Press Release: Aureus Executes Binding LOI to Acquire Yuengling's Ice Cream Corp.
Aureus Executes Binding LOI to Acquire Yuengling's Ice Cream Corp.
ATLANTA, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Aureus, Inc. (OTC PINK: ARSN), a food brand development company focused on acquiring and growing well-established food brands, announced today that the Company has executed a Binding LOI to acquire 67% of Yuengling's Ice Cream Corp. This ownership stake of Yuengling's Ice Cream Corp. is in addition to the 33% of Yuengling's Ice Cream Corp under contract as part of the purchase of YIC (Yuengling's Ice Cream Online).
The transaction will be executed in three tranches, of which 5.5% has already been acquired. The second ownership stake of 18.5% will be acquired in the next few weeks, with the final tranche within 60 days following the closing date.
Upon completion, Aureus management will obtain a majority of the board of directors and assume the position of executive officers of Yuengling's Ice Cream Corp., where they will assist in the day-to-day management, operations, and finances of the company.
"We are pleased to announce that, in addition to our ongoing acquisition of Yuengling's Ice Cream Online Distributors (YIC), we have just executed a binding LOI to acquire the balance of the ownership in Yuengling's Ice Cream Corp.," stated Everett Dickson, CEO of Aureus, Inc. "I can't speak highly enough of the president of David Yuengling, the president of Yuengling's Ice Cream Corp, and the team at YIC. We have enjoyed working with them, and are looking forward to collectively growing this business together. Our ownership position in the company provides us the ability to launch our strategic marketing plans and new products for the brand. We are humbled to continue the 65-year-old Yuengling Family tradition of marketing and delivering a premium ice cream brand that truly stands the test of time."
David Yuengling was quoted as saying "We are looking forward to working with Aureus to continue to grow and expand the Yuengling's Ice Cream Brand."
