COLORADO SPRINGS, Colo., April 17, 2012 (GLOBE NEWSWIRE) -- Accredited Members Holding Corporation (OTCBB:ACCM) today announced that it has signed a binding letter of intent ("LOI") to merge with Hangover Joe's, Inc. The merger is expected to close by June 29, 2012.
Hangover Joe's, Inc. has the solution for perhaps the world's most prevalent self-imposed ailment: the hangover. The Hangover Joe's Recovery Shot was formulated to help relieve the symptoms associated with overindulging at the neighborhood bar. This all-natural 2 ounce beverage is the leading shot in the functional lifestyle category and can now be found on the shelves of more than 20,000 stores in the U.S. with more being added daily, both domestically and internationally. Distribution agreements are in place with industry giants including 7-Eleven, GNC, Harrah's, MGM Resorts International, Budweiser, and Smoker Friendly, just to name a few.
But it's not just the hungover who are clamoring for this product. Hangover Joe's Recovery Shot was named No. 1 new product at the "National Convenience Store Show" in 2011. It also received a Four-Star rating from the leading trade magazine in the beverage industry BevNET Magazine. Hangover recovery is the fasted growing segment of the energy shot business and the Company's rapidly growing sales are a testament to that fact.
The Company's Hangover Recovery Shot is also an officially licensed product of "The Hangover" hit movie series from Warner Brothers. The six different collectible bottles are affixed with movie themed labels. The first two movies in "The Hangover" series have grossed over $1.2 Billion, another sequel is in production for release summer of 2013.
Hangover Joe's Chief Executive Officer, Michael Jaynes, said of the pending merger, "We are very excited about becoming a public company and are looking forward to the additional exposure and added value to our shareholders that this merger affords us."
"The relationship with Hangover Joe's started as a Managed Services agreement. Over a period of time, we acquired almost one-third of the company, so this transaction makes sense to our board. Our shareholders will own 31% of this deal," said JW Roth, Chief Executive Officer and Co-Founder of Accredited Members Holding Corporation (AMHC).
As part of the proposed transaction, AMHC and its three subsidiaries (Accredited Members, Inc., Accredited Members Managed Services, and Worldwide Premium Packers) will be sold. A private company, Accredited Members Acquisition Corporation, will acquire all three subsidiaries, assuming all of the equity and liability associated therein.
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Forward-Looking Statements
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