Jeffs’ Brands achieves milestone toward Fort’s proposed merger

Jeffs’ Brands (JFBR) announced that further to its press release dated February 6, 2025, regarding the definitive agreement to complete the contemplated merger of Fort Products with Impact Acquisitions, a capital pool company listed on the TSX Venture Exchange. Impact has obtained a valuation report from Evans & Evans, which indicates that in the opinion of Evans & Evans, the fair market value of the equity interests of Fort Products as of January 31, 2025, is between CAD 16.8 and 20.5 million, on a controlling, marketable basis, subject to the assumptions and qualifications specified therein. The Company considers the receipt of the valuation report as an important step towards the completion of the Proposed Merger, as one of the closing conditions for the Proposed Merger is the receipt of a minimum valuation for Fort Products of CAD 14 million. The Company continues to work diligently towards the completion of the Proposed Merger. Under the definitive share purchase agreement, Impact will acquire from the Company, 100% of Fort Products’ equity interests in consideration for 75.02% ownership of Impact’s share capital, or up to 83.29% ownership contingent upon meeting predetermined milestones.