Aegis Brands Inc. is reporting financial results for the third quarter ended September 25th, 2021.
- Aegis closed the strategic transaction with Kiaro on September 24th, 2021, resulting in a gain of $5,295,000.
- Aegis’ Total Comprehensive Income in the quarter was $2,096,000 or $0.09 per share compared to a Loss of $751,000 or $0.03 per share last year.
- Aegis’ Net Loss from continuing operations was $1,810,000 compared to a Loss of $1,052,000 in the same quarter last year.
On September 24, 2021, Aegis closed a strategic transaction with Kiaro Holdings Corp. (“Kiaro”), a TSX-V-listed cannabis retailer and wholesale distributor, and sold its Hemisphere subsidiary in consideration for a ~25% equity stake in Kiaro. “We believe in Kiaro’s ability to be successful in a highly competitive space, growing in size through both organic growth and M&A activities to become one of the leaders in the cannabis space” said Steven Pelton, President and CEO of Aegis Brands Inc. Aegis is currently the largest shareholder with 68,000,000 Kiaro common shares. Aegis CEO Steven Pelton sits on the board of Kiaro.
Aegis Brands Inc.
With the sale of Second Cup and the Hemisphere transaction with Kiaro both complete, the transformation of Aegis is well underway. As North America starts to return to pre-pandemic activities, Aegis is eager to expand its presence in the food and beverage sector through acquisitions and partnerships with great brands.