Agreement made with long established East coast food distribution company with annual revenues of approximately $37 million
Los Angeles, CA – August 16, 2018 – Pacific Ventures Group, Inc. (OTC:PACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products (the “Company”), announced today that it has signed a Letter of Intent (LOI) to acquire a food distribution company located on the East coast of the United States.
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 under the trade name “SnöBar.”
“We believe that this acquisition will dramatically expand the distribution and accelerate the sales of SnöBar,” said Shannon Masjedi, CEO of Pacific Ventures Group, Inc. “Acquiring this East coast food distribution company is a strategic and logical complement to Pacific Ventures Group’s food, beverage and alcohol distribution business.”
The objective of the acquisition is to prepare the Company’s sales and distribution of SnöBar ice pops for rapid growth in the east coast of the United States. The SnöBar line of products have the unique feature of having alcohol evenly distributed through its ice cream and ices bars, dramatically adding to its taste and further establishing the Company’s leadership position in this product category.
Pacific Ventures is beginning the due diligence process on the acquisition, and closing is subject to completion of satisfactory due diligence.
About Pacific Ventures Group:
Pacific Ventures Group 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.)
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.