Source: General Assembly Holdings Ltd.
  • General Assembly Holdings (GA) has sold all of its assets related to its production, sale and distribution of frozen pizza
  • The company sold its frozen pizza assets to Piano Piano Inc., a private Italian food restaurant and frozen pizza brand from Toronto
  • The assets forming part of the sale include the equipment, contracts, inventory, and intangible property solely related to the frozen pizza business
  • General Assembly Holdings (GA) opened trading at $0.03 per share

General Assembly Holdings (GA) has sold all of its assets related to its production, sale and distribution of frozen pizza.

The company sold its frozen pizza assets to Piano Piano Inc., a private Italian food restaurant and frozen pizza brand from Toronto.

The assets forming part of the sale include the equipment, contracts, inventory, and intangible property solely related to the frozen pizza business.

As consideration for the acquisition of the assets, Piano Piano has assumed senior indebtedness in the aggregate amount of $1.76 million owing to certain arm’s length creditors of the company. This is in addition to the company’s other liabilities, regarding its manufacturing facility lease, equipment financing commitments, and certain other accounts payable, totalling $2.98 million.

“Despite improving the financial performance of our frozen pizza operations over the last year, the team concluded the financial burden and timeline to achieve profitable scale were far too great to continue to operate the business model as a standalone competitor,” explained Eric Balshin, the company’s interim CEO. “This transaction provides meaningful relief to our balance sheet at a time where financial stability is a critical requirement for companies of our scale in the public markets. The remaining restaurant business is strong and growing.”

The company still retains ownership of its registered and unregistered trademarks, including all branding, logos, and designs.

In the coming months, the company said it expects to evaluate opportunities to expand its restaurant footprint while continuing to be prudent and realistic as it relates to its investment decisions, given prevailing market conditions and the current rebuilding of the company’s financial profile.

General Assembly Holdings Ltd. (GA) operates a pizza restaurant where it also manufactures and distributes pizza directly to consumers through the subscription offer as well as the sale of consumer-packaged goods directly to specialty grocery stores.

General Assembly Holdings (GA) opened trading at $0.03 per share.

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