TORONTO--(BUSINESS WIRE)--Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX:JWEL) announced today that it has completed the previously announced agreement to acquire operating assets from its distribution partner in China for a purchase price of approximately $26 million CAD.
This transaction is a significant step forward in the Company’s brand expansion in China, allowing it to directly connect with consumers while operating its sales, marketing and distribution activities.
“As we continue to focus on our growth strategy in China, this transaction reinforces our commitment to accelerate our business in the world’s second largest vitamin, mineral, and supplement market,” said Mike Pilato, President and CEO of Jamieson Wellness. “Having full value-chain ownership allows us to execute our go-to-market strategy directly with our customers and have a holistic approach to reaching the Chinese consumer, who is demanding the high-quality products we produce. We are thankful to our distribution partner for its support throughout this process and look forward to working together to ensure a smooth transition.”
To further support the Company’s growth plans in China, the previously announced partnership with DCP Capital is expected to close in the second quarter. The Company will leverage DCP’s deep experience and knowledge in this market to further strengthen and accelerate its growth opportunities under the new owned coordinated operating model.
About Jamieson Wellness Inc.
Jamieson Wellness is dedicated to improving the world's health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company's heritage brand and Canada's #1 consumer health brand. Jamieson Wellness also offers a variety of VMS products under its youtheory, Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit www.jamiesonwellness.com.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company’s plans to accelerate growth in China and close the previously announced partnership with DCP Capital in the second quarter.
Words such as “expected,” “anticipate,” “intend,” “may,” “will,” “estimate” and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 30, 2023 and under the “Risk Factors” section in the management’s discussion and analysis of financial condition and results of operations of the Company filed today, May 4, 2023 (the “MD&A”). This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.
The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information” and “Risk Factors” within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.
