TEMECULA, Calif., Nov. 12, 2002 (PRIMEZONE) -- VentureNet Capital Group, Inc. (Pink Sheets:VNTN) reached a definitive agreement on October 16, 2002 to acquire 75% of KAWA Beverages and 70% of MorPak Systems Technology.
This acquisition comes as patents have been approved and systems that put twist-off lids on popular plastic pouches are readied-for-market. Putting lids on juice boxes and pouches with MorPak's technology will reduce juice manufacturers costs by as much as 60%.
MorPak's technology requires one-third the packaging machinery, significantly less labor, and savings in space and shipping costs.
"There are significant licensing, co-packing and private-label opportunities with a system that reduces manufacturing, labor, storage and shipping costs, by as much as 60%," said Michael Brette, CEO of VentureNet Capital Group.
VentureNet is aggressively seeking out these licensing opportunities worldwide.
"The packaging itself comes to the production line in compact rolls and ends up in plump, shippable, two-ounce to 30-ounce containers holding either dry or liquid product," said Benn Driss, founder and president of KAWA Beverages.
The proprietary manufacturing equipment eliminates many of the costly production steps required with glass, aluminum, or other poly-packaging systems on the market today.
Mr. Driss will continue as president of KAWA Beverages and MorPak Systems Technology, which will become subsidiaries of VentureNet Capital Group, Inc., in an all-stock transaction. In the agreement, VentureNet also acquired all of the intellectual properties to the company's products and processes.
KAWA Beverages and MorPak Systems are located in Sacramento. VentureNet is located in Temecula, California.
VentureNet Capital Group, Inc. specializes in providing financing and management expertise to private and public emerging growth companies demonstrating current revenues and a high growth potential.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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