AMITYVILLE, N.Y., May 26, 2015 /PRNewswire/ -- Iconic Brands
Inc. (the Company) (OTC PINK: ICNB) announced today that it has
acquired a 51% interest in BiVi LLC, a distributor of premium
Sicilian Vodka and the first of its kind to be produced and sold in
the United States. Iconic is
redirecting its path to focus on the premium spirits business and
the BiVi acquisition is the first phase of what it trusts will
include a long line of products and business developmental services
for the industry in general.
Early interest in BiVi has been very strong with pre orders to
date in excess of 400 cases from distribution partners. The vodka
is unique in that it is crafted in Sicily in an Artisan Distillery using the
finest Semolina wheat produced locally coupled with the pristine
water of the area.
Under the terms of the agreement Iconic acquired a 51% majority
interest in BiVi in exchange for the issuance of (a) 1,000,000
shares of restricted common stock and (b) 1,000 shares of newly
created Series C Convertible Preferred Stock. Iconic also
committed to providing BiVi with a $750,000.00 Working Capital Facility, which shall
be repaid by BiVi from working capital generated from BiVi's
operations.
Prior to the closing of the acquisition, BiVi was beneficially
owned and controlled by Richard
DeCicco, the majority shareholder, President, CEO and
Director of Iconic Brands Inc. Further information, and
copies of the Securities Exchange Agreement between Iconic and BiVi
and the terms contained in the Certificate of Designation for the
Series C Convertible Preferred Stock can be found in the 8-K filed
by Iconic on May 21, 2015.
Forward-looking Statements:
This press release may contain forward-looking statements that
involve risks and uncertainties. These statements relate to future
events or our future financial performance. In some cases, you can
identify forward-looking statements by terminology including
"could", "may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential" and the negative of
these terms or other comparable terminology. While these
forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost
always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested in
this report. Except as required by applicable law, we do not intend
to update any of the forward-looking statements so as to conform
these statements to actual results. Investors should refer to the
risks disclosed in the Company's reports filed from time to time
with the Securities and Exchange Commission and available
at www.sec.gov.
About Iconic: Iconic Brands Inc. ("Iconic") is a beverage
company with the highest expertise of developing from inception to
completion, alcoholic beverages for itself and third
parties. Iconic Brands also markets and places the
products into national distribution through long standing industry
relationships. Iconic is also a leader in "Celebrity Branding" of
beverages, procuring superior and unique products from around
the world and branding its products with internationally recognized
celebrities.
About BiVI: BiVi LLC, is a company made up of BiVi 100
percent Sicilian Vodka. BiVi LLC's mission is to promote and
support the sales endeavors of the distribution network
through targeted and national marketing endeavors and working
with the Celebrity partner Mr. Chazz
Palminteri.
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SOURCE Iconic Brands Inc.