Pacific Ventures Group Announces Letter of Intent to Acquire Established California Food Production and Distribution Company with Annual Revenues Exceeding $30 Million LOS ANGELES, CA, June 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pacific Ventures Group (OTC PINK: PACV) (the "Company"), an investment group concentrating in food and beverage distribution, announced today that it signed a non-binding Letter of Intent (LOI) to acquire a distribution company focused on food, frozen foods and other related products located in Southern California.
Pacific Ventures Group began its due diligence process earlier this year and expects to sign a Definitive Asset Purchase Agreement by July 15th after both parties complete their legal review. The California food distribution company has current annual revenues in excess of $30M, serves customers in the state of California and other nearby states. This acquisition complements the Company’s existing food distribution business which is operated by San Diego Farmers Outlet. The acquisition would result in a food distribution business with greater revenues and profits, a larger combined customer base, an expanded range of products and services, and an expanded network of retail and institutional accounts.
Pacific Ventures Group and its management believe that the acquisition will create a substantial new revenue stream, in addition to that of the current distribution company San Diego Farmers Outlet.
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