locally sourced, cannabis products.Since the launching of its THC and CBD products, the Company has expanded into the beverage space, launching a full line of functional performance enhancing drinks. The IGNITE beverage line currently consists of PH-alkaline balanced water, a line of premium performance drinks, named Z-RO as well as a gluten-free, seven-time distilled vodka. IGNITE beverages will be distributed nationally within the United States and available to purchase on the IGNITE beverages website, IgniteBeverages.co.IGNITE is a socially responsible company and is committed to using its marketing and brand power as a positive catalyst for a healthy lifestyle. The IGNITE management team believes that socially responsible oriented actions have a positive impact on the Company, its employees and its shareholders.Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.Further information on IGNITE can be found on the Company’s website at ignite.coFor further information, please contact:
Linda K. Menzel, General Counsel
Tel: 310-867-3859
Email: linda.menzel@ignite.co
Cautionary Statement Regarding Forward-Looking InformationThis news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to IGNITE, its ability to file the Interim Filings by July 15, 2020. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID-19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan; reliance on the “IGNITE” brand which may not prove to be as successful as contemplated; the ability to and risks associated with unlocking future licensing opportunities with the “IGNITE” brand, and the ability of IGNITE to capture significant market share. There can be no assurance that any of the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.  

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