SONOMA, Calif., Dec. 5, 2006 (PRIME NEWSWIRE) -- 360 Global Wine Company (OTCBB:TSIX) has signed a letter of intent to acquire a producer and marketer of wine and spirits in a transaction valued at approximately $25 million. Upon completion, this transaction would significantly increase 360 Global's revenues, and bring distribution relationships in all 50 U.S. states, and select foreign markets.
Jake Shapiro, Chief Executive Officer of 360 Global Wine, commented, "This acquisition will not only bring additional, exciting brands into our portfolio, but also enable us to dramatically increase domestic and international distribution of our current portfolio from Viansa Winery."
The Company expects the agreement to be finalized by the first quarter of 2007, pending regulatory approvals and satisfaction of customary closing conditions.
About 360 Global Wine Company:
360 Global Wine Company is a California-based business, positioning itself to take a leading role in the $25 billion wine industry. The company has and is acquiring premier wine estates, developing a distribution network, and has committed resources to dynamic brand-building campaigns.
Forward-Looking Statements
Certain statements contained in this press release, including the expected timetable for completing the Letter Of Intent, future financial and operating results, benefits and synergies of the proposed transaction, future opportunities for the combined company and products, any other statements regarding 360 Global Wine Company's future expectations, beliefs, goals or prospects, and any statements that are not statements of historical facts might be considered forward-looking statements. While these forward-looking statements represent managements' current judgment of future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those stated in the forward-looking statements. Important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, include: (i) the parties' ability to consummate the proposed transaction; (ii) the conditions to the completion of the proposed transaction may not be satisfied, or the regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; (iii) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction; (iv) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies ; (v) revenues following the proposed transaction may be lower than expected; and (vi) the other factors described in 360 Global Wine Company's Annual Report on Form 10-KSB for the year ended December 31, 2005 and its subsequent reports filed with the SEC. 360 Global Wine Company assumes no obligation to update or revise any forward- looking statement in this press release, and such forward-looking statements speak only as of the date hereof.