Halo Tek Inc. a wholly-owned subsidiary of Halo Collective Inc. (OTCQB:HCANF) (NEO: HALO) (Germany: A9KN) has filed a preliminary long form prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, other than Québec, for the purpose of qualifying the distribution by Halo to holders of Halo's common shares of all of the issued and outstanding common shares in the capital of Halo Tek as a return of capital.
Halo also announced that Philip van den Berg is resigning as a director and the CFO of Halo, effective April 30, 2022, to join Halo Tek as its CEO. Marshall Minor, the current senior vice president, finance of Halo, has been appointed to act as interim CFO, effective April 30, 2022.
Halo Tek Spin-Off
Prior to the distribution, Halo intends to reorganize its technology assets so that Halo Tek is the owner of all of the outstanding shares of the following subsidiaries:
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Halo DispensaryTrack Software Inc. DispensaryTrack is a cloud-based point-of-sale solution, expected to offer a fully integrated e-commerce platform that allows retailers to manage in-store and online inventory, have a single view of customers, and analyze multi-channel sales data. The application is being designed to be used on a smartphone or tablet and is expected to be available on the Apple and Android app stores for an ongoing monthly service fee.
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Halo AccuDab Holdings Inc. AccuDab Holdings owns the intellectual property related to and is focused on the development of the AccuDab Pen. The AccuDab Pen takes the form of a discrete pen that will allow users to pre-select doses of measured THC or CBD in 0.1 mL increments from 0.01 mL to 0.60 mL for sublingual consumption.
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Halo Cannalift Delivery Inc. Cannalift is a web-based delivery application that, once developed, will provide consumers with a convenient method of obtaining cannabis products from their local dispensaries. The application is being designed to be used on a smartphone or tablet. Cannalift will not stock any cannabis supply but rather act as an intermediary between dispensaries and consumers.
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Nasalbinoid Natural Devices Corp. Nasalbinoid is focused on the development of personal nasal inhalers infused with CBD oil; while future plans include THC formulations. Nasal inhalation is the newest method of consumption in the cannabis market and differs greatly from the smoking and vaporizing verticals.
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1265292 B.C. Ltd. (d/b/a Cannafeels) Cannafeels is an online database that will help cannabis consumers discover new strains and track their purchasing history to aid both new and previous users in selecting the right strain for their intended use.
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1275111 B.C. Ltd. 1275111 has developed a patent-pending technology for cannabinoid filtration and purification technology, which Halo Tek intends to license to third party manufacturers and processors of cannabis products
In connection with the distribution, Halo intends to affect a reduction in the stated capital of the Halo Shares. Such a reduction will require the approval of the holders of Halo shares. Accordingly, a meeting of the shareholders of Halo has been called for June 16, 2022 for the purpose of conducting the annual business of Halo and considering a special resolution to approve the stated capital reduction. The completion of the distribution is conditional on at least two-thirds of the votes cast by holders of Halo shares at the meeting being in favor of the stated capital reduction. In this regard, Halo intends to file a notice of meeting and management information circular in connection with the meeting in the coming weeks. The circular will be available on SEDAR.
The preliminary prospectus contains important information relating to the Halo Tek shares and is still subject to completion or amendment. There will not be any distribution of the Halo Tek shares until a receipt for the final prospectus has been issued.
Photo: Courtesy of Halo Collective Inc.
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