Tuesday January 6, 11:58 am Eastern Time
Saratoga Beverage Group, Inc. Enters Into Agreements With ONYX Management Services, LLC.
SARATOGA SPRINGS, N.Y., Jan. 6 /PRNewswire/ -- Saratoga Beverage Group, Inc. (Nasdaq: TOGA - news) announced today it has entered into an agreement with ONYX Management Services, LLC., a privately held company, whereby Saratoga has agreed to provide ONYX with up to $800,000 in financing in the form of a four year note and a three year line of credit at prime plus 1%.
In addition, Saratoga acquired a 10 year warrant to purchase 35% of ONYX in exchange for 100,000 shares of Saratoga Class A common stock.
ONYX Management Services, LLC. was founded by Ronald C. Holliday, a 20 year industry veteran, to provide food service management and catering services to the concession industry. As part of the agreements with ONYX, ONYX has agreed to use Saratoga's water products on an exclusive basis, subject to certain limited exceptions.
''We believe our products could benefit from our new relationship with ONYX,'' said Robin Prever, Chief Executive Officer of Saratoga Beverage Group. ''This is a channel of distribution that we have been trying to establish for a long time. In addition, we have an option to own 35% of a potentially dynamic company.''
Saratoga Beverage Group, Inc., formerly the Saratoga Spring Water Company, was founded in 1872. The Company produces sparkling, non-carbonated and enhanced spring water products. Saratoga also distributes Splash, a fruit- flavored line of spring water products. The Company is traded on the Nasdaq SmallCap Market under the symbol TOGA. |
