Purebread Brands restructures debt, appoints directors

Executive Summary

• Purebread Brands Inc. has completed a debt restructuring where its total indebtedness of $5,209,930 owed to Bank of Montreal was purchased by an unrelated third party, with all original terms remaining unchanged.
• Significant leadership changes have occurred: Christian Bullock has been appointed as the new Chief Executive Officer, replacing interim CEO Amrit Maharaj.
• The Board of Directors has been expanded with the appointment of both Christian Bullock and Ingo Seibert, while Amrit Maharaj continues to serve on the board in a leadership role.

Key Details

• Debt Restructuring:
  • Total indebtedness amount: $5,209,930.
  • Original creditor: Bank of Montreal (BMO).
  • Original agreement: Letter of agreement dated June 28, 2023, as amended.
  • Parties involved: BMO, Coho Acquisition Corp. (wholly owned subsidiary of Purebread Brands Inc.), and Purebread Brands Inc. (as guarantor).
  • Transaction details: Indebtedness purchased by a third party acting at arm's length to the company.
  • Terms: All terms and conditions applicable to the indebtedness remain unchanged.
• Leadership Changes:
  • Christian Bullock: Appointed as Chief Executive Officer.
  • Ingo Seibert: Appointed to the Board of Directors.
  • Amrit Maharaj: Voluntarily resigned as interim Chief Executive Officer; continues in a leadership role and serves on the Board of Directors.
• Executive Backgrounds:
  • Christian Bullock: Brand leader with 25 years of experience developing food and beverage brands across Canada.
  • Ingo Seibert: Business entrepreneur and investor with 26 years of experience in M&A, financing, strategic planning, sales, marketing, and team structuring.

Notable Quotes

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