InterNatural Waters & Beverages signs letter of intent to acquire Splash Waters in stock transaction; Company also plans to acquire 20 percent of Zack's famous frozen yogurt, a North Carolina-based franchisor, for cash.LONDONDERRY, N.H.--(BUSINESS WIRE)--March 9, 1995--InterNatural Waters & Beverages Corp. (NASDAQBB:IBEV IBEV Igreja Baptista Esperanca Viva (Faro, Portugal) .U) today announced that it has signed a letter of intent to acquire the assets of Splash Waters International Inc., a privately-owned Florida-based marketer of Splash Brand Spring Water, for shares of IBEV common stock valued at 40 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . IBEV is also moving to acquire 20 percent of the shares of Zack's Famous Frozen Yogurt yogurt: see fermented milk. yogurt Semisolid, fermented, often flavoured milk food. Yogurt is known and consumed in almost all parts of the world. Inc., a North Carolina-based franchisor/distributor of frozen desserts, for $500,000. Zack's signed a licensing agreement with SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. , a division of R.J. Reynolds Tobacco, in December of 1994, that granted Zack's the right to produce, market and distribute both an ice cream and frozen yogurt dessert product under the Winston Cup name. Key terms of the acquisition already have been negotiated. The company noted that an IBEV subsidiary will either acquire the assets or stock of Splash, in a merger or other transaction, but only a limited amount of liabilities. Prior to the closing, Splash would convert existing notes payable and accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. to equity. Also prior to closing, IBEV will convert certain indebtedness and accrued expenses into IBEV shares valued at 40 cents per share and complete a private placement with aggregate proceeds of $1.5 million. InterNatural Waters and Beverages imports, distributes and markets "Isabelle" spring water from France. All of its current revenues are attributable to this product. CONTACT: IBEV C.E.O. Ruly rul·y adj. ru·li·er, ru·li·est Neat and orderly: "A small, ruly beard balances his hair" Whitney Balliett. Lora, 800/255-4096 or H.L. Lanzet Inc. Herb Lanzet, 212/687-0061 |
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