Dafoe breaks into luxury skin care market with asset purchase
Under the terms of the asset purchase agreement, Dafoe issued 15 million shares of its common stock to Zenith Global Enteprises in exchange for the exclusive rights to trademarks, trade names, logos and website addresses related to natural skin care products previously developed by Davi Skin, before Zenith aquired them in September 2010.
In addition, Davi Skin co-founder Carlo Mondavi has been appointed as the new Chairman of the board of Dafoe.
"We are excited and committed to once again building a skin care company with uncompromising standards, the absolute finest natural ingredients and the latest technology, and bring both together to create one of the most advanced anti-age prevention skin care lines available," said Mondavi.
Antioxidant extracts from grapes
"The DAVI products that we will release will combine the exceptional antioxidant benefits extracted from the finest vineyards and wines of the world together with the most advanced scientific technologies," he continued.
In connection with the asset purchase agreement, Dafoe plans to change its corporate name to Davi Luxury Brand Group, also appointing Davi Skin's former CEO Parrish Medley to President and CEO.
Kyle Beddome, who was the sole officer and director of Dafoe has resigned from all of his current positions, with Mondavi and Medley taking on the roles of directors of Davi Luxury Brand Group.
Davi Skin was founded in 2003 to develop and market a luxury brand of skin care products using antioxidants found in wine and grapes