Music Superstar/Entrepreneur Dr. Dre Partners With Drinks Americas to Launch Beverage Joint Venture
via COMTEX
February 25, 2008
WILTON, CT, Feb 25, 2008 (MARKET WIRE via COMTEX News Network) --
Drinks Americas Holdings, Ltd. (OTCBB: DKAM), a leading owner, developer and marketer of premium beverages, today announced a new beverage venture in association with Grammy Award-winning producer and artist, Dr. Dre. Drinks Americas and Dr. Dre have formed a partnership to identify, develop, and market premium non-alcoholic and alcoholic beverages. The partnership's first premium beverages will be a super premium cognac selection, followed by a unique new to market sparkling vodka (which is now being crafted). Drinks Americas and Dr. Dre also plan to enter the growing imported premium tequila category.
The venture marks the first time an iconic artist has partnered directly with a beverage company in an equity arrangement to jointly develop and market products. The deal is under the umbrella of the previously announced agreement between Drinks Americas and Interscope Geffen A&M Records.
The partnership will be the latest in Dr. Dre's successful business ventures, which include his eleven-year old record company, Aftermath Entertainment, with artists including Eminem and 50 Cent, and his recently announced film production company, Crucial Films. The new products will join Drinks Americas' current and growing portfolio of products including Donald Trump's award winning Trump Super Premium Vodka, Willie Nelson's Old Whiskey River Bourbon and Paul Newman's Lightly Sparkling Fruit Juice Drinks and Flavored Waters.
"I'm always down for a new challenge," said Dr. Dre. "When Drinks Americas approached me about going into business with them, I knew there was a lot of competition out there but it was the same way when I started doing music. I'm going to put the best product out there, because that's what I do."
J. Patrick Kenny, President & Chief Executive Officer of Drinks Americas, stated, "This is the next of several steps as Drinks assembles a range of global iconic brands and trademarks that will build substantial long term shareholder value. We are thrilled to be working with Dr. Dre, a true icon, as an owner and our partner in brands that will reflect his tastes and personality. Unlike hiring a celebrity to help grow an existing brand, Dr. Dre is an equity owner of the brands and will be involved as our partner at every stage of the process."
Kenny added, "We expect Dre's foray into the beverage business to rival the magnitude of his success in the music business. Our plan is to be in key markets as 2008 unfolds with a superior cognac followed by selected premium spirits category entries. We have the credit facilities and production partners. Building volume with these products will take time, but the instantly recognizable branding, coupled with superior quality products, and Dre's partnership start us with a competitive advantage, and a corresponding boost in value to our shareholders."
