TEMECULA, Calif., Sept. 16, 2003 (PRIMEZONE) -- V-Net Beverage, Inc. (Pink Sheets:VNTB) announced today that it has acquired 100% of Palm Springs Bottling Company and 100% of Buzzy's Coffee Company. V-Net acquired the two companies from VentureNet Capital Group, Inc. (Pink Sheets:VNTN). V-Net Beverage is a niche beverage company that privately labels bottled water and specialty drinks for a variety of customers.
Palm Springs Bottling Company bottles for a variety of beverage manufactures: Palm Springs Bottling Company is a co-packer for Hansen Natural Corp. Beverages (Nasdaq:HANS). Palm Springs bottles Hansen's signature soda line which includes the following flavors: Black Cherry, Sarsaparilla, Ginger Beer, Orange Creme, Vanilla Creme, Pink Lemonade, and Regular Lemonade.
Buzzy's Coffee manufactures and distributes gourmet iced coffee drinks in five delicious flavors: Buzzy's iced coffee drink flavors include French Vanilla, Espresso, Mocha Mint, Hazelnut, and Irish Creme.
V-Net Beverage plans to continue its rapid growth by internal expansion, by adding new customers, and by selective and synergistic acquisitions of other specialty beverage companies.
A Company spokesperson commented, "The acquisition of V-Net Beverage, Inc., by the public company, gives us an exciting opportunity to partake in an aggressive "roll-up" strategy of the highly fragmented specialty beverage industry. We expect to grow this company many times over through the acquisition of high-margin cash flow positive businesses which will dramatically increase our shareholders' values."
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect," "plan," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, and dependence on technological developments. The company's actual results could differ materially from those discussed herein.