Imbutek Holdings Corp. acquired Sibannac, Inc. in a reverse merger transaction.
July 05, 2017
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Imbutek Holdings Corp. acquired Sibannac, Inc. (OTCPK:SNNC) in a reverse merger transaction on June 29, 2017. Under the terms, Sibannac will issue and deliver to Imbutek Holdings, certificates representing 43.87 million shares of Sibannac's common stock registered in the name of Imbutek Holdings and issue and deliver to Imbutek Holdings, certificates representing 100% of the Sibannac's preferred stock registered in the name of Imbutek Holdings. Imbutek Holdings will completely liquidate and dissolve and will cause to be distributed to its shareholders, pro rata to stock ownership, all of its right, title and interest in and to the shares of the Sibannac’s voting common stock to be received by Imbutek Holdings in exchange for the surrender by shareholders for cancellation of certificates representing all of Imbutek Holdings’s outstanding common stock. Pursuant to the transaction, Sibannac will change its name to Imbutek Holdings Corp. and submit a request to FINRA to change its trading symbol to “IMTK”. Daniel Allen resigned as the Chief Executive Officer and as a member of the Board of Directors of the Sibannac, Paul Dickman resigned as Chief Financial Officer; Chase Zeman resigned from all corporate offices, including Secretary and Treasurer and as a member of the Board of Directors of the Sibannac; Travis Hair resigned as Chairman of the Board of Directors and Kirk Kimerer resigned from all corporate offices. David Mersky was appointed as Chief Executive Officer, President, Secretary, Treasurer and as a member of the Board of Directors of the Sibannac. Rich Heineck was appointed as Chief Operating Officer and will remain as a member of the Board of Directors.
Closing of the transaction is subject to approval by shareholders of Sibannac and Board of Directors of Sibannac and execution of employment contracts. Closing of the transaction was also subject to appointment and resignation of certain officers and directors of Sibannac which has been duly fulfilled. Transaction is expected to close on or before June 29, 2017. Hart & Hart LLC acted as the legal advisor to Sibannac.
Imbutek Holdings Corp. completed the acquisition of Sibannac, Inc. (OTCPK:SNNC) in a reverse merger transaction on June 29, 2017.
Sibannac, Inc. is engaged in creating and selling premium next generation wellness products in the consumer packaging goods space. The Company specializes in creating and selling premium Cannabidiol (CBD) products. In addition to mainstream supplements, the Company is producing Kratom and Hemp-derived Delta-8 THC products for wholesale and retail sales and distribution. The Company operates a food-grade facility that is fully cGMP compliant and is vertically integrated, with product design, manufacturing, sales and marketing. It provides contract manufacturing and white labeling services for independent firms and creates and manages its own brands from the concept phase through to distribution. It has opened its platform to outside clients to offer its marketing and brand-building assets, through its wholly owned subsidiary, The Campus Co., which provides services to wellness brands. Its consumer brands include Converse, Titleist, Coca-Cola, and Supercandy.
SIBANNAC, INC. 
