DRYWORLD Brands Inc. (OTC: IBGR) (“Dryworld”, or the “Company”) is pleased to announce that it has entered a binding Letter of Intent (the “LOI”) with Brio Holding Group inc. (“Brio”), to acquire 100% of Brio. Brio will become a wholly-owned subsidiary of Dryworld.
About Brio Holding Group Inc.
Brio is a Delaware company having the exclusive global license to Brio Soul Brands. Brio’s sales and distribution strategy is focused on Latin and Central America having distribution agreements providing access to more than 9,000 + retail locations and best-in-class apparel manufacturing supply chain solutions located in Colombia.
For further information about Brio, please see: Brio Soul brands
Transaction Purpose
Dryworld’s goal is to immediately place the O Bruxo Ronaldinho collection into select retail locations across Latin America that are already under contract with Brio, and where Ronaldinho has significant brand recognition. Dryworld will complement the market launch with its existing HauteD and CoreD branded collections, and CBD-based health products (where federally permissible). Finally bringing the full DRYWORLD suite of products, including SignatureD and premium Ronaldinho My Global Collection to the masses in LATAM through targeted premium retail partnerships. DRYWORLD will support and build-out the brand with targeted partnerships with high-profile athletes, teams, and leagues. As part of the transaction, DRYWORLD will build out the Brío Soul collection, under the DRYWORLD banner, which has produced proprietary fabrics with exceptional, multifunctional performance for its eco-conscious collections.
Matt Weingart, Co-CEO of Dryworld, commented: “This transaction has the potential to be transformative for Dryworld, providing immediate expansion into Central and South America with an initial focus on placing our DRYWORLD products throughout Brio’s existing retail distribution agreements in Colombia, Panama, Peru, Ecuador, and Costa Rica. That is why I traveled to Colombia, to meet the partners and hit the ground running on due diligence, so we can get to work immediately.”
Jorge Diaz, Brio’s Chairman, stated: "We’re very pleased to strengthen Dryworld's presence in LATAM, a region with outstanding per capita consumption in the fashion and apparel industry. The timing of this transaction will serve as a catalyst to accelerate Dryworld's operations both in LATAM and globally. Also, Dryworld will be able to leverage the expertise, know-how, and distribution experience that Brio’s developed in order to expedite the combined and expanded go-to-market strategy."
Terms of Proposed Transaction
Under the terms of the LOI, and subject to requisite approvals, Dryworld shall issue up to 5,000,000 shares to the shareholders of Brio to acquire 100% of the issued and outstanding shares of Brio. Following close of the Transaction, Brio will become a wholly-owned subsidiary of Dryworld. Terms of the transaction include 3,000,000 shares to be paid at closing, with the remaining 2,000,000 subjects to performance milestones connected directly to revenue growth of the Latin/Central American market. All properties, assets, and contracts of Brio shall continue to be the property of Brio, a wholly owned subsidiary of Dryworld; and all sales contracts entered into by Brio shall be assigned to Dryworld.
Expanding the Dryworld Team with Brio’s Experience
On closing of the transaction, Dryworld’s Board will remain unchanged, however, Chayle Beaudoin (Brio’s Founder, Director and CEO) and Jorge Diaz (Brio’s Chairman) will become Officers of Dryworld:
Chayle Beaudoin: Founder, Director & CEO of Brio
Chayle Beaudoin is the CEO and Founder of Brío Soul Apparel and brings 15+ years of business experience from the insurance and retail fashion industries across North America, both Canada and the US. Chayle brings a strong entrepreneurial spirit and has a deep passion for unlocking and building disruptive new ventures. Having dedicated 20 years to the practice of Yoga, Chayle has a solid understanding of the needs of practitioners along with a keen eye for fashion and art as well as a love of languages; she is fluent in English, French and Spanish.
Jorge Díaz: Chairman of Brio
Mr. Diaz is the founder and CEO of Domäne Investment Group Inc (DIG) a private equity fund that has been the first-round investor in several companies that have been listed on recognized securities exchanges. (DIG) and associates have funded projects located in Brazil, Colombia, Guyana, Panama, Costa Rica, Mexico, Italy, Canada and USA to name a few. The capital raised by Mr. Diaz and his associates over the last 15 years has exceeded $200 Million.
For further information on the Company, please visit: Dryworld Investor Relations
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For more information, contact: info@thedryworld.com
Safe Harbor for Forward-Looking Statements
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the company's acquisition integration and market sectors, COVID-19, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.
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Dryworld Brands Inc.
