Good Vibrations Shoes Acquires Long Island Based Long Beard Brewing Company
NEW YORK, Jan. 5, 2016 /PRNewswire/ -- Good Vibrations Shoes, Inc. (OTCPink: GVSI) today announced that the company has signed a deal to acquire the up-and-coming "Micro-Brewery" or "Craft Brewery," in which the Long Beard Brewing Company will become the surviving entity.
As part of the deal, former wholly owned subsidiary, Vindai Corporation will be sold back to its founders, and the Long Beard Brewing Company will become the controlling entity as a subsidiary. Good Vibrations Shoes will file for a name change within the next two weeks to complete the terms of the deal. "Micro breweries" or "craft breweries" as they are also known, have been growing tremendously in the past several years, and more recently several breweries based in Long Island have gained national and even global notoriety as more and more beer drinkers are preferring the full flavored craft beer over the mass produced variety.
Wearing their impressive, long beards, the two founders, Paul Carlin and Craig Waltz have an exciting line of tasty craft brews for which they believe the public will go nuts, including their "Old Scruff Pale Ale" and "Evolution 90 Minute IPA." Based in Riverhead, New York, Long Beard Brewing Co. occupies a former firehouse, the perfect venue to build out its close to 4000 sqft brewery including a 900 sqft tasting room, which should open in the spring if all goes as planned. Not the first such brewery to take root in Riverhead, Long Beard joins Long Ireland Beer Co., Crooked Ladder Brewing Co. and Moustache Brewery, all successful Long Island based breweries.
Although the company already completed a portion of a private funding on its own, being publicly traded will help Long Beard Brewing Company raise additional capital when needed to really take the market by storm. New York based private equity fund, Peachtree Capital, LLC., will be working with the company to assist and spearhead any secondary financing the company may need, although its funding needs at the moment are apparently minimal. Managing director of Peachtree, Raymond Barton commented, "We are thrilled to be part of this project. Long Beard Brewing Company is what America is all about. You have a couple of hard working guys perfecting their craft and reaping the rewards in a competitive market. We plan to do everything in our power to help them succeed." Although the market may be competitive, there appears to be a lot of room for growth. Estimated at five Billion dollars annually and growing at the rate of 10% to 18% each year, Long Beard Brewing Company stands to get a piece of a sizable pie, especially considering it is now one of the few publicly traded craft breweries in the U.S.
Co-founder and now CEO of Good Vibrations Shoes, Paul Carlin commented," This company is shaping up to be a dream come true. Craig and I just love to make beer, and there's nothing more satisfying then seeing that beer being enjoyed by others. We feel like we have the right location, the right skills, the right recipes, and the right expertise in our corner. As far as we are concerned, the sky is the limit!"
ABOUT GOOD VIBRATIONS SHOES
Good Vibrations Shoes operates a wholly owned subsidiary business called Long Beard Brewing Company, which is a "craft brewery" or "micro brewery" based in Long Island, NY. To find out more about the company, please visit its website at http://www.longbeardbrewing.com.
DISCLAIMER
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve risk, which could cause the actual results to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Contact: Investor relations, [email protected], 212-234-0894
SOURCE Good Vibrations Shoes, Inc.
Share this article