HYLA Acquisition Significantly Improves Endexx’s ($EDXC) Balance Sheet, Eliminating Overbalance Through Debt Reduction and Warrant Removal
Endexx Corporation (OTCBB:EDXC)
CAVE CREEK, Arizona, USA, September 13, 2022 /EINPresswire.com/ — Plant-Based Stock News from Investorideas.com Newswire- Endexx Corporation (OTCBB:EDXC), a provider of innovative, sustainable, plant-based health and skin care products, today announces its recently acquired subsidiary HYLA US Holdco Limited . manufacturer and distributor of organic, all-natural, zero-nicotine products based on guarana, has initiated marketing approvals in the markets of eight new countries, including Germany, Italy, Israel, Egypt, Slovenia, Romania, Iran and Bahrain.
These markets will be added to HYLA’s current markets: USA where HYLA formulations are manufactured, Canada, Czech Republic, Georgia, Russia, Slovakia, South Africa, Switzerland, United Arab Emirates, UK and Uzbekistan. . HYLA’s unique products do not contain nicotine but contain guarana, which the company believes will be an attractive alternative in a market that continues to see strong demand for e-cigarette products.
Introduced in October 2021, Hyla’s initial stock of 140,000 units sold out within its first month of availability. Proprietary formulations are manufactured in Los Angeles to protect intellectual property before entering international markets for final production and distribution. Hyla vape products have Underwriters Laboratories global safety certification and are CE approved.
Named after the Amazonian Guarani tribe, the guarana plant has its origins in the green forests of Brazil. According to Brazilian mythology, the first guarana plant was cultivated by a king who planted an eye on a village child. Guarana seed, a natural “nootropic”, has many uses, the most common of which is as a coffee substitute. It is also widely used topically and as an anti-aging serum with antidepressant effects, cardiovascular support, libido enhancement, neuroprotection, longevity promotion, and weight loss, anecdotally reported. Guarana contains caffeine, theobromine, theophylline, tannins and flavonoids.
HYLA CEO Nick Mehdi commented: “We continue to see growing demand for our nicotine-free guarana-based vape products, with sales and territories increasing quarterly despite the current inability to sell the product online in the US. With 1,000 stores offering this product in the US and the potential to expand our market presence to 19 countries by the end of 2022, we are excited to add our product line to the already strong retail presence that Endexx maintains.”
Following the completion of its majority share acquisition, Hyla Endexx also strengthened its balance sheet. Endexx has entered into settlement, block and drain agreements with its Historic Investors in which each Historic Investor agrees to exchange their notes and warrants prior to acquiring a replacement promissory note. This new Investor Historic Bond replaced convertible debt and warrants with a simple 18-month non-convertible debt.
“The acquisition of HYLA continues to be a significant milestone for Endexx as it not only brought additional revenue that we expect to see immediately and new international distribution for our CBD Unlimited and Blesswell™ product lines, but also significantly eliminated surpluses. from our balance. This consolidation and simplification of our debt structure will allow us to more easily finance our operations and secure future growth unencumbered by complex and potentially dangerous debt.”
For more information about the Hyla acquisition and financial restructuring of Endexx, see the company’s Form 8-K, which was filed with the US Securities and Exchange Commission on September 7, 2022.
About Endexx Corporation
Endexx Corporation develops and distributes all natural, plant-based topical skin care products. Its products range from balms, creams, lotions, oils, masks, scrubs and oils, all with the common goal of healthy skin and wellness. The science behind these products includes decades of clinical field research and laboratory work to create a functional formulation with ingredients for optimal absorption and maintenance of skin health.
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