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Zoglo's Restructures Agreement with Israeli Food Giant Soglowek to Waive Debt and Transfer Trademarks

Markham, ON – Tuesday, December 6, 2022: Zoglo’s (CSE: ZOG) (FSE: 7UT) (“Zoglo’s” or the “Company”), a plant-based food company, announces that it has successfully canceled its existing production agreement and has entered into a new agreement with Naknik Nahariya Kasher Soglowek Ltd. (“Soglowek”) to waive the Company’s existing debt of CDN $2.5M and transfer of all trademarks concerning Zoglo’s and the Zoglo’s brand to the Company. 

As part of the new agreement, the Company has agreed to the following terms with Soglowek:

  • The Company is to pay 3% in royalties from any product sold under the Zoglo’s brand in perpetuity to Soglowek
  • Zoglo’s brand sales are to be verified by a Soglowek-appointed accountant quarterly
  • Royalty payments are made every 30 days
  • Soglowek will have the right to review the Company’s sales reports
  • Zoglo’s will have the right to use the IP, as long as royalties are paid
  • The ownership of the IP will remain with Soglowek 

“We are thankful and pleased for Soglowek’s continuous confidence in our team and operations to bring Zoglo’s unique and delicious plant-based offerings across North America,” commented Jim Delsnyder, CEO of Zoglo’s. “By restructuring our debt, we are better positioned to continue focusing on growth and increasing our brand presence across the retail landscape.”

For a full breakdown of all Zoglo’s products and where they can be purchased, please visit the Company’s product section on its website.

Subscribe to updates about Zoglo’s Food here: https://zoglos.com/ 

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ABOUT ZOGLO’S:

Zoglo’s is a publicly-traded plant-based food company which offers nutrient-rich, plant-based appetizers, veggies, and meat substitutes to fulfill consumers needs for all occasions and cooking requirements. The Company’s wholly-owned subsidiary, Zoglo’s currently offers 14 products through its Traditional Green Box product line and aims to offer 12 innovative products for the mainstream market through its new Zoglo’s Black Box product line. Over the past 25 years, Zoglo’s products have been in distribution in over 1,300 retail stores across Canada including Walmart, Shoppers Drug Mart, Sobeys and Loblaws, and has representation in the United States and Europe. The Company trades on the Canadian Securities Exchange under the ticker: ZOG and on the Frankfurt Stock Exchange under the ticker: 7UT. 

Visit our website and follow us on our social media channels: Facebook, Instagram, LinkedIn, and Twitter

ON BEHALF OF ZOGLO’S MANAGEMENT:

Jim Delsnyder

CEO

ir@zoglos.com

+1 (647) 478-9585

 

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