Golden Grail Beverages Announces Termination of UPDC Beverages Asset Purchase Agreement

Rhea-AI Summary

Golden Grail Beverages (OTC: GOGY) has announced the termination of its asset purchase agreement with United Product Development (UPDC Beverages). The transaction, initially announced on December 11, 2024, and revised on December 27, 2024, will not proceed following mutual agreement between both parties.

CEO Scott Lomu stated that while the company maintains its commitment to strategic growth initiatives, proceeding with this transaction was deemed not in the best interests of shareholders. The termination will not affect Golden Grail's ongoing operations or its commitment to expanding its beverage portfolio through other strategic initiatives.

The company continues to focus on acquiring, innovating, and scaling its diverse portfolio of beverages, with an emphasis on sustainability and consumer engagement.

Positive

• None.

Negative

• Failed acquisition attempt of UPDC Beverages' operational assets
• Strategic growth initiative cancellation could impact expansion plans

FT. LAUDERDALE, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Golden Grail Beverages Corp. (OTC: GOGY) ("Golden Grail" or the "Company"), a leader in the beverage industry known for its innovative and sustainable products, today announced the termination of its previously announced asset purchase agreement with United Product Development Corporation (UPDC Beverages).

The proposed transaction, which was initially announced on December 11, 2024, and subsequently revised on December 27, 2024, to an asset purchase structure, will not be moving forward. After careful consideration and evaluation, both parties have mutually agreed to terminate discussions regarding the potential acquisition of UPDC Beverages' operational assets.

"While we continue to believe in our strategic growth initiatives, we have determined that proceeding with this transaction is not in the best interests of our shareholders at this time," said Scott Lomu, CEO of Golden Grail Beverages. "We remain committed to pursuing strategic opportunities that align with our core business objectives and create value for our stakeholders."

This decision does not affect Golden Grail's ongoing operations or its commitment to expanding its beverage portfolio through other strategic initiatives. The Company will continue to explore opportunities that support its growth strategy and enhance shareholder value.

About Golden Grail Beverages

Golden Grail Beverages is a rapidly expanding company dedicated to acquiring, innovating, and scaling a diverse portfolio of beverages. With a focus on sustainability and consumer engagement, Golden Grail is committed to providing high-quality, energizing, and refreshing drinks to its customers. For more information, visit https://goldengrailbeverages.com/

Forward-Looking Statements

Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. Forward-looking statements are not guarantees, and they involve risks, uncertainties, and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements.

Contact Information:

1-561-800-3891

info@goldengrailbeverages.com

https://goldengrailbeverages.com/

FAQ

Why did Golden Grail Beverages (GOGY) terminate the UPDC Beverages acquisition?

Golden Grail Beverages and UPDC Beverages mutually agreed to terminate the asset purchase agreement after determining it was not in the best interests of shareholders at this time.

When was the UPDC Beverages acquisition initially announced by GOGY?

The acquisition was initially announced on December 11, 2024, and was subsequently revised to an asset purchase structure on December 27, 2024.

How does the termination affect GOGY's operations?

The company stated that the termination does not affect its ongoing operations or commitment to expanding its beverage portfolio through other strategic initiatives.

What alternative growth strategies will GOGY pursue after the UPDC termination?

Golden Grail Beverages announced it will continue to explore opportunities that support its growth strategy and enhance shareholder value through other strategic initiatives.