PYMB up 400% and climbing since I mentioned it last week.
Perry's Majestic - PYMB - to Acquire X-Treem Corp. for Cash; Stock
Business Wire - November 09, 1998 14:03
NEW YORK--(BUSINESS WIRE)--Nov. 9, 1998--Robert Sipper, president and CEO of Perry's Majestic Beer Inc. (OTCBB:PYMB) today announced the signing of an agreement in principle providing for the acquisition by Perry's of a minimum of 80% of the capital stock of X-Treem Products Corp., a privately owned Secaucus, N.J.-based beverage company.
The transaction is through an exchange with the shareholders of X-Treem of up to 93% of the issued and outstanding shares of Perry's capital stock as of the closing of the exchange transaction, whereby X-Treem will become a subsidiary of Perry's.
Scheduled to be completed by Nov. 30, 1998, the transaction is being conducted in conjunction with the successful closing of a financing of at least $500,000, the proceeds of which will be used for additional operating capital. Upon completion, James B. Hovis, the president of X-Treem, will assume the role of president and CEO and Robert Sipper will become chief operating officer.
X-Treem produces and markets McCoy's beverages, a line of "microbrewed" fruit drinks, lemonades and ready-to-drink teas available in ten flavors and sold in 20 ounce glass bottles. The McCoy's line of all natural beverages contain no preservatives, artificial colors or flavors. Perry's owns two applesauce brands, Leroux Creek and Quigley's Orchard. Leroux Creek is produced with apples "grown without pesticides" and Quigley's, which is an all natural applesauce. Perry's will soon be changing its corporate name to more accurately reflect the company's current activities.
CONTACT: Perry's Majestic Beer Inc.
Robert J. Sipper, 212/564-2260
or
H.L. Lanzet Inc.
Herbert Lanzet/Gerald Ortsman
212/687-0061
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