LAS VEGAS, June 22, 2017 (GLOBE NEWSWIRE) -- On May 25, 2017 International Spirits & Beverage Group (ISBG) and Tiger Reef, Inc. (TGRR) executed a Letter of Intent (LOI). The purpose of this LOI is to provide the framework for which the two companies can finalize negotiations and conclude a formal definitive Compliance and Import Agreement (Agreement), which is presently being negotiated and drafted.
Pursuant to the terms of the LOI and, ultimately, the Agreement, ISBG will (i) assist TGRR with the technical label and bottle design aspects to be compliant with US alcohol regulations, (ii) file the necessary COLA (Certificate Of Label Approval) and formula approval applications with the Alcohol and Tobacco Tax and Trade Bureau on behalf of TGRR, and (iii) become the importer of record for TGRR’s line of ultra premium rums.
“Since announcing the LOI, several individuals claiming to be ISBG shareholders have queried both companies with unusual questions and circulated unfounded rumors relating to the proposed business relationship between ISBG and TGRR,” said Alonzo Pierce, President of ISBG. “Upon completion of the Agreement, TGRR will effectively become a client of ISBG and ISBG will be paid fees for performing the above described services on an ongoing basis as is customary in the industry.”
Under no circumstances will TGRR have any rights to ISBG’s product line and vice versa. There will not be (nor have there been any discussions or even a hint of such) any type of business combination, merger, acquisition, takeover, or rights thereto, by either party. ISBG and TGRR are looking forward to finalizing the Agreement and enjoying a long and mutually beneficial working relationship.
About ISBG: ISBG (OTCPK:ISBG) is a Nevada-based alcoholic beverage company specializing in the development, marketing and global sales of innovative wine and spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands and establishing these brands as viable and profitable. ISBG intends to build its own brands while seeking out individual acquisition candidates to continue to develop its pipeline of new brands into the ISBG portfolio. For more information visit: www.isbg.global
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