360 Global Wine Signs LOI to Acquire Wine
and Spirits Company
That Would Approximately Double Revenues
and Bring
Distribution Relationships Through the
U.S.
SONOMA,
Calif., Dec. 5, 2006 (PRIME NEWSWIRE)
-- 360 Global Wine Company (OTCBB:TSIX)
has signed a letter of intent to acquire
a producer and marketer of wine and spirits
in a transaction valued at approximately
$25 million. Upon completion, this transaction
would significantly increase 360 Global's
revenues, and bring distribution relationships
in all 50 U.S. states, and select foreign
markets.
Jake Shapiro, Chief Executive Officer
of 360 Global Wine, commented, "This
acquisition will not only bring additional,
exciting brands into our portfolio, but
also enable us to dramatically increase
domestic and international distribution
of our current portfolio from Viansa Winery."
The Company expects the agreement to be
finalized by the first quarter of 2007,
pending regulatory approvals and satisfaction
of customary closing conditions.
About 360 Global Wine Company:
360 Global Wine Company is a California-based
business, positioning itself to take a
leading role in the $25 billion wine industry.
The company has and is acquiring premier
wine estates, developing a distribution
network, and has committed resources to
dynamic brand-building campaigns.
Forward-Looking Statements
Certain statements contained in this press
release, including the expected timetable
for completing the Letter Of Intent, future
financial and operating results, benefits
and synergies of the proposed transaction,
future opportunities for the combined
company and products, any other statements
regarding 360 Global Wine Company's future
expectations, beliefs, goals or prospects,
and any statements that are not statements
of historical facts might be considered
forward-looking statements. While these
forward-looking statements represent managements'
current judgment of future events, they
are subject to risks and uncertainties
that could cause actual results to differ
materially from those stated in the forward-looking
statements. Important factors that could
cause actual results or events to differ
materially from those indicated by such
forward-looking statements, include: (i)
the parties' ability to consummate the
proposed transaction; (ii) the conditions
to the completion of the proposed transaction
may not be satisfied, or the regulatory
approvals required for the transaction
may not be obtained on the terms expected
or on the anticipated schedule; (iii)
the parties' ability to meet expectations
regarding the timing, completion and accounting
and tax treatments of the transaction;
(iv) the possibility that the parties
may be unable to achieve expected synergies
and operating efficiencies ; (v) revenues
following the proposed transaction may
be lower than expected; and (vi) the other
factors described in 360 Global Wine Company's
Annual Report on Form 10-KSB for the year
ended December 31, 2005 and its subsequent
reports filed with the SEC. 360 Global
Wine Company assumes no obligation to
update or revise any forward- looking
statement in this press release, and such
forward-looking statements speak only
as of the date hereof.
360 Global Wine Company, Inc.
Contacts: Jake Shapiro
(203) 861-6210
www.360wines.com
Investors:
James Carbonara
(212) 825-3210
Media:
Susan Morgenbesser
Mike Graff
(212) 825-3210
By
PrimeNewswire.
