Cruzan International, Inc. Announces Sale of Controlling Interest to the Absolut Spirits Company, Inc.WEST PALM BEACH, Fla. -- Cruzan International, Inc. (AMEX AMEX See: American Stock Exchange :RUM) (the "Company"), producer and distributor of the Cruzan line of rums from the Virgin Islands and a leading distiller of rum and brandy, and importer and marketer of premium branded spirits, announced today that on September 26, 2005, The Absolut Spirits Company, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. ("ASCI ASCI American Society for Clinical Investigation. "), a wholly-owned subsidiary of V&S Vin & Sprit AB ("V&S"), completed its acquisition of controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the Company from Angostura Angostura: see Ciudad Bolívar. , Ltd. ("Angostura"), pursuant to a previously-announced Stock Purchase Agreement between Angostura and V&S. Subsequent to the execution of the Stock Purchase Agreement, V&S assigned all of its rights under the Stock Purchase Agreement to ASCI. ASCI purchased all 4,294,583 shares of Cruzan common stock beneficially owned by Angostura, currently representing approximately 63.6% of the Company's outstanding common stock, for an aggregate consideration of $121,837,320.00, or $28.37 per share. About the Company Cruzan International, Inc. is a major supplier of rum, brandy and wine to the beverage alcohol industry. The Company also produces ultra-premium single-barrel aged rums and tropical rums, vinegar and other alcohol-related products. Statements contained in this press release, other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The Company intends that such forward-looking statements shall be subject to the safe harbors created thereby. These statements involve various risks and uncertainties, including without limitation those contained in the section entitled "Risks that May Affect Future Results" in Item 7, "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September 30, 2004. As a result, future results may differ materially from the expected results represented by the forward looking-statements contained in this press release. |
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