NuVim Announces Provides Update on Acquisition of Profitable Florida Restaurant

Rhea-AI Summary

NuVim Inc. (OTC PINK:NUVM) has announced its acquisition of Two Drunken Goats LLC, a profitable restaurant in South Florida, for $1.2 million. The deal aims to enhance NuVim's growth strategy by adding an estimated $3 million in revenue and creating new product offerings, particularly in the craft beer market. NuVim plans to utilize the restaurant's unused space to establish a brewery, leveraging its health technology for innovative beverages. The transaction involves $600,000 in cash and $600,000 in Seller Notes.

Positive

• Acquisition expected to generate an estimated $3 million in revenue.
• Entry into the growing craft beverage market enhances business growth potential.
• Established restaurant with strong performance exceeding national averages.

Negative

• NuVim is actively seeking funding options for acquisition completion.
• Potential integration challenges associated with the acquisition.

LEWES, DE / ACCESSWIRE / December 7, 2021 / NuVim Inc. (OTC PINK:NUVM), a provider of dietary supplements and wellness products, today provides a business update on its $1.2 million acquisition of Two Drunken Goats LLC ("Goats"), a profitable beachside cantina in South Florida.

As previously announced, NuVim will acquire Goats in a stock deal, subject to certain limited terms and conditions. The deal represents a pivotal point in NuVim's growth strategy; once closed, the transaction will contribute to NuVim an estimated $3 million in revenue with positive cash flows on a proforma reported basis and provide an entry into a popular beverage market.

"I cannot overemphasize the significance and strategic value of this opportunity for NuVim and our shareholders," stated NuVim CEO Rick Kundrat. "This acquisition will set NuVim on course to expand our market reach and incorporate our health benefits technology into new, exciting products."

Goats is an established restaurant that for more than 10 years has served hundreds of thousands of tourists on Singer Island. The establishment includes 834 square feet of unused space, which NuVim plans to convert into an on-site craft beer brewery.

"Growing demand for craft beer provides us an opportunity to extend new product offerings to both NuVim's and Goats' existing customers," said Kundrat. "We plan to introduce new craft beers to Goats' current menu, incorporating NuVim technology to deliver patrons an exciting beverage with potential health benefits. The technology is currently in the development stages, with promising results. Our team is working to ensure a high-quality, great tasting final product, and we look forward to providing additional shareholder updates."

The gross purchase price of $1.2 million for Goats is comprised of $600,000 cash paid upon closing and $600,000 payment in the form of Seller Notes. NuVim is actively pursuing funding options to complete closing of this acquisition.

About NuVim®

NuVim® (OTC: NUVM) was founded in 1999 and is a provider of dietary supplements, marketing consumer health benefit products that provide energy cell rejuvenation, enhanced immune function, muscle and bone health with vitamins and minerals that are deficient in many American diets.

About Two Drunken Goats®

The Two Drunken Goats restaurant is located on Singer Island, Florida with indoor seating capacity of 190 and outdoor of 60. The location of the restaurant is directly on the beach, facing the Atlantic Ocean. The restaurant has operated in the same location since 2011. For the prior two years the restaurant had revenues of approximately $2.5 million, and for 2021, the year to date (YTD) 10 months period through October 31, 2021, reported sales revenues that were on pace to recover from the pandemic, being approximately $2.8 million with positive net profits reported, which is a performance level exceeding the national restaurant averages.

For more information, visit https://TwoDrunkenGoats.net/

Safe Harbor Statement

This release may contain forward looking statements within the meaning of section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Act of 1934 as amended. Such statements are subject to risks and uncertainties that could cause actual, results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive and other factors, including among other things, its ability to finance operations and inventory on terms acceptable to us, new and increase competition. Changes in market demand and customer preferences.

NuVim® Contact:
Rick Kundrat, CEO
https://NuVim.com/
302-827-4052
RPKundrat@yahoo.com

SOURCE: NuVim, Inc.

View source version on accesswire.com:
https://www.accesswire.com/676278/NuVim-Announces-Provides-Update-on-Acquisition-of-Profitable-Florida-Restaurant

FAQ

What is the significance of NuVim's acquisition of Two Drunken Goats?

The acquisition is crucial for NuVim's growth strategy, potentially adding $3 million in revenue and expanding its market reach into the craft beverage sector.

How much did NuVim pay for Two Drunken Goats?

NuVim's acquisition price for Two Drunken Goats is $1.2 million, comprised of $600,000 in cash and $600,000 in Seller Notes.

What future plans does NuVim have for Two Drunken Goats?

NuVim plans to convert unused space at the restaurant into a craft beer brewery, incorporating health technology into new beverage offerings.

What are the financial results of Two Drunken Goats prior to acquisition?

Two Drunken Goats reported revenues of approximately $2.5 million in the previous two years and was on track for about $2.8 million in 2021, recovering from pandemic impacts.