BEVsystems Reports Current Year-to-Date Revenue Exceeding $30 Million After Completion of Alfresh Transaction.Business Editors/Food Writers MIAMI--(BUSINESS WIRE)--Sept. 17, 2002 BEVsystems International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BEVS BEVS Baculovirus Expression Vector System BEVS Build and Enhance Value Solutions ) a leading manufacturer and bottler of premium beverage products, today reported that upon completion of its expected merger transaction with Alfresh Beverages Canada, the company would expect to report pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma combined year-to-date revenues of $31.6 million for the first six months of the calendar year ending 2002. All projected pro forma financial results are adjusted for non-recurring expenses. Under GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , BEVsystems intends to acquire Alfresh using the purchase method of accounting. Because BEVsystems had no operations prior to April 1, 2001, and Alfresh reports its financial results on a calendar year, no comparative financial results for BEVsystems and Alfresh will be available for certain periods prior to the eventual effective date of the intended acquisition. During 2002, BEVsystems said it anticipated its product shipments, on a combined basis, to total 13.9 million cases for calendar 2002. "With our expected completion of the Alfresh transaction, we believe that our valuation will increase and that BEVsystems will be closer to realizing its goal of becoming a leader in the beverage industry," said Bob Tatum, chairman and chief executive officer of BEVsystems. Alfresh reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $54.58 million and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $2.19 million for its calendar year ended Dec. 31, 2001. As previously announced, BEVsystems and Alfresh have signed a letter of intent for a merger that would result in Alfresh becoming 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 BEVsystems. Alfresh would continue to operate under the name Alfresh Beverages Canada and Tatum would lead the new entity. The closing of the merger is conditioned upon the satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by both BEVsystems and Alfresh, the negotiation and execution of definitive agreements and the approval of BEVsystems stockholders. The transaction, currently structured as a share exchange between the companies' stockholders, was approved by the boards of directors of both BEVsystems and Alfresh. In a separate previous announcement, BEVsystems said it secured a $7.5 million funding commitment from institutional investors of J.P. Carey Securities Inc., an Atlanta-based asset management firm serving small-to mid-capitalization companies. About Alfresh Beverages Canada Alfresh, a privately held Nova Scotia ULC ULC Up (Stage) Left Center ULC Universal Life Church ULC Underwriters' Laboratories of Canada ULC Ultra Light Client ULC Ultra Low Cost (cellular phone) ULC Urban Libraries Council , is based in Toronto, Ontario and is the leading single-serve fruit juice company in Canada. Alfresh has been manufacturing quality juice and beverage products since 1969. Its brands are found throughout Canada, the U.S., the Caribbean and parts of Europe and Asia. Every day, more than one million Canadians consume an Alfresh juice or beverage About BEVsystems International Inc. Miami-based BEVsystems International Inc. (OTCBB:BEVS) is a fast-growing leader in the premium beverage industry. With sales in 22 countries, the success of its flagship Life02 SuperOxygenated Water brand, infused with up to 1,500 percent more oxygen via patented process and technology innovations, underscores BEVsystems' commitment to sales, marketing, and innovation to deliver superior quality beverage products. A recently published peer review study in The European Journal of Medical Research details the medical benefits of oxygen-enriched water. Visit http://www.bevsystems.com "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement" Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions. |
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