Yuengling's Ice Cream Enters Into a Definitive Agreement With Revolution Desserts, LLC
Yuengling's Ice Cream Corporation (OTC PINK: ARSN) has announced a Definitive Agreement to acquire Revolution Desserts, LLC. This acquisition includes brands such as Gelato Fiasco, Sweet Scoops, Art Cream, and SoCo Creamery. While the acquisition process began with a Letter of Intent on April 20, 2022, it is still subject to SEC approval of Yuengling's Reg 1-A. The management team from Revolution will stay post-acquisition. CEO Rob Bohorad expressed optimism about moving forward, despite ongoing SEC discussions. The timing for closing remains undetermined.
- Acquisition of Revolution Desserts enhances product offerings with established brands.
- Revolution's brands are already distributed in over 600 retail locations, expanding market reach.
- Acquisition closing is pending SEC approval, creating uncertainty in timing.
- Ongoing discussions with the SEC may delay the transaction and impact strategic timelines.
ATLANTA, GA, May 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Yuengling’s Ice Cream Corporation (“Yuengling’s”) (OTC PINK: ARSN) is pleased to announce that it has entered into a Definitive Agreement to acquire all the equity of Revolution Desserts, LLC (“Revolution”). Yuengling’s signed a new Letter of Intent on April 20, 2022, and the execution of the Definitive Agreement is one more step in the process of closing the acquisition. Several closing conditions remain, such as SEC approval of Yuengling’s Reg 1-A, so the timing of the closing is unknown.
Founded by Robert Carlson and Luciano Vitali Alves, and currently operated by Mr. Carlson and Charles Green, Revolution owns or licenses the Gelato Fiasco, Sweet Scoops, Art Cream, and SoCo Creamery brands. Mr. Carlson and Mr. Green will remain with Yuengling’s following the closing. Gelato Fiasco is a premium gelato product with two stores and is available in more than 600 retail locations. Sweet Scoops, a producer of all-natural frozen yogurts, is sold in Whole Foods, Roche Bros and approximately 100 independent stores. Art Cream, an organic artisan ice cream with unique and often unconventional pairings, is currently sold in MOMs Organic Market and other natural/organic retailers. SoCo Creamery is an all-natural super-premium ice cream, gelato and sorbet distributed from Maryland to Maine in stores such as Whole Foods, Roche Bros, Big Y, Stop & Shop, other select retailers, and four Sysco distribution centers.
Yuengling’s has been working with the SEC for the past several weeks to update its Reg 1-A and answer questions regarding the proposed acquisition. Yuengling’s President and CEO Rob Bohorad commented, “While we are anxious to move the transaction forward, we understand and appreciate that the SEC is doing its job to make sure investors are provided with the information needed to make an informed investment decision. After considerable back and forth, we hope to receive SEC approval of our Reg 1-A soon.”
“Chuck Green and I look forward to working with Rob to not only advance the Revolution brands but also get started on the expansion of Yuengling’s,” stated Bob Carlson, President of Revolution. “We still have some work ahead of us, but we feel the five brands and combined management team are more valuable together, so we will continue working hard on the outstanding conditions needed for closing.”
About Yuengling’s Ice Cream
Yuengling’s Ice Cream was founded by American businessman Frank D. Yuengling in 1920 to help support the family brewery during Prohibition, which lasted from January 1920 to December 1933. Spun off as a separate company from the brewery in 1935, Yuengling's maintained a strong tradition of making exceptional gourmet ice cream products in central Pennsylvania. The fan-favorite brand advanced its legacy and its renowned dairy quality by using locally sourced dairy ingredients that contain no added hormones. The company discontinued production in 1985 when no family successor emerged. In 2014, the brand was revived and an American classic was re-born. The Yuengling's Ice Cream Corporation, as it has been since 1935, is a separately owned and operated company from D. G. Yuengling & Son, Inc Brewery.
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Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions.
The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For More Information
Contact & Media Inquiries:
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Phone: 570-968-4352
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