Halberd Corporation entered into a binding term sheet this week to enter into a definitive agreement to acquire control of Sarasota, Florida based I-TAP, Inc. The definitive agreement is expected to be signed in the next two weeks.
I-TAP, Inc. is the developer of the electronic I-TAP draft beer dispensing system for the facility management, hospitality and food service industries. I-TAP dispensers reside on the I-TAP network which uses sensors to monitor the dispensers as well as kegs, coolers, CO2 and glycol. In addition to providing real-time sales reporting by individual dispenser, the I-TAP network provides real-time reports on temperatures, keg levels and other key data.
The current average keg yield for draft beer sales is approximately 50% to 70%. The I-TAP beer dispensing system achieves a 98% keg yield by reducing the waste and identifying/eliminating the pilferage that has plagued the draft beer industry since its inception.
The market for I-TAP is huge. In 2012, US brewers produced 568.9 million gallons of draft beer and 75.6 million gallons of draft beer were imported into the US combining for an aggregate 644.5 million gallons of draft beer consumed in the US. The U.S. alone has over 5 million manual valves pouring draft beer.
I-Tap, Inc., President John Osborne states, "I-Tap is the technology that the 100 plus billion dollar beer industry needs. We look forward to working with Halberd Corporation."
Halberd Corporation is a Holding Company and Incubator for early stage high growth businesses. They are located in Southfield, Michigan. Halberd Corporation trades on the OTC Market under the ticker symbol HALB.
