Metavesco Executes Letter of Intent to Acquire Striped Pig Distillery and Local Choice Spirits
Rhea-AI Summary
Metavesco, Inc. (OTC PINK:MVCO) has signed a non-binding Letter of Intent to acquire Striped Pig Distillery and Local Choice Spirits of Charleston. The acquisition highlights include:
- Approximately 1000 barrels of aged bourbon, valued at over $18,000,000 retail
- 16 active product SKUs including vodkas, rums, gins, whiskeys, and tequila
- Product distribution in 20 states and e-commerce availability in most
- Distillery capable of producing 300 high-quality bourbon barrels annually
Upon closing, Metavesco will issue restricted common stock, preferred stock, and a $2 million convertible note, while assuming $1.2 million in debt. 'Pixie' Paula Dezzutti, the current leader of the acquired companies, will be appointed as Metavesco's new CEO.
Positive
- Acquisition of established distillery and spirits brand with $18 million in retail-valued bourbon inventory
- Expansion into 20 states with 16 active product SKUs
- Appointment of award-winning industry leader 'Pixie' Paula Dezzutti as new CEO
- Potential for increased market reach and revenue growth
Negative
- Assumption of $1.2 million in debt from acquired businesses
- Potential shareholder dilution due to issuance of new stock and convertible note
- Execution risks associated with integrating new businesses and management
News Market Reaction
On the day this news was published, MVCO declined 12.50%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Founded as one of
The two companies are led by visionary entrepreneur "Pixie" Paula Dezzutti. Pixie is recognized as a top influencer in SC in 2024, listed by Forbes as "Top 50 Over 50" in 2023, and recipient of the International Woman of the Year Award by the
Post acquisition, the businesses will operate as wholly owned subsidiaries of Metavesco, Inc. Highlights of the combined businesses include:
- Approximately 1000 barrels of aged bourbon, valued at over
$18,000,000 - 16 active product skus including vodkas, rums, gins, whiskeys, and tequila
- Product distribution in 20 states and ecommerce availability in most
- Distillery capable of producing 300 high quality bourbon barrels annually
- World class management team with over 100 years combined industry experience
At closing, Metavesco will issue a combination of 2-year restricted common stock, preferred stock, and a 2-year convertible note in the amount of
Metavesco, Inc. CEO Ryan Schadel stated, "I'd like to say this was a tough decision since it means I'll be stepping down as CEO, but it wasn't a tough decision at all! Ms. Dezzutti's appointment as CEO will be a huge win for shareholders and she is poised to usher in a new era of innovation and growth. With a distinguished career that spans entrepreneurial success, industry recognition, and thought leadership, Pixie has consistently demonstrated an extraordinary ability to drive transformation and excellence. Her accolades, including her role as a featured panelist at the
Ms. Dezzutti stated, "Our team at Striped Pig Distillery and Local Choice Spirits has dedicated years to perfecting our craft, building a strong, regional brand of which we're incredibly proud. This acquisition is the perfect opportunity to expand our reach and bring award-winning spirits to a national audience. The multi trillion-dollar beverage business needs pioneers to lead the charge in a quickly paced changing landscape. I am excited to lead Metavesco into this new era of growth and innovation and am confident that together we will achieve extraordinary success."
While there is no guarantee that a deal will be finalized, all parties are working aggressively to prepare and execute a definitive purchase agreement with a 30-day closing deadline.
About Metavesco
Metavesco is a web3 enterprise and digital asset innovator. The Company has bitcoin mining operations at hosted facilities in KY and IA. Through its wholly owned subsidiary, the Company operates Boring Brew, a specialty coffee company utilizing owned and licensed NFT IP as unique packaging.
Safe Harbor Statement
This press release contains statements that constitute forward-looking statements. These statements appear in a number of places in this press release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is included in the Company's filings on otcmarkets.com.
View original content:https://www.prnewswire.com/news-releases/metavesco-executes-letter-of-intent-to-acquire-striped-pig-distillery-and-local-choice-spirits-302223852.html
SOURCE Metavesco, Inc.
FAQ
What companies is Metavesco (MVCO) acquiring according to the Letter of Intent?
What is the value of the bourbon inventory that Metavesco (MVCO) will acquire?
Who will be the new CEO of Metavesco (MVCO) after the acquisition?
How will Metavesco (MVCO) finance the acquisition?
What is the production capacity of the distillery Metavesco (MVCO) is acquiring?
