SPO Global Announces Asset Acquisition
Woburn, Mass., Oct. 03, 2018 (GLOBE NEWSWIRE) -- WINE ON TAP, INC., a wholly owned subsidiary of SPO GLOBAL, INC. (OTC Pink: SPOM), (“SPO” or the “Company”) today announced it has acquired specific assets of Wine Stream Inc., including key personnel and intellectual property, licensing and franchise rights. The acquisition excludes Wine Stream Inc’s current Florida operations as well as the following states, Mississippi, Alabama, Louisiana, Georgia, Tennessee, Texas, Nevada and California. The acquisition does include all operations in Sarasota County Florida.
With this acquisition, Wine on Tap adds deep industry expertise in the platform technology that will allow the Company to roll out and develop facilities throughout the United States from which to market premium wines in keg volume. The Company will be able to utilize the strategic partnerships and relationships already in place to offer the same high quality products already offered in Florida by Wine Stream.
According to the Wine Institute, in 2016, 949 million gallons of Wine were consumed in the United States. “We see the asset acquisition and the entry into the kegged wine industry as both an economic and environmentally solid business opportunity”,” said Stuart Barton, CEO of SPO Global. “Offering wine in a keg ensures fresh wine throughout, prevents spoilage, waste and it eliminates the glass and trash footprint from traditional bottle usage. We are currently evaluating locations for our initial plant and have been in early discussions with licensing partners for specific territories.”
