“We’re very thankful to Kodiak for this recognition,” commented Oliver Lin, chief executive officer, of Genufood. “Kodiak recognizes that Genufood products offer high quality new generation of nutraceutical range of enzyme products with significant benefit for human consumption. With the continued distribution of our products, we believe we can create as many as 10 high quality jobs in the United States over the next few years. This agreement strengthens our balance sheet allowing us to focus on advancing our distribution network, namely retail chain store concept in the Republic of Singapore, pursuing strategic partnerships, and other long-term objectives.”
Under the terms of the agreement, there are no upper limits to the price that Kodiak may pay to purchase the company’s common stock, and this transaction in no way impedes or changes the company’s goal of completing a national listing. The company plans to continue pursuing its stated corporate milestones of achieving a national listing and pursuing the optimal corporate partnerships for its programs. The Kodiak financing commitment simply strengthens the company’s balance sheet and makes available an additional source of funding. Under the terms of the agreement, Kodiak has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the company’s shares of common stock.
Colin Manners, director of Kodiak, said, “Oliver and his team have built an innovative product in the nutraceutical industry. We look forward to bringing Genufood our experience in supporting successful Asian-Pacific entrepreneurs and are delighted to be part of the next important stage of global expansion for their human and animal enzyme products.”