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On July 18, 2016, Namaste Technologies Inc. acquired VaporSeller from Haze Industries Inc. Namaste has acquired all VaporSeller related website domains, a customer list of over 150,000 names, and related intellectual property, goodwill, and support services, in exchange for US$500,000 in cash, five million shares of Namaste over time and an earn-out of US$1.5 million, subject to revenue and margin controls.
Namaste has also closed on the minimum subscription requirement of its non-brokered private placement with the issuance of 8-million units for gross proceeds of approximately $960,000. Each unit consisted of one common share of Namaste and one common share purchase warrant exercisable at $0.18 for up to two years.
Namaste Technologies is an emerging leader in the vaporizer and accessories space with over 30 e-commerce retail stores in 20 countries, offering the largest range of brand name vaporizer products on the market.
VaporSeller is an e-commerce portal for the sale of vaporizers and accessories that generated an unaudited revenue base of US$3.4-million in 2015.
Gowling WLG advised Namaste Technologies Inc. with a team that included Peter Simeon and Matthew Literovich.
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