VANCOUVER — Eat Beyond Global Holdings Inc., an investment issuer focused on the plant-based and alternative protein sector, entered into a letter of intent to acquire all of the outstanding share capital of British Columbia-based Mylk Brands, Inc.
The proposed transaction would see Eat Beyond indirectly acquire Boca Raton, Fla.-based Fresh Start Beverage Co., a wholly owned subsidiary of Mylk and the maker of Banana Wave beverages. Made from oats and bananas, Banana Wave is gluten-free and non-GMO with 90 calories or less per serving. The dairy-free product comes in original, unsweetened original, mango, chocolate and strawberry varieties.
The transaction remains subject to several conditions, including regulatory approval and a third-party valuation of Mylk, according to Eat Beyond. Other companies in the investment issuer’s portfolio include Turtle Tree Labs, Nabati Foods, Above Food, Zoglo’s Incredible Food, The Very Good Food Company Inc. and Eat Just, Inc.
“We are delighted to be able to add Banana Wave to Eat Beyond's roster of portfolio companies,” said Michael Aucoin, chief executive officer of Eat Beyond. “Banana Wave products are truly differentiated in an increasingly competitive dairy alternative category. With truly great flavor and compelling nutritional benefits, we believe the Banana Wave brand is a product on the cusp of greatness.”Under the terms of the letter of intent, Eat Beyond is expected to issue 14,470,588 common shares to the existing security holders of Mylk at a price of $0.80 per share. Approximately 420,000 additional consideration shares are expected to be issued upon the automatic conversion of currently outstanding convertible notes of Mylk in the principal amount of $225,000.