Grillit: Announces Legally Binding Term Sheet to Acquire Global A Brands Inc.

North Andover, Massachusetts: June 24, 2022, GRILLiT, Inc. (“GRILLiT” or the Company, PINK: GRLT) today announced that it has entered into a legally binding term sheet to acquire Global A Brands, Inc. (“GAB”). The purchase price for the acquisition is $36 million, which is paid for in the company’s common stock. The company will also complete a $1.5 million capital raise before closing. As part of the transaction, the Company will convert $2,014,000 of outstanding debt into equity, a reduction of 63.94% of total liabilities as of March 31, 2022.

Global A Brands, Inc. (GAB) is a US-based company focused on acquiring and developing early-stage businesses globally within consumer packaged goods in the health, wellness and luxury lifestyle markets.

The company believes that the acquisition of GAB will enhance its portfolio of existing retail restaurant businesses as well as consumer packaged goods. GAB provides a vertical framework for each brand from concept, design and development, manufacturing, sales and marketing, and distribution through its subsidiaries and strategic business partnerships around the world.

Manny Lopez, CEO of Global A Brands, said, “We are excited by the progress of our portfolio over the past twelve months and by being able to identify a liquidity point for our shareholders by merging with Grillit. We believe that there are many complementary synergies between the two. Both companies and their respective management teams. Consolidating with a listed company gives the group the ability to acquire more revenue-generating businesses and drive our investments and growth within our portfolio. Easy access to capital market to run.

The CEO of Grillit commented, “Really excited to enter into this agreement with GAB as their business model aligns very well with that of Grillit. As I just described a year ago, our approach is to GAB We have a talented management team with a history of closing acquisitions and developing early-stage businesses that drive shareholder value. We work hard to meet our agreement and finalize acquisitions will do.

Global A Brands, Inc. (GAB)

GAB is a US based company focusing on acquiring and growing early stage businesses globally within the wellness and luxury lifestyle market.

About Grillit, Inc.

GRILLiT builds, develops, and funds early-stage restaurant brands, with a focus on acquiring business from baby boomers seeking liquidity and an exit strategy. GRILLiT’s vision is to be the preferred catalyst for building great restaurant brands and developing technologies that support the restaurant industry.