RHSN -- RushNet, Inc. Announces Increase of Book Value of Its Investment into Meritage Beverage Group of California
BLUE ISLAND, Ill., Jul 21, 2006 (BUSINESS WIRE) -- Chicago-based RushNet, Inc. (Pink Sheets:RSHN), brand owner of e-water(TM) and the marketing company for Rush Beverage Co. announces an increase in the book value of its investment into Meritage Beverage Group of CA. A year ago, RushNet made a cash infusion into Meritage Beverage Group for 5% ownership.
In his investment report to RushNet, Meritage's President and CEO, Jim Clements, was pleased to inform the increase of the book value of RushNet's investment into Meritage by approximately 25%. Further to the reporting is the following:
Gentlemen,
1. We have over 10,700 case of our own brand of delSol wines that we blended, and bottled.
2. Meritage is 50% owner of Global-e-Selections and we have soldm 15 containers of our Italian wines this year.
3. We are working with a Canadian Company and making a
presentation next month for our new Tetra Prisma Organic portfolio of wines.
4. We have a new contract with the Swedish Monopoly for 12,500 cases which will provide $345,000 per year in revenue to Meritage.
5. We have begun making full presentations and tastings with all of the major retail chains.
RushNet CEO Bob Corr, comments, "The investment into Meritage is paying off. Not only with the increase in the value of the investment, but more so, with the increase in the Meritage brand recognition in the international market place, Jim is doing a fine job. Refining his sourcing and importing skills with bulk wines from around the world, he has increased sales of his custom and in-house bottled wine brands as well. We also continue to move forward together to collaborate on the completion of our herbal wine line's development. The years of hard work are finally bearing fruit".
SOURCE: RushNet, Inc.
CONTACT:
RushNet, Inc. Robert Corr, 708-389-6625 rushbev@gmail.com www.enjoytherush.com
or
Christie Communications Tim Sanchez, 805-962-1347 tsanchez@christiecomm.com
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