NuVim, Inc. and The Two Drunken Goats Sign Purchase and Sale Agreement

Rhea-AI Summary

NuVim, Inc. (NUVM) has entered into a definitive stock purchase agreement to acquire Two Drunken Goats, LLC. This strategic move is projected to increase NuVim's annual revenues by over 40-fold, estimating approximately $3 million post-acquisition if closed before the end of 2021. Two Drunken Goats, a restaurant located in Florida, reported $2.8 million in revenues for the first ten months of 2021, showcasing a recovery from pandemic impacts. NuVim's CEO, Rick Kundrat, expressed enthusiasm for this pivotal acquisition aimed at business growth.

Positive

• Projected revenue increase of over 40-fold post-acquisition, estimating approximately $3 million.
• Two Drunken Goats generated $2.8 million in revenue year-to-date as of October 31, 2021, showing recovery post-pandemic.

Negative

• None.

LEWES, DE / ACCESSWIRE / December 2, 2021 / NuVim, Inc. (OTC PINK:NUVM) announced today that they have signed agreement to purchase Two Drunken Goats, LLC. The definitive purchase agreement states that the purchase will be a stock deal, (purchase of entity) subject to certain limited terms, and conditions.

Rick Kundrat CEO of NuVim stated, "After an extended period of time in development, we're excited by, and plan to focus our efforts to grow NuVim's business via this pivotal acquisition."

To put in proper perspective, this acquisition would be a more than 40-fold increase in NuVim's prior yearly reported revenues, as assuming able to close prior to the YE 2021 target date, Company expects to be able to report approximately $3 million in revenues on a proforma, post-acquisition basis.

About NuVim®

The Company (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) ten months period thru October 31st, 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.

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.

Contact:
www.nuvim.com
302-827-4052

SOURCE: NuVim, Inc.

View source version on accesswire.com:
https://www.accesswire.com/675646/NuVim-Inc-and-The-Two-Drunken-Goats-Sign-Purchase-and-Sale-Agreement

FAQ

What acquisition did NuVim announce on December 2, 2021?

NuVim announced the acquisition of Two Drunken Goats, LLC.

What is the expected impact of the Two Drunken Goats acquisition on NuVim's revenues?

The acquisition is expected to increase NuVim's revenues by over 40-fold, with an estimate of approximately $3 million post-acquisition.

What was the revenue of Two Drunken Goats in 2021?

Two Drunken Goats reported revenues of approximately $2.8 million for the ten months leading up to October 31, 2021.

What is the stock symbol for NuVim?

NuVim's stock symbol is NUVM.

Where is Two Drunken Goats located?

Two Drunken Goats is located on Singer Island, Florida.