- PlantX entered into an asset purchase agreement with Peter Rubi, LLC on December 12, 2021
- The purchase’s primary objective was to grow PlantX’s e-commerce enhancing strategy while leveraging Peter Rubi’s resources to increase revenue and market reach
- Following the purchase, PlantX has announced same-day delivery services for its products across Chicago and Plainfield, Illinois
- The company’s management is excited about the launch and what marks the beginning of other ambitious plans that PlantX has in store for this new year
On December 12, 2021, PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF), through its wholly-owned subsidiary, PlantX Midwest Inc., entered into an asset purchase agreement for the acquisition of all assets for Peter Rubi, LLC, along with the assumption of some of its liabilities.
The purchase agreement was to the tune of $1.2 million in cash, in addition to 9,188,897 common shares in the authorized share structure of the company, valued at $0.2774 per share. The goal with the acquisition was to grow PlantX’s e-commerce enhancing strategy while leveraging Peter Rubi’s warehousing facilities, operational potential, extensive customer base, and plant-based merchandising expertise to increase revenue within the United States (https://ibn.fm/8jaeO).
In what marks a significant move since this acquisition, PlantX has launched same-day delivery services for its products across Chicago and Plainfield, Illinois. The company plans to avail these services through third-party delivery apps, in addition to retail locations within these two cities, allowing for the deployment of its e-commerce marketing expertise to these specific locations (https://ibn.fm/vJneb).
PlantX also announced its plans to use data from its e-commerce site and geo-targeted marketing to engage with the Illinois communities, ultimately bringing plant-based products to more customers and making the plant-based lifestyle accessible to all.
“We see this new vertical as a way to increase our customer base through our retail locations while offering customers more choices in how they shop,” noted Lorne Rapkin, the Chief Executive Officer (“CEO”) of PlantX.
“Allowing customers to order products for same-day delivery through third-party delivery apps is merging PlantX’s e-commerce strengths with the company’s newer venture into retail,” he added.
The Chicago location has been rebranded as XMarket Uptown, and customers will now have access to a variety of plant-based brands and products, including, but not limited to, fresh produce, PlantX’s own ready-to-eat meals, and recipes.
“Providing superior quality project and same-day services for our customers in Illinois is another step toward our strategic expansion plan,” reckoned Sean Dollinger, PlantX’s founder.
While announcing Peter Rubi’s acquisition, Mr. Dollinger noted the company’s influential presence in the Chicagoland area. He further acknowledged how the purchase would give PlantX access to an amazing new community in and around the third largest city in the United States, all while solidifying its e-commerce market presence and impact in the Midwestern US.
PlantX’s management is excited about Peter Rubi’s acquisition. These new developments regarding same-day delivery and the rebranding of the Chicago store are only the beginning of other ambitious plans that the company has in store for this new year.
For more information, visit the company’s websites at www.PlantX.com.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
