WOODBURY, N.Y., July 25, 2012 /PRNewswire/ -- AriZona Beverages, the producer of the number one selling iced tea in America, welcomes yesterday's decision by the New York State Supreme Court Appellate Division, First Department, which helps to protect hundreds of jobs in New York State as well as the independent spirit that made AriZona Beverages the thriving company it is today.
The New York State Supreme Court Appellate Division, First Department, yesterday affirmed an earlier ruling from Justice Martin Shulman of the New York Supreme Court, New York County, upholding AriZona's election to purchase the shares of John Ferolito thereby preventing dissolution and the sale of AriZona, and the consequent loss of up to 1,000 jobs in New York State, and thus maintaining AriZona as a family owned and run business within the State of New York. At the heart of the case is a dispute between current AriZona management led by shareholder and Chairman Don Vultaggio and Mr. Ferolito, who as a result of this election is a "shareholder in name only," and who has actively sought to sell his shares in AriZona to the highest bidder, with no regard for employees nor for the entrepreneurial spirit upon which the company was founded.
In handing down this decision – in what is believed to be the largest private company dissolution case in New York State history – Justice Shulman and the First Department have recognized the obligation of law to protect citizens from the abuses of an individual who is concerned only with his own personal profit with no sensitivity to impact.
"We are pleased with the decision handed down yesterday by the Appellate Court," said Mr. Vultaggio. "The Court made plain that AriZona Iced Tea is not a deep pocket to be toyed with by a shareholder in name only, but it is a real business with real people who work hard every day making their livelihood by putting out a great product. This company is a testament to them and to our community. Justice Shulman understood that, and the Appellate Court understood that and did the right thing."
About AriZona AriZona Beverages USA LLC was founded in Brooklyn in 1971 by Don Vultaggio and John Ferolito and to this day remains a privately held and family-run American business based in Woodbury, NY. AriZona Beverages—makers of AriZona Iced Tea, waters, juices, energy drinks, sports drinks and powdered tea mixes —is the number one ready-to-drink tea in North America and has begun worldwide expansion starting with South America, Europe and Asia. AriZona's mission is to create the highest quality products, which not only look great, but also taste great and are affordable for people to buy. For more information, visit www.drinkarizona.com.
SOURCE AriZona Beverages USA LLC