CANFIELD, OH / ACCESSWIRE / October 4, 2019 / Canfield Medical Supply, Inc. (OTCQB:CNMF) (the "Company"), a provider of home medical equipment and supplies to patients, announced that it has entered into a non-binding letter of intent with Splash Beverage Group, Inc. ("Splash"), an innovative beverage company that markets naturally flavored tequilas under the "Salt" brand as well as performance drinks, under the "TapouT" brand, containing a proprietary blend of essential vitamins, minerals and electrolytes.
Pursuant to the letter of intent, the Company will acquire all issued and outstanding shares of Splash resulting in Splash becoming a wholly-owned subsidiary of the Company. Upon completion of the acquisition shareholders of Splash are expected to own about 85% of the Company. The Company expects to implement a reverse stock split in a range of not less than 1 for 3 nor more than 1 for 3.5 shares. Closing of the acquisition will be subject to customary closing conditions that include but are not limited to negotiation and execution of definitive transaction documents, obtaining needed shareholder consents and regulatory approvals and satisfactory completion of business, technical and legal due diligence as well as to the satisfaction of other pre-closing terms and conditions. No assurance can be given that the execution of the non-binding letter of intent by the parties will result in a closing or completion of the proposed transaction.
About Canfield Medical Supply, Inc.
Canfield Medical Supply, Inc. is a provider of home medical equipment, supplies and services (which relate to the equipment sales) in Ohio's Mahoning Valley, Western Pennsylvania and Northern West Virginia, with an emphasis on providing for patients with mobility-related limitations who have had strokes, hip or knee replacements, and other surgeries after they are discharged from a hospital or rehab center.
About Splash Beverage Group, Inc.
Splash Beverage Group, Inc. is innovating the beverage industry with delicious, natural and healthy drinks that delight the body and inspire the mind. Splash beverages provide quality, freshness, health benefits and refreshment.
Salt Tequila is naturally flavored 100% blanco agave tequila with a clean and sweet taste. Grown, distilled and bottled in the region of Jalisco Mexico, each pristine bottle of Salt is the result of hard work, determination and countless blends. Salt Tequila offers a variety of naturally flavored tequilas to enhance the pleasure. These include Berry, Citrus and Salted Chocolate varieties.
TapouT is an international lifestyle brand that has been at the forefront of Mixed Martial Arts since its inception in 1997. TapouT beverages includes a complete line of high-performance sports drinks and energy drinks. TapouT Performance and TapouT Hybrid both feature a 3-in-1 advanced performance formula that delivers energy, hydration and cellular recovery benefits. TapouT performance drinks restore what the body loses through physical exertion with 12 key vitamins, 68 minerals and all 5 electrolytes.
This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation inability to enter into a definitive agreement with respect to the proposed transaction or to complete the transactions contemplated by the non-binding term sheet, matters discovered by the parties as they complete their respective due diligence investigation of the other. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
SOURCE: Canfield Medical Supply, Inc.