MLHC woken up with a gazillion shares!
M LINE HOLDINGS, INC. CLOSES THE ACQUISITION OF BEST CHOICE NUTS, CANDY AND SPECIALTIES, INC.
M Line Expands its Distribution Capabilities of Food and Beverage in Florida
COSTA MESA, CA, Sept. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – M Line Holdings, Inc. (OTC PINK: MLHC) ("M Line" or the “Company”), a holding Company with subsidiaries involved in the Beverage Branding and Distribution industry as well as the Food and Beverage distribution business is pleased to announce that it has finalized the purchase of 100% of the issued share capital of Best Choice Nuts, Candy and Specialties, Inc.
Larry Skara has owned and operated Best Choice for many years and has worked closely with Russ Rickon, the President of M Line’s subsidiary, Best Choice Food and Beverage, LLC. Both companies distribute beverages and food items in the same geographic area of the State of Florida. Combining these companies creates a larger footprint of products to market to a wider cross section of customers.
The price of this acquisition is $500,000 split between cash of $250,000 paid over 23 months and stock priced at .0008 per share but issued in the form of a convertible preferred stock.
Best Choice Nuts, Candy and Specialties is currently on a monthly run rate of approximately $300,000. By joining the two Companies we expect to increase the monthly run rate to $700,000 over the next three to six months.
As a part of this purchase we are also acquiring another 20% of Best Choice Food and Beverage, LLC from Larry Skara for stock priced at 0.008 in the form of a convertible preferred stock.
M Line now owns 75% of Best Choice Food and Beverage, LLC
The preferred convertible stock cannot be converted for twelve months.
Tony Anish, CEO of M Line, stated: “This key acquisition is part of our overall strategy of expansion in the Florida market. It clearly enhances the growth capabilities of Best Choice Food and Beverage, LLC. Furthermore, we are looking at many additional opportunities for greater expansion in the Florida marketplace. The enlarged Best Choice group plans to become the preferred beverage distributor for many beverage brands that have been unable to bring their product to the State of Florida due to distribution issues and costs.”
Russ Rickon, President of Best Choice Food and Beverage, LLC, commented: “The acquisition of Best Choice Nuts, Candy and Specialties, Inc. not only brings Larry Skara, another highly skilled and experienced member to our team, but also enables us to fully service the lower two thirds of the State of Florida and speed up our growth. Our aggressive expansion plan is supported by our solid core of customers, our suppliers with their great brands of products and the whole team at MLHC.”
The Company is continuing its strategy of building its portfolio of products and expanding its base of customers in the market. M-Line has identified a unique opportunity to bring alternative distribution to the market in the wake of decades of consolidation in the food, beverage and snack industries. Consumers are seeking new and creative products and M-Line intends to provide differentiated products to a vibrant consumer base.
About M Line Holdings, Inc.
M Line is a holding Company with subsidiaries involved in the Beverage Branding and Distribution industry as well as the Food and Beverage distribution business. In addition, M Line will continue with its business financing activities while looking for other opportunities in the Beverage and Distribution Industry as well as other prospects that make sense to management.
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For more information contact:
Tony Anish
info@mlineholdings.com
AI
