"The consummation of this transaction is important for Global Beverage Solutions because it should allow us to convert approximately $2.0 million of notes receivable issued to us by Rudy Beverage into shares of common stock of Rudy Nutrition," said Jerry Pearring, president and chief executive officer of Global Beverage Solutions.
In January 2007, Rudy Beverage was sold by Global Beverage Solutions to an entity affiliated with Rudy Beverage's management and, in connection with such sale, Global Beverage Solutions obtained the right to convert approximately $2.0 million of notes receivable issued to it by Rudy Beverage into shares of common stock of any publicly traded company that subsequently acquired Rudy Beverage. Pursuant to the terms of the sale agreement, Global Beverage Solutions is entitled to convert such notes receivable into shares of common stock of Rudy Nutrition based upon the market value of Rudy Nutrition's common stock, subject to the limitation that Rudy Nutrition is not obligated to issue more than 20% of its outstanding common stock on a fully diluted basis to Global Beverage Solutions.
About Global Beverage Solutions, Inc.
Global Beverage Solutions is focused on acquiring majority ownership interests in beverage-related companies, with a particular emphasis on companies operating in the imported bottled water and alternative or "New Age" beverage industries. Global Beverage Solutions currently operates two wholly owned beverage-related subsidiaries:
-- Aqua Maestro, Inc. -- an importer and seller of bottled water via company-owned distribution centers to retailers and consumers in South Florida, direct sales to retailers outside of South Florida, direct sales to consumers generated through its website http://www.aquamaestro.com and sales to third party distributors.
-- Beverage Network of Maryland, Inc. -- a New Age distributor based in Jessup, Md., which distributes brands such as Welch's and Fiji water to retailers in Washington, D.C., Northern Virginia, and the entire state of Maryland.
For additional information about Global Beverage Solutions, Inc., please visit http://www.globalbeveragesolutions.com.
Forward-Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance of Global Beverage Solutions. Words such as "believes," "expects," "projects," "should," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in Global Beverage Solutions' Form 10-K for the year ended December 31, 2006, and other filings with the Securities and Exchange Commission. Global Beverage Solutions undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Jerry Pearring
Phone: (954) 473-0850