Wildpack enters long-term agreement with EHPlabs
Wildpack Beverage Inc. announced that it has entered into a long-term packaging supply and manufacturing agreement with EHPlabs LLC.
In addition to entering into the agreement, Izhar Basha, chief executive officer of EHPlabs, will make a private placement into Wildpack and be appointed to the Board of Directors.
Mitch Barnard, Chief Executive Officer of Wildpack, said: ”Our partnership with EHPlabs is our biggest win to date.
“It validates our key thesis that beverage brands want a partner to operationalise their brands, freeing them up to focus on sales and marketing.
“In addition to entering into the packaging agreement, which is our largest since inception, we anticipate that Izhar joining our Board of Directors and becoming a major investor may be equally impactful to the growth of Wildpack.
“Izhar is a visionary entrepreneur with a massive amount of brand experience who has the ability to provide our business with critical insights into customer needs. I am very excited for his mentorship as we continue to build Wildpack into the leading force in beverage manufacturing.”
“When I founded EHPlabs, we strived to ‘Empower Human Potential’ and I feel strongly that this partnership reflects that culture,” commented Izhar Basha.
“EHPlabs has continued to grow global market share by focusing on high quality production of scientifically proven supplements that deliver results.
“Wildpack embodies the culture and values that we require for manufacturing excellence, and I am excited to lend my experience and mentorship with this investment and seat on the Board.”
Under the terms of the agreement, Wildpack has committed to produce 30 million units in 2023 and 40 million units in 2024.
Wildpack is currently commencing fulfilment of seven million units of rush demand in 2022. Each unit includes the supply of an aluminium can, can end, can decorating and filling services, utilising all Wildpack’s fully integrated services at their Las Vegas facility.
During the term, Wildpack will begin supplying the raw materials for the different flavours of Oxyshred, EHPlabs’ flagship brand.
Izhar Basha is subscribing for, on a non-brokered private placement basis, 8,097,166 common shares in the company, at a price per share of C$0.17, for aggregate proceeds of US$1,000,000.
Upon completion of the Offering, Mr. Basha’s resulting ownership will be approximately 7.38% of the Company’s issued and outstanding common shares.
Wildpack will use the proceeds of the Offering primarily to fund working capital related to this increase in utilisation.