Sipup Announces LOI To Merge With VeganNation

NEW YORK, Dec 14, 2020 /PRNewswire/ -- Sipup Corp SPUP  has on Dec 8, 2020 entered into a non-binding letter of intent for a business combination with VeganNation Ltd., a leading global plant-based company building an all encompassing conscious consumer ecosystem, connecting and empowering plant-based and sustainable businesses and individuals. Under the terms of the letter of intent, VeganNation will become a wholly owned subsidiary of Sipup.

VeganNation, the world's first sustainable ecosystem, along with SIPUP announced its plans to merge with the vision to build the first publicly traded plant-based ecosystem. The growth of sustainable and plant-based consumer goods presents a unique opportunity to participate in the fastest growing lifestyle globally.

A condition to closing is that Sipup will complete a private placement of its securities with net proceeds to the Company of $3.5 million. The consummation of the transaction will also be subject to, standard closing conditions, including satisfactory due diligence by the parties and the entry into a definitive merger agreement.

The combined Company anticipates executing on its strategy involving growth in revenue and long-term profitability. This strategy includes continued R&D investment, new initiatives in sales, marketing and innovation, as well as finalizing a strategic acquisition.

The SIPUP board appointed Isaac Thomas as the new CEO of the company "the time for a green and sustainable world has never been more crucial and the economic opportunities that it brings with it are enormous.  As a public company, we aim to be a leader in the new green revolution and bridge the corporate world to sustainability" said Thomas.

VeganNation commented, "the global conscious consumer is set to change the world as we know it and VeganNation is on the forefront of the new green sustainability revolution"

"Thrivability", explains Isaac Thomas, CEO and Co-Founder of VeganNation, "thrivability for all is the new way of business. We aim to connect everything plant-based and sustainable into a strong global economic ecosystem." 

About VeganNation
The VeganNation ecosystem unites individuals, businesses and organizations to discover, share and trade goods and services based on vegan values and lifestyles. VeganNation is leading the vegan community with a sophisticated technology platform that enables a robust vegan economy to flourish.

VeganNation was founded by four childhood friends and family: Isaac Thomas, Yossi Rayby, Shneor Shapira and Rena Thomas. The company supports sustainable trade and promotes conscious and sustainable consumption and lifestyle. Visit the website at www.vegannation.io, download the VeganNation app on a smartphone, and follow the company on Twitter, Facebook, Instagram, LinkedIn and YouTube.

Legal Notice Regarding Forward-Looking Statements
This release includes forward-looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those set forth herein.  No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. Although Sipup believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, unanticipated losses, financial condition and stock price, inability to carry out research, development and commercialization plans and other specific risks. Sipup does not undertake any obligation to publicly update any forward looking statement.

SOURCE Sipup Corp