Current Report — Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Current Report 3 11K
3: EX-2 Plan of Acquisition, Reorganization, Arrangement, 35 129K
Liquidation or Succession
2: EX-22 Published Report Regarding Matters Submitted to a 2± 8K
Vote of Security Holders
EX-22 — Published Report Regarding Matters Submitted to a Vote of Security Holders
Exhibit (1)
PRESS RELEASE
For Immediate Release Contact: Dennis Sheehan
Monday, May 7, 2001 (212) 385-4441
CAPITAL BEVERAGE SIGNS ASSET PURCHASE AGREEMENT TO ACQUIRE BROOKLYN-BASED
PROSPECT BEVERAGES, INC.
Capital Beverages Corporation (Nasdaq: CBEV) today announced that it has entered
into an Asset Purchase Agreement to acquire certain assets and liabilities of
Prospect Beverages, Inc., the Brooklyn based Pabst Distributors of Colt-45 Malt
Liquor.
Pabst Brewing Company, the key supplier to approve this transaction, has already
approved the transfer of the distribution rights for the Pabst Brewing Company
brands from Prospect to Capital. Pursuant to this Agreement, upon the approval
of certain manufacturers and brewers, Prospect's other distribution rights and
territories will be transferred to Capital Beverage Corp.
The transaction is also contingent upon Capital's obtaining necessary financing
in order to replace Prospect's current debt position, which is currently being
arranged.
Prospect shareholders will receive 500,000 shares of CBEV common stock as well
as employment contracts containing various financial considerations.
"We are pleased to announce the signing of the definitive Agreement to go
forward with the Asset Purchase" said Carmine Stella, President of Capital
Beverage. Mr. Stella said the acquisition will probably close within the next 20
days.
"We expect this acquisition to have a positive effect on net earnings by the end
of the year. This acquisition will add approximately $20 million dollars in
revenue to Capital's existing $17 million dollar gross revenue. This
consolidation will cut Capital's overhead substantially through the synergies of
distribution that will be created," Mr. Stella added.
"We are grateful that Pabst has approved this consolidation request, which
should enhance both the brewers' and wholesalers' position in this marketplace.
This consolidation has been a long time coming and has now balanced our
competitive position with other major wholesalers in the New York City marketing
area," said Mr. Stella.
Statements in this release that are not statements of historical or current fact
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other unknown facts that
could cause the actual results of the company to be materially different from
the historical results or from any future results expressed or implied by such
forward-looking statements. In addition to statements that explicitly describe
such risks and uncertainties, readers are urged to consider statements labeled
with the terms "believes," "belief," "expects," "intends," "anticipates," or
"plans" to be uncertain and forward-looking. The forward-looking statements
contained herein are also subject generally to other risks and uncertainties
that are described from time to time in the Company's reports and registration
statements filed with the Securities and Exchange Commission.
Dates Referenced Herein
This ‘8-K’ Filing | | Date | | Other Filings |
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| | |
Filed on / For Period End: | | 5/14/01 | | None on these Dates |
| | 5/7/01 |
| List all Filings |
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