Sipp
Industries Secures
$500K
Bridge Line of Credit from Wanderport
Corporation
Costa Mesa, CA
-- November 1, 2018
-- InvestorsHub NewsWire -- Sipp Industries, Inc. (OTC:
SIPC), a multifaceted corporation specializing in technology,
manufacturing and distribution of commercial and consumer products,
today announced it has entered into a financing agreement
with Wanderport
Corporation
(OTC:
WDRP) for a
$500K
bridge
line of credit to support near term growth.
The line of credit is
structured as a convertible note and can only be used for
beverage
development, production, sales and
marketing. The facility
can
increase to $1M and
serves as
a bridge until the Company
secure additional financing to support its
organic
and
external
growth.
The Company
and Wanderport
Corporation
formalized their partnership in
September
2017 by
completing a 25M shares stock swap. At
Sipp's
current
stock
value, Wanderport
has an
unrealized gain of $1.5M which it will use as part of a
mechanism
to provide funding to Sipp Industries.
Through its wholly
owned subsidiary, Major Hemp, Sipp Industries has recently received
the Certificate of Label Approval (COLA) from the Tobacco Tax and
Trade Bureau (TTB) for a new hemp IPA beer, Major Hemp
H-IPA.
The beer
has been produced by Church Street Brewing and is being packaged
into cans for wider
distribution.
The Company is
collaborating with Church Street Brewing to host a launch party on
November 2, 2018
from 5pm
until 11pm at 1480 Industrial Drive, Suite C, Itasca, IL. The H-IPA
will be available for tasting and purchase from tap as well as
cans.
The Company is
also
expecting
to receive the label approval for its first hemp beer, Major Hemp
Brown Ale (MHBA)
and begin
production with its Colorado
contract
brewer Sleeping Giant soon. MHBA will also
be
available in kegs and
cans.
"We could not be more
excited for the recent development of our
craft
hemp beers.
We are at
a cusp of rapid growth and the financing provided by
Wanderport
is
instrumental in supporting our
near term growth. This will allow us to keep our cost of capital to
a minimum
while we
seek for the most favorable terms of financing for
longer
term
growth," commented
Syman
Vong,
Chief Executive Officer.
"As
a
strategic
partner, we are delighted to assist in Sipp Industries' growth. Not
only will we be a financing
partner but we will also
participate in Sipp's product and market
expansion," stated Liliana
Vo, Wanderport's
President
and interim CEO.
About Sipp
Industries, Inc.
Sipp Industries is a
multifaceted corporation that specializes in technology,
manufacturing and distribution of commercial and consumer products.
Through its wholly owned subsidiary, Major Hemp, the Company
provides hemp beer, high quality and competitively priced
hemp-based products, bulk hemp, CBD supply, co-packing and private
labeling services.
Website:
http://www.sippindustries.com
Facebook:
https://www.facebook.com/SippIndustries
Twitter:
@SippIndustries
About
Wanderport
Corporation
Wanderport
Corporation is a
premier manufacturer
and distributor of food,
beverages and consumer products
made with hemp.
Its
premium quality coffee blends are currently being sold in a growing
number of grocery stores and small businesses in the Southern
California territory. Its products are also sold online at
www.sapacoffee.com and www.amazon.com. For more
information, please
visit http://www.wanderportcorp.com.
Facebook:
wanderportcorporation
Twitter:
@wanderportcorp
Instagram:
wanderportcorp
Forward Looking
Statements:
This release contains
forward-looking statements within the meaning of Section 27a of the
Securities Act of 1933, as amended and section 21e of the
Securities and Exchange Act of 1934, as amended. Those statements
include the intent, belief or current expectations of the company
and its management team.
Forward-looking
statements are projections of events, revenues, income, future
economics, research, development, reformulation, product
performance or management's plans and objectives for future
operations. Some or all of the events or results anticipated by
these forward-looking statements may not occur. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. Accomplishing the strategy described herein is
significantly dependent upon numerous factors, many that are not in
management's control.
Contact:
Ted
Jorgensen
Major Hemp
President
Sipp Industries,
Inc.
Investor
Relations
ir@sippindustries.com
949.220.0435