Pacific Ventures Group Enters Into a Letter of Intent to Acquire a $40 Million Food and Beverage Distributor Located in the Midwest

Rhea-AI Summary

Pacific Ventures Group, Inc. (OTC PINK:PACV) announced on March 16, 2021, the signing of a Letter of Intent to acquire a Midwest food and beverage distributor. This acquisition aims to expand the reach of Seaport Meat Company and San Diego Farmers Outlet into the Midwest, potentially generating annual revenue of $80 million. CEO Shannon Masjedi expressed excitement over the synergies expected from this deal, indicating it could be transformational, paving the way for a future national exchange listing.

Positive

• Potential annual revenue increase to $80 million from the acquisition.
• Expansion into the Midwest market enhances distribution capabilities.
• CEO underscores significant synergies expected from the deal.

Negative

• None.

Synergistic Acquisition to Take Seaport Meat Company and San Diego Farmers Outlet Into the Midwest

LOS ANGELES, CA / ACCESSWIRE / March 16, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the "Company"), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce its signing of a Letter of Intent ("LOI") to acquire a food and beverage distributor located in the Midwest.

Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "We are excited to sign this LOI and work towards a definitive agreement and closing over the next couple of months. In addition to their existing business, we believe there are great synergies to expand Seaport Meat Company's and San Diego Farmers Outlet's reach toward the middle of the country given their customers and distribution capabilities. This would be a transformational acquisition, if consummated, that will catapult us near $80 million annual revenue and enable us to be positioned to start the process of an up list to a major national U.S. exchange."

About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC PINK:PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the website dedicated to SnöBar.)

Safe Harbor Statement
Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Investors Contact:
ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/635663/Pacific-Ventures-Group-Enters-Into-a-Letter-of-Intent-to-Acquire-a-40-Million-Food-and-Beverage-Distributor-Located-in-the-Midwest

FAQ

What acquisition did Pacific Ventures Group announce on March 16, 2021?

Pacific Ventures Group announced a Letter of Intent to acquire a food and beverage distributor located in the Midwest.

How much annual revenue does Pacific Ventures Group expect from the acquisition?

The acquisition is expected to increase annual revenue to approximately $80 million.

What companies are involved in the acquisition by Pacific Ventures Group?

The acquisition will expand the reach of Seaport Meat Company and San Diego Farmers Outlet.

What are the potential benefits of the acquisition for Pacific Ventures Group?

The potential benefits include market expansion into the Midwest and increased distribution capabilities.

Will the acquisition impact Pacific Ventures Group's stock listing?

If successful, the acquisition positions Pacific Ventures Group to consider an uplisting to a major national U.S. exchange.