Metavesco Executes Letter of Intent to Acquire Striped Pig Distillery and Local Choice Spirits

Rhea-AI Summary

Metavesco, Inc. (OTC PINK:MVCO) has signed a non-binding Letter of Intent to acquire Striped Pig Distillery and Local Choice Spirits of Charleston. The acquisition highlights include:

• Approximately 1000 barrels of aged bourbon, valued at over $18,000,000 retail
• 16 active product SKUs including vodkas, rums, gins, whiskeys, and tequila
• Product distribution in 20 states and e-commerce availability in most
• Distillery capable of producing 300 high-quality bourbon barrels annually

Upon closing, Metavesco will issue restricted common stock, preferred stock, and a $2 million convertible note, while assuming $1.2 million in debt. 'Pixie' Paula Dezzutti, the current leader of the acquired companies, will be appointed as Metavesco's new CEO.

Positive

• Acquisition of established distillery and spirits brand with $18 million in retail-valued bourbon inventory
• Expansion into 20 states with 16 active product SKUs
• Appointment of award-winning industry leader 'Pixie' Paula Dezzutti as new CEO
• Potential for increased market reach and revenue growth

Negative

• Assumption of $1.2 million in debt from acquired businesses
• Potential shareholder dilution due to issuance of new stock and convertible note
• Execution risks associated with integrating new businesses and management

CUMMING, Ga., Aug. 16, 2024 /PRNewswire/ -- Metavesco, Inc. (OTC PINK:MVCO), a web3 enterprise and digital asset innovator, today announced the execution of a non-binding Letter of Intent (LOI) to acquire Striped Pig Distillery and Local Choice Spirits of Charleston. 

Founded as one of South Carolina's oldest distilleries, Striped Pig Distillery has garnered multiple awards for its exceptional craft spirits. Local Choice Spirits has established a reputation for innovation and quality, solidifying its place in the market. 

The two companies are led by visionary entrepreneur "Pixie" Paula Dezzutti. Pixie is recognized as a top influencer in SC in 2024, listed by Forbes as "Top 50 Over 50" in 2023, and recipient of the International Woman of the Year Award by the Atlanta Chamber of Commerce in 2022. She has been a prominent figure in the industry, not only for her business acumen but also for her contributions to the broader business community. Listed by INC 5000 as one of the fastest growing companies of the Southeast, and SC Top 50 Fastest Growing Businesses, Local Choice and Striped Pig have plans to unveil an event center for its patrons. Upon closing this transaction, Ms. Dezzutti will be appointed as Chief Executive Officer of Metavesco, Inc.

Post acquisition, the businesses will operate as wholly owned subsidiaries of Metavesco, Inc. Highlights of the combined businesses include:

• Approximately 1000 barrels of aged bourbon, valued at over $18,000,000 retail
• 16 active product skus including vodkas, rums, gins, whiskeys, and tequila
• Product distribution in 20 states and ecommerce availability in most
• Distillery capable of producing 300 high quality bourbon barrels annually
• World class management team with over 100 years combined industry experience

At closing, Metavesco will issue a combination of 2-year restricted common stock, preferred stock, and a 2-year convertible note in the amount of $2 million. Additionally, the Company will assume approximately $1.2 million in debt owed collectively by the acquired businesses. 

Metavesco, Inc. CEO Ryan Schadel stated, "I'd like to say this was a tough decision since it means I'll be stepping down as CEO, but it wasn't a tough decision at all! Ms. Dezzutti's appointment as CEO will be a huge win for shareholders and she is poised to usher in a new era of innovation and growth. With a distinguished career that spans entrepreneurial success, industry recognition, and thought leadership, Pixie has consistently demonstrated an extraordinary ability to drive transformation and excellence. Her accolades, including her role as a featured panelist at the Atlanta Chamber of Commerce's seminar on NFTs, cryptocurrencies, and Blockchain 3.0, along with her Amazon best-selling book, Alphabet Soup, outlining her pioneering NFT Bourbon release, underscore her forward-thinking approach and deep industry insight. She's a force to be reckoned with and I believe Metavesco shareholders will be in good hands with her at the helm."

Ms. Dezzutti stated, "Our team at Striped Pig Distillery and Local Choice Spirits has dedicated years to perfecting our craft, building a strong, regional brand of which we're incredibly proud. This acquisition is the perfect opportunity to expand our reach and bring award-winning spirits to a national audience. The multi trillion-dollar beverage business needs pioneers to lead the charge in a quickly paced changing landscape. I am excited to lead Metavesco into this new era of growth and innovation and am confident that together we will achieve extraordinary success."

While there is no guarantee that a deal will be finalized, all parties are working aggressively to prepare and execute a definitive purchase agreement with a 30-day closing deadline.

About Metavesco

Metavesco is a web3 enterprise and digital asset innovator. The Company has bitcoin mining operations at hosted facilities in KY and IA. Through its wholly owned subsidiary, the Company operates Boring Brew, a specialty coffee company utilizing owned and licensed NFT IP as unique packaging.

Safe Harbor Statement

This press release contains statements that constitute forward-looking statements. These statements appear in a number of places in this press release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is included in the Company's filings on otcmarkets.com.

View original content:https://www.prnewswire.com/news-releases/metavesco-executes-letter-of-intent-to-acquire-striped-pig-distillery-and-local-choice-spirits-302223852.html

SOURCE Metavesco, Inc.

FAQ

What companies is Metavesco (MVCO) acquiring according to the Letter of Intent?

Metavesco (MVCO) has signed a Letter of Intent to acquire Striped Pig Distillery and Local Choice Spirits of Charleston.

What is the value of the bourbon inventory that Metavesco (MVCO) will acquire?

The acquisition includes approximately 1000 barrels of aged bourbon, valued at over $18,000,000 retail.

Who will be the new CEO of Metavesco (MVCO) after the acquisition?

'Pixie' Paula Dezzutti, the current leader of Striped Pig Distillery and Local Choice Spirits, will be appointed as the new CEO of Metavesco (MVCO) upon closing of the acquisition.

How will Metavesco (MVCO) finance the acquisition?

Metavesco (MVCO) will issue a combination of 2-year restricted common stock, preferred stock, and a 2-year convertible note worth $2 million. The company will also assume approximately $1.2 million in debt from the acquired businesses.

What is the production capacity of the distillery Metavesco (MVCO) is acquiring?

The distillery being acquired by Metavesco (MVCO) is capable of producing 300 high-quality bourbon barrels annually.