Unique Logistics Holdings, Inc. and Innocap, Inc. Complete Reverse Merger and Funding

NEW YORK, October 27, 2020 / PRNewswire / – Unique Logistics Holdings Inc. (“Unique Logistics” or the “Company”) announces that it has become a publicly traded company through a reverse merger (the “Merger”) with Innocap, Inc. (“INNO “) (OTC: INNO), a fully reporting public company. The Merger was completed on October 8, 2020. Unique Logistics plans to file a name and symbol change request in the near future to better reflect the new business operations.

Unique Logistics completes merger with Innocap, Inc. and closes $ 2 million financing of growth.

Unique logistics overview

Unique Logistics is a global logistics and freight forwarding company serving a broad customer base in United States which includes large, well-known retailers and other companies that import goods to United States, export goods from United States to other countries, or require other supply chain services, including warehousing. Unique Logistics performs sections of the supply chain process for its customers and holds operating licenses issued by US Customs, the Federal Maritime Commission and the Transportation Security Administration for this purpose. Unique Logistics has offices everywhere United States and employs over 90 people.

The transaction

As part of the Merger, the October 8, 2020, INNO, Star Exploration Corporation, a Texas company (the “split subsidiary”), and Paul Tidwell the former Chairman and CEO of INNO, a natural person in his capacity as purchaser of the Separated Subsidiary, entered into a Separation Agreement (the “Separation Agreement”). Pursuant to the terms of the Spin-off Agreement, INNO, as seller, in consideration for the cancellation of 45,606,489 ordinary shares of the Company, all of the preferred shares issued or outstanding and the disposal and taking in charge of $ 797,000 of INNO’s liabilities, sold to Mr. Tidwell all of the issued and outstanding shares of the Separated Subsidiary, including all assets related to INNO’s previous activities.

Funding

At October 8, 2020, and on October 14, 2020, respectively, the Company entered into securities purchase contracts (the “Purchase Contracts”) with investors (the “Investors”) pursuant to which the Company sold to investors 10% of Convertible guaranteed subordinated promissory notes, (the “Bonds”) with gross proceeds of $ 2,000,000 and warrants to purchase common shares of the Company.

Sir. Sunandan ray, the new Chairman and CEO of “INNO” said: “We are very pleased to announce the finalization of the merger of Unique Logistics with INNO. Becoming a public company is a key part of our growth strategy, and Completion of this merger is a significant milestone for Unique Logistics. A public listing will provide us with better access to capital, improve our ability to attract additional talent to our management team and allow us to use our equity to execute our future acquisition strategy.

Mr. Ray continued, “We would like to thank our current INNO shareholders and welcome our new shareholders. This merger is an important step as we continue to create shareholder value.

A copy of the merger agreement and additional information relating to the merger and financing can be found in the current reports on Form 8-K filed with the Securities and Exchange Commission on October 13, 2020 and October 19, 2020, respectively. These reports are available at www.sec.gov.

About Innocap, Inc.

Innocap, Inc (OTC: INNO) is a fully reporting public company with 100% ownership of Unique Logistics.

Safe port:

Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Act of 1995. “” will continue “,” anticipated “,” estimate “,” expected “,” intentions “,” primary purpose ”or similar expressions are intended to identify“ forward-looking statements ”within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including, but not limited to limited thereto, economic conditions, dependence on management, dilution for shareholders, lack of capital, changes in laws or regulations, the effects of rapid growth on the Company and management’s ability to respond effectively to growth, to the demand for the Company’s products and services, to new developing technologies, to its competitive capacity, to challenges Inflicts of interest related to par business transactions, regulatory matters, protection of technology, lack of industry standards, effects of competition, inability of the Company to obtain or maintain listing of common shares of the post-acquisition company on the Nasdaq following the Merger, and the Company’s ability to obtain additional financing. Such factors could have a material adverse effect on the financial performance of the Company and could cause the actual results of the Company for future periods to differ materially from the opinions or statements expressed in this press release.

Cision

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SOURCE Innocap, Inc.

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