Acquisition to Create Synergistic Opportunities
Integration of Both Businesses Benefit Both Consumers and Shareholders
West Coast Sales to be Enhanced
LOS ANGELES, CA , Feb. 05, 2018 (GLOBE NEWSWIRE) -- Pacific Ventures Group (OTC PINK: PACV) (the “Company”), an investment group concentrating in consumer products, food, beverage, and alcohol-related industries, today filed a Form 8-K with the Securities and Exchange Commission announcing that their wholly-owned subsidiary, Royalty Foods, LLC, a Nevada limited liability company, has signed an Asset Purchase Agreement to acquire San Diego Farmers Outlet, Inc.
San Diego Farmer’s Outlet is an established retailer and wholesaler distributor of food and produce that generates in excess of $4M annually, which management believes can be significantly enhanced. It is planned that the existing premises will be expanded to further increase west coast sales of Snobar alcohol-infused products. The transaction includes five trucks currently in the delivery fleet and ample freezer storage to meet the anticipated demand for the Snobar frozen product line. San Diego Farmer’s Outlet management and employees will continue in their current capacity.
Shannon Masjedi, CEO President of PACV, commented, “We are excited to build on the success of San Diego Farmers Outlet, Inc. This acquisition is a strategic fit with our wholly-owned subsidiary, Royalty Foods, LLC, providing us expanded entry into the west coast market and will serve as a platform for future growth in additional U.S. markets by allowing us to achieve new business and gain synergistic benefits.”
Completion of the transaction is expected to take place at the end of February 2018.
Pacific Ventures Group, an investment group concentrating in consumer products, food, beverage and, alcohol-related industries, is a publicly-traded company based in Los Angeles, California. PACV attributes its success to the unique blend of our history, culture, brands, relationships, innovation, technology and most importantly, our leadership. For more information on PACV, please visit www.pacvgroup.com.
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 among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Shareholder and Media Contact: Info@pacvgroup.com
Source:Pacific Ventures Group