Yuengling's Ice Cream Signs Letter of Intent for the Acquisition of an Ice Cream Production Facility

Rhea-AI Summary

Yuengling’s Ice Cream Corporation (OTC PINK: ARSN) has signed a Letter of Intent (LOI) to acquire an ice cream production facility, with the transaction expected to close by March 2022. While the counterparty remains confidential, Yuengling’s officials express excitement over the acquisition, which aims to boost production capabilities not only for their products but also for other brands. This move addresses the limited availability of ice cream production nationally, ensuring a reliable product supply. Further details are anticipated in the coming weeks.

Positive

• Acquisition of an ice cream production facility will enhance production capabilities.
• Expected to secure a reliable supply of ice cream products amid national production limitations.

Negative

• None.

ATLANTA, GA, Jan. 26, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Yuengling’s Ice Cream Corporation (“Yuengling’s”) (OTC PINK: ARSN) is pleased to announce that it has signed a Letter of Intent (LOI) for the acquisition of an ice cream production facility.

The counterparty to the sale has requested that its name remain confidential for the moment. Both parties expect the transaction to close by the end of March 2022. Additional details of the deal will be released in the next few weeks.

“While specific details are not yet being made available, we are very excited about the acquisition as it will not only allow the company to produce Yuengling’s ice cream but also ice cream for other brands,” commented Rob Bohorad, Yuengling’s President and CEO. “In addition, with ice cream production availability limited across the country, this facility will help ensure a reliable supply of products. Finally, we are continuing to work diligently on this and several other initiatives and plan to provide additional updates in the very near future.”

About Yuengling’s Ice Cream

Yuengling’s Ice Cream was founded by American businessman Frank D. Yuengling in 1920 to help support the Yuengling 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, David Yuengling, Frank’s great-grandson, and Robert Bohorad revived the brand 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.

Safe Harbor Statement

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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.

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For More Information
Contact & Media Inquiries:
IR@yuenglingsicecream.com
Phone: 570-968-4352
www.yuenglingsicecream.com

FAQ

What is the significance of Yuengling’s Ice Cream Corporation's acquisition of an ice cream production facility?

The acquisition will enhance production capabilities and address supply limitations in the ice cream market.

When is the acquisition of the production facility expected to close?

The transaction is expected to close by the end of March 2022.

Who is the counterparty in the acquisition by Yuengling’s Ice Cream?

The counterparty has requested confidentiality, so their identity is not currently disclosed.

What impact will the acquisition have on Yuengling’s Ice Cream Corporation's operations?

It will allow Yuengling’s to increase production for its own brand and other brands, ensuring a reliable supply.

What further information can we expect regarding the acquisition by Yuengling’s?

Additional details of the deal are expected to be released in the coming weeks.