Vegalab announces the acquisition of M&G Packing Inc.

Vegalab US ("the Company"),has announced the purchase of substantially all of the assets related to a produce packaging business located in Tulare County, California (the "Business"). The acquisition, which closed on October 18, 2017, consisted of the purchase of approximately 11 acres of real property and 30,000 sq. ft. of buildings from M & G Farms, Inc., a California corporation, and all of the equipment, inventory, customers, suppliers, contract rights, and intangible property from M&G Packing, Inc., the California corporation that operated the Business. The total purchase price for the Business, including closing costs, was $854,452. The Company purchased the Business with $425,000 down and the balance on an 18-month promissory note with interest at 6%.  The Business, located in the middle of a citrus growing region near Fresno, CA, has been packing mainly oranges and lemons for about 13 years, and will be operated as M&G Packing, LLC, a wholly owned subsidiary of the Company ("M&G").