Namaste provides details on VapeBr deal
NAMASTE TECHNOLOGIES Inc. has acquired the domain and customer database of Brazil’s largest vaporizer retailer, VapeBr, in consideration of signing an exclusive services agreement for fulfilment for Namaste’s Brazilian operations. There was no cash consideration for the acquisition. Based on VapeBr’s 90-day sales history with monthly sales over $80,000 per month, and through implementation of Namaste’s SEO (search engine optimization) and machine-learning algorithms, the company expects to add over $1-million in additional annual revenue to Namaste’s current revenue stream. Namaste believes that, with the acquisition of VapeBR and with establishing a local fulfilment centre, its Brazilian operations will be profitable immediately.
Under the terms of the agreement, Namaste has acquired the VapeBr domain and will therefore inherit all future associated revenue in exchange for an exclusive fulfilment services agreement. VapeBr management will receive a $20 (U.S.) fulfilment fee for each order fulfilled and has agreed to provide the following services:
• Inventory management — maintaining stock on behalf of Namaste, keeping accurate stock counts, monitoring for fraudulent orders and managing chargebacks, and providing forecasts for future inventory purchasing;
• Order processing — receiving orders electronically, and picking, packing and processing orders to ship to Namaste and VapeBR customers;
• Local support — local sales and customer service, managing tickets and live chat;
• Warranty/return processing — receiving faulty items and issuing replacements under warranty. Namaste has also agreed to work with the VapeBr management team to solicit top brands in order to provide local warranty and repair services for the Brazilian market.
As a result of this transaction, Namaste plans to greatly expand the VapeBr product offering as it sees very strong growth potential in the Brazilian market. The acquisition of the VapeBr e-commerce platform is also expected to add over 10,000 additional customers to Namaste’s growing global database of medical cannabis users.
Additionally, Namaste is pleased to announce that the NamasteMD smart phone app has been submitted to the Apple Store, is awaiting approval, and is expected to soon be available on both IOS and Android devices. NamasteMD is a revolutionary telemedicine application that has been designed to connect patients with doctors and nurse practitioners in an attempt to facilitate a seamless process for obtaining medical documents under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) program. Namaste plans on utilizing this technology on the NamasteMD platform to distribute medicinal cannabis through its wholly owned subsidiary, Cannmart Inc.
Sean Dollinger, president and chief executive officer of Namaste, commented: “I am extremely proud of our team for building an e-commerce platform that is being actively solicited by our direct competitors to work collaboratively. Based on this agreement, we expect further opportunities to present themselves for Namaste to work with companies looking to divest their businesses and believe such arrangements are a win-win situation for all parties involved. We are extremely excited that our efforts are not only being noticed, but rewarded with arrangements as such. Namaste welcomes these opportunities and anticipates these trends to continue as Namaste steals market share on a global scale. This transaction further confirms the value we have created with regards to the products and services we provide and our ability to leverage our database moving forward.
“As our e-commerce platform evolves, we are confident our decision to implement cutting-edge age and identity verification technology ahead of our competition will be instrumental in allowing us to become industry leaders. We believe these innovative initiatives not only demonstrate our commitment to the industry, but also provide an ideal solution to ensure the safe and responsible distribution of recreational cannabis on both a provincial and federal level.”
We seek Safe Harbor.
Erika Flores condensed this news release (email@example.com).
Sean Dollinger, Sefi Dollinger, Kiran Sidhu, Peter Emmanouil Simeon, Philip van den Berg
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