- Lifestyle Global Brands (GBE) announced the company has reached an agreement with Connection Services Group
- Lifestyle Global and Connection Services Group will combine their business operations resulting in a reverse takeover by CSG and its shareholders
- Lifestyle Global will spin out its existing assets via a plan of arrangement and continue its business and its listing on the TSXV
- The agreement remains subject to mutual due diligence
- Lifestyle Global Brands is up 33.33 per cent, trading at C$0.02 at 1:25 pm ET
Lifestyle Global Brands (GBE) announced the company has reached an agreement with Connection Services Group.
Lifestyle Global and Connection Services Group will combine their business operations resulting in a reverse takeover of Lifestyle Global by CSG and its shareholders.
Under the agreement, Lifestyle Global will spin out its existing assets via a plan of arrangement and continue its business and its listing on the TSXV. In connection with the business combination with Connection Services Group, the Hong Kong holding corporation will be delisted and will apply to re-list on the TSX Venture Exchange.
Connection Services Group and Lifestyle Global will enter into a business combination by way of a share exchange, merger, amalgamation, arrangement, or other similar form of transaction which will result in Connection Services and all of its subsidiaries and affiliates becoming directly or indirectly wholly owned subsidiaries of Lifestyle Global.
The acquisition remains subject to mutual due diligence.
Connection Services Group is a telecom management company with experience in the development and provision of mobile voice and broadband data services, including the acquisition and distribution of media and applications.
“We are pleased to work with the team at CSG to bring this telecom opportunity to the market by the proposed listing on the TSX Venture. Our prior experience in West Africa has made us aware of its attractive combination of stability and economic growth. Since 2002 Sierra Leone’s economy has grown steadily, with annual rates of real GDP growth between 4% and 7%. After a relatively mild covid contraction in 2020, Sierra Leone is poised to continue to prosper,” said Lifestyle Global Chairman James Varanese.
Lifestyle Global is incorporated in Hong Kong as a public company. The company focuses on mineral exploration in West Africa.
Lifestyle Global Brands is up 33.33 per cent, trading at C$0.02 at 1:25 pm ET.
