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.
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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.
SOURCE Iconic Brands Inc.