Vancouver, B.C. – TheNewswire - August 24, 2022, - CleanGo Innovations Inc. (CSE:CGII) (CNSX:CGII.CN) (OTC:SOFSF) (FRA:APO2) CleanGo Innovations Inc. (“CleanGo” or the “Company) is pleased to announce an update that they have opened their new manufacturing and distribution center located 40 minutes North of Houston in the City of Conroe, Texas.
In April of this year, CleanGo Innovations announced that they planned on relocating their primary operations to the Houston, Texas area. CleanGo is pleased to announce that in August they began the set up and operations in their new Conroe, Texas Facility. The recent decision to relocate the manufacturing, distribution, and warehousing under one roof in Texas is economically sound. Further to this CleanGo will integrate ISO 9000 & GMP (Good Manufacturing Practices) Certifications into the new facility eliminating the requirement of third party blending and packaging services. These certifications will aid in the ability to offer our bottling and manufacturing services to our white label and private clients.
Anthony Sarvucci, CEO of CleanGo Innovations said. "As we had previously stated, we believe that by relocating our facilities under one large roof in the Houston, Texas area we will be cutting our operational costs dramatically and allowing us to service our new larger clients without the necessity of third party services. This will also allow CleanGo to streamline manufacturing, distribution and warehousing in a centralized location to offer our clients better pricing due to our operational savings.”
Shares for Debt Transaction
The Company announces that it intends to complete a share for debt transaction (the “Debt Conversion”). Under the terms of the Debt Conversion, the Company proposes to issue 526,316 common shares of the Company at a price of $0.19 per share in satisfaction of the conversion of $100,000. The subscriber under the Debt Conversion is considered to be a "related party" of the Company, such that the Debt Conversion is considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Pursuant to MI 61-101, the Company will file a material change report providing disclosure in relation to the "related party transaction" on SEDAR under Victoria's issuer profile at www.sedar.com. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on sections 5.5(a) and (b) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(b) as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization.
About CleanGo Innovations
CleanGo Innovations Inc. is an international publicly traded ESG company that is revenue generating and specialized in the development of early staged, green, non-toxic and sustainable technology companies. We provide access to capital, executive management and industry experience to grow our portfolio of companies.
CleanGo Innovations experienced team bring new ideas and innovation based on science to find solutions to the current world we live in, CleanGo products cover a vast array of situations including Retail, Commercial and Industrial Solutions. Customers rely on quality, nontoxic, Green Certified products to keep their homes clean and their loved ones safe. For more information visit our website: https://cleangogreengo.com or www.cleangoinnovations.com
On behalf of the CEO & Board of Directors
Chief Executive Officer
CleanGo Innovations Inc.
1 778 240 7724
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This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. Forward-looking statements can often be identified by words such as “will”, “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, proposes” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including risks and uncertainties relating to general economic, market or business conditions or changes in laws, regulations and policies affecting the Company’s operations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Any forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.