• PlantX just entered into an asset purchase agreement with Peter Rubi, LLC, to acquire its assets and assume specific liabilities
• This acquisition marks a significant milestone for PlantX and adds to the list of purchases for 2021, which so far includes Bloombox Club, New Deli, Little West, and Locavore
• The move is designed to strengthen PlantX’s e-commerce strategy and expand its market reach in the Midwestern US
• The two Peter Rubi brick-and-mortar stores will be relaunched under the XMarket brand

PlantX Life (CSE: VEGA) (OTCQB: PLTXF) (Frankfurt: WNT1) just announced having entered into an asset purchase agreement with Peter Rubi, LLC through PlantX Midwest Inc., a wholly-owned subsidiary. Following the arrangement, PlantX has acquired all of Peter Rubi’s assets and assumed specific liabilities, in exchange for $1.2 million in cash, along with 9,188,897 common shares in an authorized share structure of PlantX, valued at $0.2774 per share (https://ibn.fm/k8zzw).

Peter Rubi is a critical player in the plant-based market, specifically in the Chicagoland area. The company has a robust e-commerce platform and two brick-and-mortar stores located in Plainfield and Chicago, Illinois. Known for its plant-based catering services and products that include seasonal fruit and vegetable trays, this company has grown to operate at a yearly revenue run-rate that exceeds $7 million.

PlantX is confident that this asset purchase will enhance its overall PlantX e-commerce strategy. It will primarily utilize Peter Rubi’s warehousing facilities, extensive customer base, operational potential, and plant-based merchandising expertise to enhance its fulfilling and distribution capabilities and therefore boost growth within the Midwestern American market. PlantX also plans to involve Peter Rubi founders, who will add to its overall human resources and lend extensive operational experience to establish a sustainable plant-based infrastructure within the United States.

“We are extremely proud to welcome Peter Rubi into our growing PlantX family under the increasingly iconic XMarket brand,” noted Sean Dollinger, the founder of PlantX.

The two Peter Rubi stores will be relaunched under the XMarket brand. The Illinois stores will also serve as new storage and fulfillment centers that will further diversify PlantX’s distribution capabilities, including assisting with orders through the company’s e-commerce platform. Both locations will also feature the XMarket interactive shopping model designed to help grow PlantX’s brand awareness and spur online customer engagement.

This asset purchase agreement, dated December 12, 2021, will also feature the payment of a finder’s fee of 1,029,156 common shares at a deemed issue price of $0.2774, in addition to the cash plus common share for the acquisition. A financial advisory fee to an arm’s length financial advisor will also accompany it to the tune of $18,000 and the issuance of an aggregate of 166,763 common shares.

PlantX also announced that it plans to complete a non-brokered private placement of up to $10 million in unsecured convertible debentures. These debentures will be convertible into units of the company at a lesser of 20% discount to the closing market price of common shares on the Canadian Securities Exchange (“CSE”), as well as a maximum permissible discounted price on the conversion date under policies of the CSE. Proceeds from this offering will be used as general working capital.

“Building on Peter Rubi’s influential presence in the Chicagoland area, this accretive acquisition gives PlantX access to an impressive new community in and around the third largest city in the US, while solidifying our e-commerce market presence and impact in the Midwestern US,” added Mr. Dollinger.

“The new acquisition, alongside our ongoing partnership with Chicago Bears Quarterback Justin Fields, one of America’s most beloved plant-based athletes, demonstrates PlantX’s unique approach to building a sustainable legacy in the US,” he concluded.

This move marks a significant milestone for PlantX as it works towards becoming the digital face of the plant-based community with its one-stop-shop for everything plant-based. This Peter Rubi asset acquisition adds to the growing list of PlantX acquisitions for the 2021 calendar year, which so far includes Bloombox Club, New Deli, Little West, and Locavore.

For more information, visit the company’s websites at www.PlantX.com, www.PlantX.ca, and https://investor.plantx.com/ and view PlantX for Plant-Based Investors.

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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