Bravo! Foods International Enters Into Agreements for $20.25 Million Private Placement of Common Stock
Posted on: Wednesday, 23 November 2005, 18:01 CST
NORTH PALM BEACH, Fla., Nov. 23 /PRNewswire-FirstCall/ -- Bravo! Foods International Corp. (BULLETIN BOARD: BRVO) , a brand development and marketing company that manufactures, promotes and distributes fortified, flavored milks, today announced that the Company has entered into definitive agreements for $20.25 million in equity financing through the private placement of 40,500,000 shares of common stock to a group of institutional and accredited investors. The net proceeds to the Company after payment of transaction expenses will be approximately $18.9 million. The Company also issued to the investors warrants to purchase up to an additional 15,187,500 shares of common stock exercisable at $.80 per share. SG Cowen & Co., LLC acted as the exclusive placement agent for the transaction. The closing and funding is scheduled to occur early next week.
The proceeds from the financing will be used for increased production capacity, the launch of marketing campaigns, redemption of 30.3 million warrants, paying the finder's fee relating to the Coca-Cola Enterprises Inc. Master Distribution Agreement and general working capital purposes.
The securities issued in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States in the absence of an effective registration statement or exemption from such registration requirements. Pursuant to the terms of the purchase agreement, Bravo! Foods International Corp. plans to file a registration statement with the Securities and Exchange Commission on Form SB-2 within 45 days of the closing of the transaction, registering the common stock and shares of common stock underlying the warrants for potential resale.
About Bravo! Foods
Bravo! Foods International Corp. (BULLETIN BOARD: BRVO) develops, brands, markets, distributes and sells nutritious, flavored milk products throughout the 50 United States, Great Britain and various Middle Eastern countries. Bravo!'s products are available in the United States and internationally through production agreements with regional aseptic milk processors and are currently sold under the brand name Slammers(R).
Many of Bravo! Foods' Slammers(R) lines of shelf-stable, single-serve milk drinks are co-branded through exclusive partnerships with Masterfoods, a division of Mars Incorporated, Marvel Entertainment and MD Enterprises (Moon Pie(R)), providing superior name recognition packaged with quality, great-tasting drinks.
Slammers(R) are now available at more than 30,000 stores nationwide, including such popular chains as: 7-Eleven, A&P, Associated Grocers, Bi-Lo, Bruno's, C/S Metro, Dutch Farms, Giant Food Stores, Jewel, Mars, Pathmark, Piggly Wiggly, Ralph's, Safeway, Sam's Club, Shaw's, ShopRite, Speedway, SuperTarget, Unified, Waldbaums, Walgreens and White Rose.
For more information, visit: http://www.bravobrands.com/ or http://www.otcfn.com/brvo.
Contact: Roy Warren, CEO Bravo! Foods, 561-625-1411 or James Dryer, Investor Relations, 561-837-8057 or Jamie@otcfn.com.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
Bravo! Foods International Corp.
CONTACT: Roy Warren, CEO of Bravo! Foods, +1-561-625-1411, or JamesDryer, Investor Relations, for Bravo! Foods, +1-561-837-8057,Jamie@otcfn.com
Web site: http://www.bravobrands.com/http://www.otcfn.com/brvo
Source: PRNewswire-FirstCall
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