Goodbody Health Limited
(“Goodbody Health”, or the “Company”)
Health announces cash injection for growth through divestment of Polish CBD
Goodbody Health (AQSE: GDBY) (“Goodbody”) is pleased to announce that it has agreed to sell the Polish CBD related elements of its operations to Voyager Life PLC (”Voyager”) in return for a consideration of £1.5m, comprising £0.5m cash and £1.0m convertible loan notes (“CLNs”).
The divestment comprises the share sale of the Sativa Wellness Poland Sp. z.o.o. and Olimax NT Sp. z.o.o., that combined provide CBD extraction and manufacturing at the facility in Bilcza, Poland. Voyager will assume full operational control of the CBD extraction and manufacturing facility on 1 January 2023 with legal title passing following the conclusion of certain Polish registration requirements thereafter.
Under the CLNs, Voyager has three years to pay the Company plus annual interest at 7.5% payable quarterly. Goodbody has the right to convert the principal amount plus interest into up to approximately 2.5million Voyager Ordinary Shares. Until payment of the CLNs is made in full, Goodbody will retain security over the fixed assets of Sativa Wellness Poland Sp. z.o.o. and Olimax NT Sp. z.o.o.
Voyager is an AQSE quoted Growth Market company, offering a range of health and wellness products containing CBD and hemp seed oil. Products include oils, gummies (chewable sweets), bath products and skincare products, which are available online through the Company’s website www.voyagercbd.com and also through third-party websites.
The Directors believe this to be a sound commercial decision allowing further funds to be directed towards the growing diagnostic and wellness sector of the Company which represents over 90% of revenues for
2021 and for 2022 YTD. It was determined that the levels of CBD sales undertaken by Goodbody Health were insufficient justification for meeting the costs of running a full extraction plant and the level of management input.
This divestment also allows the management team to focus fully on the new opportunities available in the health and wellness business.
Goodbody will use the funds generated to continue to develop and expand its health and wellness operations. The Company continues to roll out its strategy of becoming a leading aggregator of innovative technology and innovative tests, including blood and genome, while identifying additional products to enable consumers to take more control of their life time health and wellbeing.
Voyager and Goodbody have established a strong working relationship. Voyager is now stocking Goodbody’s blood diagnostic tests in its three stores and the two companies expect to continue to collaborate together on projects in the future. We will also continue to cooperate in the CBD market.
George Thomas, Chief Executive Officer, said: “This transaction is great news for both Goodbody and Voyager, with each party moving closer towards their strategic goals. The cash Goodbody receives will be used to further both the expansion of the clinic network, investing into innovative testing technology, and into the range of available blood, genome and other diagnostic testing and minor treatment services. We look forward to exciting times ahead”
The Directors of the Company accept responsibility for the contents of this announcement.
Chief Executive Officer
Goodbody Health Limited
+44 (0) 20 7971 1255
AQSE Corporate Advisor
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
+44 (0) 20 7469 0930
Notes to Editors:
Goodbody Health Limited (AQSE: GDBY and OTCQB: GDBYF) is an aggregator of the highest quality, most innovative range of health and wellness services and products using the latest technology. With over 52 products today, tests include blood, genetic, covid and other diagnostic solutions to meet today’s fast evolving consumer expectations with more than 200,000 tests completed to date. A comprehensive portfolio of CBD based products complement the wellness range.
Goodbody Health, as a trusted distributor and retailer of accredited wellness products and diagnostic services, provides a unique ‘frontline’ healthcare service in the local community with expertise to enable customers to manage their health care digitally and make considered choices for their ‘health span’. Our products and services grow local level amenities through a network of over 200 independent community providers offering much needed revenue to pharmacists and others local providers, while alleviating pressure on the NHS.
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