Naples Soap Company Announces Signing of Letter of Intent to Combine with The GNS Group, Inc. (OTC: GNSG)

Rhea-AI Summary

On June 28, 2021, Naples Soap Company announced a letter of intent to merge with GNS Group, Inc. (GNSG). Under this agreement, GNSG will acquire 100% of Naples Soap Company’s shares in exchange for GNSG shares. The companies aim to complete the merger within 10 days, following due diligence. Deanna Wallin, CEO of Naples Soap Company, expressed enthusiasm about the public listing opportunity and plans for growth capital, scaling operations, and potential acquisitions.

Positive

• The merger with GNSG allows Naples Soap Company to access public growth capital.
• Potential for scaling operations and executing future acquisitions.

Negative

• None.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NAPLES, Fla., June 28, 2021 (GLOBE NEWSWIRE) -- Naples Soap Company announces that it has signed a letter of intent (LOI) to combine with the GNS Group, Inc. (OTC: GNSG) pursuant to which GNSG will purchase 100% of Naples Soap Company’s shares in exchange for shares in GNSG. Subject to due diligence and execution of a definitive purchase agreement, the parties intend to close the transaction within the next 10 days.

Ms. Deanna Wallin, Founder and CEO of Naples Soap Company said, “We are pleased with the chance to go public and build our company by combining with GNSG and utilizing the GNSG public platform for growth capital, scaling our model, and executing on possible acquisitions.”

About Naples Soap Company

Founded in 2009 by Deanna Wallin, Naples Soap Company is a producer of over 400 bath, body and personal care products that are made in the USA with natural and organic ingredients. Products are sold at the company’s 10 retail locations along Florida’s west coast, central Florida and Panhandle. Naples Soap products are sold online from the company’s website at naplessoap.com, through other DTC (direct to consumer) channels such as Amazon.com, and at over 300 boutiques, spas and stores throughout the United States via the company’s wholesale division. For more information about Naples Soap Company, visit NaplesSoap.com.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are subject to uncertainty and may not come to fruition. Readers are cautioned not to place undue reliance on any forward-looking statement including statements that list numbers and dates.

Contact: Deanna Wallin, Founder & CEO, Naples Soap Company
Deanna@naplessoap.com
239.325.8263
www.naplesoap.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2013a09d-2b87-4e96-8d2b-288d5827784f

FAQ

What is the significance of Naples Soap Company's merger with GNS Group, Inc. (GNSG)?

The merger allows Naples Soap Company to access growth capital and expand its operations.

When is the expected completion date for the GNSG and Naples Soap Company merger?

The transaction is expected to close within 10 days following the announcement on June 28, 2021.

What will GNSG receive in exchange for acquiring Naples Soap Company?

GNSG will acquire 100% of Naples Soap Company's shares in exchange for shares in GNSG.

Who is the CEO of Naples Soap Company?

Deanna Wallin is the CEO of Naples Soap Company.

What products does Naples Soap Company offer?

Naples Soap Company offers over 400 bath, body, and personal care products made with natural and organic ingredients.