Lansal, Inc. completed the acquisition of Andover Medical, Inc. in a reverse merger transaction.
July 26, 2013 at 12:00 am EDT
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Lansal, Inc. entered in a merger agreement to acquire Andover Medical, Inc. (OTCPK:ADOV) in a reverse merger transaction on April 4, 2013. As merger consideration, 91% common stock of Andover Medical will be owned by Lansal on a post-reverse split basis. Andover Medical shall pay the transaction costs from its own funds. Andover Medical has deposited $0.3 million in the escrow account. The surviving entity will operate under the name Hot Mama's Foods, Inc. Matthew Morse, Chairman of the Board, Chief Executive Officer and a Director and Joseph D. Ward, President and Chief Operating Officer of Lansal will serve in the same positions with Andover Medical. Robert Seguso, President and sole Director of Andover Medical will resign. The transaction is subject to third party consents and all approvals from governmental authorities, existing employment agreements shall all be cancelled, and the employment agreement shall be mutually agreed to and executed, stockholder approval of Andover Medical and Financial Industry Regulatory Authority approval. The transaction is expected to be completed in or about July 2013. Kenneth J. Albano of Bacon Wilson, PC acted as legal advisor for Lansal. Elliot H. Lutzker of Davidoff Hutcher & Citron LLP acted as legal advisor for Andover Medical.
Lansal, Inc. completed the acquisition of Andover Medical, Inc. (OTCPK:ADOV) in a reverse merger transaction on July 26, 2013.
Hot Mama's Foods Inc. is engaged in manufacturing gourmet pepper jellies and sauces with Caribbean flavor. The Companyâs product category includes Pepper Jellies, BBQ Sauces, Hot Sauces, Rubs & Spices, Gifts & More, Mustards & Ketchups, Crazy Mooskies, Squeezies, Ice Screamers, Apparel and Jams. The Companyâs products include Blueberry Ice Screamers, Cafe Mocha Spicy Ice Screamer, Hot Mamas Chili Lime Spice-No Salt, Hot mamas Mini Hot Sauce Gift Set, Pineapple Ice Screamers, Rum & Raisin Ice Screamers and Strawberry Ice Screamers. It also provides Hot Mamas Spicy Cranberry Jelly 265 ml, Hot Mamas Spicy Wild Blueberry Jelly 265 ml, Hot Mamas Spicy Mango Pepper Jelly 265 ml, Hot Mamas Spicy Horseradish Jelly 265 ml, Hot Mamas Spiced Apple Pepper Jelly 265 ml, Hot Mamas Spicy Roasted Garlic Pepper Jelly 265 ml and others. The Jams products include Hot Mamas Haskap Berry Jam, Hot Mamas Wild Blueberry Jam, Hot Mamas Raspberry Jam and Hot Mamas Strawberry Rhubarb Jam.
HOT MAMA'S FOODS, INC. 
