Toro Announces Termination of Qualifying Transaction with First Tidal Acquisition Corp.
News Release - Montreal, Quebec – Oct 12, 2022: Toro Beverages Inc.’s (“Toro” or the "Company") announces that its previously announced definitive agreement with First Tidal Acquisition Corp,, with respect to the Company's proposed qualifying transaction, has been terminated. The Company will continue to evaluating and reviewing alternative transaction opportunities.
The transaction with First Tidal Acquisition Corp. was intended to be completed by August 31st 2022, subject to conditions being met prior to the Amalgamation taking place. As the public markets have changed due to several macro factors between announcement and present day, the agreement could not be completed as intended, nor could the parties agree on new terms and accordingly the transaction was terminated.
Oussama (Sam) Saoudi, President of the Company commented “Our priority is our shareholders value. We continuously aim for Toro’s sustainability and profit growth over time. We’re on a mission to fuel people’s lives with better-for-you and functional beverages, and we will pursue our mission as we evaluate alternative transaction opportunities. We believe there are very exciting days ahead!”
About Toro Beverages Inc
Toro is a bold, fast-growing beverage company founded in 2019, when it revolutionized the energy drink industry by introducing Canada's first matcha energy drink. The Company now markets natural energy drinks and matcha powder blends under the brand TORO Matcha, as well as innovative Hard Matcha Seltzers under the brand Matcha Colada. Toro products are carried across Canada and the United Arab Emirates through a distribution network of nearly 900 points of sale including select Loblaws, Whole Foods, Sobeys, IGA, Metro and Zoom stores. Toro plans to expand into the United States and other global markets in 2023. The company has built powerful brands that resonate with the increasing demand for better-for-you products. Toro is committed to becoming a global leader in matcha-based beverages across both non-alcoholic and alcoholic categories. For more information about Toro, visit www.torobeverages.com
For further information, please contact:
Oussama (Sam) Saoudi
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the any future transactions or opportunities of the Company. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Certain assumptions in respect of continued demand for the Company’s products; that future added production capacity will enable us to increase our sales volume, that we do not experience material interruptions or supply chain failures as a result of COVID-19, our ability to retain key personnel, the availability of labour, and changes and trends in our industry or the global economy are material assumptions made in preparing forward-looking statements or information and management's expectations. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward- looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations; limited history of operations and revenues and no history of earnings or dividends; competition; economic changes; regulatory changes in the Company’s primary markets and the impact of and risks associated with the ongoing COVID-19 pandemic, including the risk of disruption at the Company's contracted production facilities or in its supply and distribution channels. The forward- looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.