PORTLAND, OR and MONTREAL, QC / ACCESSWIRE / August 24, 2023 / BlockChain Loyalty Corp. (OTC PINK:BBLC) is pleased to announce the imminent closing of a previously issued Letter of Intent (LOI) dated May 19th, 2023, to acquire all the assets of the clean beauty brand Luscious Group LLC DBA True + Luscious.
This acquisition is an integral part of BBLC's growth plans to increase revenues through geographic expansion and strategic acquisitions of product lines and companies which are compatible with its business philosophy, brand, and strategic path to generating shareholder value.
Transaction terms
The terms of the agreement called for BlockChain Loyalty Corp. to pay a total consideration of $749,000 in a mix of Consideration Shares and cash as the final acquisition price. To date, the company has issued a total of 1,163,333 shares equal to $349,000 to the company's founder, Mehir Sethi, with a cash component of $235,529 having been paid as of today's press release. BBLC anticipates the remaining balance of approximately $165,000 to be completed before the end of the month.
Mehir Sethi founded one of Pakistan's top clean beauty brands; Luscious Cosmetics, which saw its products on the shelves of Sephora Australia after global goods corporation, LVMH (Louis Vuitton Moet Hennessy) snapped up Singapore based e-commerce brand Luxola.com in the summer of 2015, where Luscious had been regularly selling its products. Sephora became aware of Luscious' success after acquiring Luxola. The management and board are delighted that Ms. Sethi will stay on with True + Luscious after the acquisition is complete; with her reputation and experience expected to be pivotal in the global expansion of the brand.
"Her role will be extremely important in the continued future growth of BBLC's new flagship brand True + Luscious. True + Luscious is a top seller on Amazon and has been featured in Forbes, Allure, Buzzfeed, HuffPost, Women's Health, and has been listed as ‘one of the best natural makeup brands with products that deliver' by Marie Claire, said Joel DeBellefeuille, CEO & President of BBLC.
Clean Beauty Industry
The "Clean Beauty" business category consists of products made without ingredients shown or suspected to harm human health and is expected to see a massive 40%+ Compound Annual Growth Rate from 2023 to 2028, according to a December 2022 research report by Azoth Research. True + Luscious presents a unique opportunity, as the acquisition comes complete with $2,615,000 in existing inventory, and an email list that consists of over 8,000 customers. The brand is a reputable and profitable business in the high growth clean-beauty industry. There are current pending sales contracts in queue totaling close to $1,000,000 in revenue with a near 40% profit margin. BBLC anticipates closing of the pending purchase orders during the middle of Q2. Ongoing partnerships with the QVC & HSN (Home Shopping Network) and independent retailers also exist.
Updates
Pursuant to the Letter of Intent (LOI) entered into by BlockChain Loyalty Corp. with Heather Marianna LLC dba Beauty Kitchen on March 7th, 2023, with the expected closing date of April 7th, 2023, having passed without a completed closing; both companies have decided to no longer pursue the transaction at this time. BlockChain Loyalty Corp. may seek to explore this potential opportunity at a later date.
Corporate Name Change
To better reflect the company's long-term vision of exponential growth through key brand acquisitions of revenue generating, all-natural clean beauty, skincare, and cosmetics company's; BBLC, through discussion with its board, has also decided to change its name. The trading symbol of the corporation played an important role in the decision, making it easily recognizable. The company is pleased to announce that the new name of the corporation will be changed to Belle Bonica Luxe Corp. with an expected effective date by both FINRA and the State of Delaware taking place by September 15th, 2023.
The company has taken the necessary steps to electronically notify FINRA and has submitted the required amendments of the articles to its registered agent in the State of Delaware. BBLC must advise its shareholders that certain delays out of their control from regulatory bodies, such as the OTC Markets Group or FINRA, may prevent the name from changing on the expected date. However, the company will push for the change to take effect as soon as possible, if they are faced with delays.
The new name was carefully thought out with both Belle & Bonica translating to the word "beautiful" in French and Catalan (the official language of Catalonia) and Luxe, short for luxury. A new website has already been developed, which can be seen here; by visiting, www.bellebonica.com.
About True + Luscious
Founded in 2020 by a beauty industry veteran, True + Luscious is a makeup & skincare brand with established traction in the clean beauty niche. All products are Clean, 100% Vegan, with Sustainable Packaging. True + Luscious is certified by Leaping Bunny, which is the only internationally recognized symbol guaranteeing consumers, that no new animal tests were used in the development of any product displaying their logo.
Mission statement: "Good, Clean, Glam, and Luxurious"
About BlockChain Loyalty Corp.
(BBLC) is a lifestyle & accessories company that acquires and develops clean, genderless beauty products, and all-natural skincare and cosmetics brands, while seeking long-term shareholder value.
For more information visit: www.BlockChainloyaltycorp.com
Contacts: Joel DeBellefeuille, Co-Founder, CEO and President, E. joel@marianna.ca Tel. 1.800.971.2200
To learn more about Joel visit: www.joeldebellefeuille.com
Investor Relations: Just3 Public Relations, Zoltan Sarkozy, Tel. 604.722.0305
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934 as well as relevant Canadian securities laws. These statements relate to future events or future performance and reflect management's expectations regarding future business prospects and opportunities. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target" or the negative of these terms or other comparable terminology. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.
The Company does not assume any responsibility to update or revise any past statements regarding plans or projections related to any expected future events in cases where such plans or projections have not materialized or developed as previously stated or expected.
SOURCE: Blockchain Loyalty Corp.
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