SBES South Beach Spirits Inc (CE)

South Beach Spirits,Inc (FKA CME Realty , Inc Defaults on Acquisition of V Georgio Ultra-Premium Brand Vodka
 
Plantation, FL -- October 13, 2015 -- InvestorsHub NewsWire -- V Georgio Enterprises, LLC regrets to announce that South Beach Spirits, Inc. (OTC PINK: SBES) (“South Beach” or the “Company”) has defaulted on the previously announced acquisition of the worldwide intellectual property, rights, and related assets of V Georgio Vodka, an ultra-premium brand of traditional and flavored vodkas.
 
Pursuant to an Asset Purchase Agreement, South Beach acquired the assets from Victor G. Harvey, Sr. and a limited liability company wholly-owned by him in exchange for the issuance of 1.4 million “restricted” shares of common stock and $1.0 million in cash, to be paid over a one year period.  Within the first 45 days following the executed agreement South Beach has failed to meet its payments to Mr. Harvey.
 
Mr. Harvey also was appointed Chief of Executive Officer of V Georgio, Inc., a newly-incorporated subsidiary of the Company which was to seek to exploit and commercialize the V Georgio brand.  That subsidiary entered into an employment agreement with Mr. Harvey providing for an initial base annual salary of $120,000, subject to periodic review by the board of directors. Mr. Harvey has formally resigned from the company as of October 13, 2015.
 
Victor G. Harvey, Sr., founder of V Georgio Vodka, added, “I am extremely disappointed in the way this transaction turned out and feel we have been taken advantage of. We will seek every remedy allowed under the law against any and all parties involved in this purported transaction.”
 
Harvey concluded, “V Georgio Vodka was positioned to once again become a luxury brand leader in the ultra-premium spirits industry, particularly with affluent urban consumers whose exclusive lifestyles and desire for exceptional products are influenced by music, fashion, sports, and entertainment.  I was looking forward to working with key industry partners to make this happen and to providing the very best vodka drinking experience to all our loyal customers.”   However, I will not damage my reputation in this industry or the creditability of the V Georgio brand hence have halted any and all discussions with manufacturers, bottlers, and distributors.”
 
Further details regarding this transaction and other business updates will be made as additional information becomes available.
 
Investor/Media Contact:
 
V Georgio Enterprises, LLC - Investor Relations
Email: idamarketingcorp@gmail.com
 
 
Disclaimer/Safe Harbor:  This V Georgio Enterprises, LLC  news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act.  The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties.  Among others, these risks include failure to meet schedule or performance requirements of the Company's contracts, the Company’s ability to raise sufficient development and working capital, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing.  In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.
 

South Beach Spirits (CE) (USOTC:SBES)
Historical Stock Chart
From Nov 2024 to Dec 2024

South Beach Spirits (CE) (USOTC:SBES)
Historical Stock Chart
From Dec 2023 to Dec 2024