US-based beverage company Iconic Brands has acquired a majority stake in BiVi, a distributor of premium Sicilian Vodka.
With this deal, Iconic is aiming to focus on the premium spirits market.
The firm believes that BiVi acquisition is the first phase of addition of a long line of products and business developmental services for the industry in general.
According to terms of the agreement, the majority stake acquisition in BiVi is in return for the issuance of 1,000,000 shares of restricted common stock and 1,000 shares of newly created Series C convertible preferred stock.
In addition, Iconic agreed to offer a working capital facility of $750,000.00 to BiVi, which will repay from the working capital generated from its operations.
BiVi has to date received pre orders for more than 400 cases from its distribution partners.
The company claims that its "unique" vodka is crafted in Sicily in an Artisan Distillery using the Semolina wheat produced locally combined with the pristine water of the area.
Before the conclusion of the latest transaction, Iconic Brands CEO, president and director Richard DeCicco beneficially owned and controlled BiVi.
Headquartered in California, Iconic Brands produces alcoholic beverages and involves in marketing of the products. Its brand portfolio includes; Sangre de Vida Tequila, Apocalypto Tequila and Deadhead Rum.
