Pacific Ventures Group seeking national expansion, enters into letter of intent with long established East Coast food distribution company with current annual revenues of approximately $30 million
LOS ANGELES, CA, July 17, 2018 (GLOBE NEWSWIRE) -- Pacific Ventures Group (OTC: PACV) is a publicly traded company focused on expansion within the consumer products, food, beverage and alcohol-related industries and operation of its current food, beverage and alcohol distribution business “SnöBar.” Pacific Ventures announced today that it has signed a non-binding Letter of Intent (LOI) to purchase a food distribution company on the East Coast.
Pacific Ventures is beginning the due diligence process on the acquisition. Closing is subject to completion of, among other things, satisfactory due diligence. The recent share increase of the Company is intended to be utilized for acquisitions.
Pacific Ventures Group is a food, beverage and alcohol distribution business which, through its affiliates, owns all of the rights and holds the appropriate licenses to sell its alcohol infused frozen ice and cream based adult consumables and the trade name “SnöBar.” The Company currently distributes SnöBar alcohol infused ice pops, and SnöBar alcohol infused ice cream and sorbet. SnöBar ice pops are original frozen alcohol beverage bars, similar to popsicles on a stick, but made with premium liquor such as premium tequila and vodka and are currently manufactured in three flavors, Margarita, Cosmopolitan and Mojito. Pacific Ventures proprietary alcohol freezing technology used to produce these beverage bars can be applied to almost any alcohol type and mixture, presenting significant market potential and an almost unlimited variety of flavors and employment of premium brands. Each ice pop is the equivalent of a full cocktail.
About Pacific Ventures Group:
Pacific Ventures is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar .)
Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.