Under the Symbol:
Aureus Revises Binding LOI to Acquire Yuengling's Ice Cream Corp
Wednesday, March 27, 2019 9:00 AM
ATLANTA, GA / ACCESSWIRE / March 27, 2019 / Aureus, Inc. (OTC PINK: ARSN), a food brand development company focused on acquiring and growing well-established food brands, announced today that the Company has executed a revised Binding LOI to acquire 100% of assets of Yuengling's Ice Cream Corp vs the stock purchase that was previously announced.
The definitive agreements are now drafted as an ''Asset Purchase'', once executed, all the assets of Yuengling's Ice Cream Corp will be transferred to Aureus in exchange for cash and stock, most of the cash portion of the purchase price has been advanced under terms previously detailed. The issued stock, to complete the consideration, will be restricted. The acquisition of the assets is scheduled to be completed within the next 45 days.
Upon completion, Aureus management will maintain a majority of the board of directors and assume the position of executive officers of new Yuengling's Ice Cream Co., where they will assist in the day-to-day management, operations, and finances of the company.
''Through the due diligence process, it became apparent that it was in the best interest of the parties and the shareholders to change the structure of the acquisition. Although we have just executed this revised LOI, we have already drafted the definitive agreements and made substantial progress toward the final closing. We have also been working with management to grow the existing distribution footprint and build in some redundancy of critical suppliers.'' stated Everett Dickson, CEO of Aureus, Inc. ''We have enjoyed working with the team at Yuengling's. They make a fantastic product. The change of structure will allow us to more quickly grow the business and establish better brand recognition of this 65-year-old Yuengling premium ice cream.''
David Yuengling was quoted as saying ''We look forward to utilizing the consumer products experience Aureus bring to the table which helps us build our brand. We are also excited about the new product lines and flavors in development. This is going to be a big year for us.''
About Aureus, Inc.
The management and ownership recently changed hands. The new focus in on acquiring specific assets in and related to the food industry.
About Yuengling's Ice Cream
Developed by American businessman, Frank D. Yuengling, as a dairy business to help support the Yuengling family brewery during the 1920s Prohibition period, Yuengling's Ice Cream has a strong tradition of making exceptional gourmet ice cream products in central Pennsylvania. The fan-favorite brand continues advancing its legacy and its renowned dairy quality, by using locally sourced dairy ingredients that contain no added hormones.
David Yuengling and Rob Boharad revived the brand in 2014 and an American classic was reborn. In 2018, positioned for the brands next stage of development, Yuengling's Ice Cream forged a partnership with YIC - Online Distributors, to distribute the iconic ice cream brand online. Today, Yuengling's Ice Cream is delivered directly to the doorsteps of its consumers across the nation.
The Yuengling's Ice Cream Corporation- as it's been since 1935- is stand alone, and separately owned and run companies from D. G. Yuengling and Sons, Inc Brewery
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Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions.
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SOURCE: Aureus Incorporated