Aqua Vie Beverage Corporation Announces Agreement to Merge with Aqua Vie Advance Corporation.KETCHUM, Idaho--(BUSINESS WIRE)--Nov. 21, 1997--Aqua Vie Beverage Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AVBC AVBC Aqua Vie Beverage Corporation (stock symbol) ), announced today that Aqua Vie Beverage Corporation (AVBC), and Aqua Vie Advance Corporation (AVA Ava, in the Bible Ava (ā`və), in the Bible, an unidentified city of Mesopotamia, perhaps the same as Ivah. Its inhabitants are called Avites. ), have reached an agreement in principle, whereby AVBC proposes to merge with AVA. AVA is a company that was formed by Tom Gillespie, founder of AVBC, to purchase all of the assets of AVBC from the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. to include among other things and without limitation, all assets, tangible and intangible, all non-litigation and non-shell assets, any net operating tax loss, any and all litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. claims owned or claimed to be owned by the estate, and the AVBC corporate shell. The purchase of the assets from the bankruptcy court was concluded, free and clear of all liens and encumbrances on September 27, 1997. Under the proposed terms of the merger, AVA will now become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of AVBC. The acquisition is still subject to completion of definitive documentation, and legal and financial due diligence, but is expected to be completed within approximately 45 days. Gillespie, founder of Aqua Vie Beverage Corporation said that, "This merger makes solid business sense. A great deal of effort will be taken to structure the merger in a way that could potentially maximize the preservation of all of the AVBC assets, including the approximate $14 million tax loss carry-forward, as well as avoid the need for a reverse split of the AVBC stock. After almost three years in court, this final phase of planning should provide a solid foundation for the introduction of AVBC's four product lines of all natural, low calorie functional beverages." Aqua Vie Beverage Corporation developed and test marketed four lines of functional beverages, including the new, all natural Hydrator(TM) beverage line, the "E line"(TM) of nutritionally fortified fortified (fôrt  ´fīd),adj containing additives more potent than the principal ingredient. spring waters; Elixir elixir /elix·ir/ (e-lik´ser) a clear, sweetened, alcohol-containing, usually hydroalcoholic liquid containing flavoring substances and sometimes active medicinal ingredients. e·lix·ir n. (TM), Empower(TM), and Ecstasy(TM), a line of nutritionally specific spring water nutraceuticals, and three non-alcoholic wine beverages made from spring water. Statements in this news release that are not historical are to be regarded as forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially. For further information, please call Jim Parker at 208/725-0807, or visit the Aqua Vie site on the world wide web at www.aquavie.com . CONTACT: Aqua Vie Beverage Corporation Jim Parker, 208/725-0807 |
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