$LTEA Long Island Iced Tea Corp. Looks to Expand i
Post# of 98022
Posted On: 12/09/2016 8:43:24 AM
$LTEA Long Island Iced Tea Corp. Looks to Expand its 'Better-For-You' Beverage Portfolio by Entering into Agreement to Acquire ALO Juice®
First Brand Acquisition in Company History
HICKSVILLE, NY--(Marketwired - Dec 9, 2016) - Long Island Iced Tea Corp. (NASDAQ: LTEA) (the "Company"
, a growth-oriented company focused on the ready-to-drink ("RTD" tea segment in the beverage industry, today announced that it has reached an agreement to acquire the ALO Juice® beverage brand and trademark rights from The Wilnah International, LLC ("Wilnah" for a purchase price of 5,000 shares of the Company's common stock.
The closing of the transaction is subject to customary conditions, and is expected to occur in the first quarter of 2017.
The Company has acted as a distributor of ALO Juice® since February 2016 and has sold nearly $1 million of ALO Juice® to date. The Company believes the acquisition will further enable it to meet growing consumer demand for better-for-you beverages. Philip Thomas, Chief Executive Officer of the Company, stated, "We are continuing to see a shift towards healthier beverages and ALO Juice® offers a product which is aligned with this movement."
Mr. Thomas further commented, "ALO Juice® is a quality brand. We are excited that it will mark the first brand acquisition in our five-year history."
ALO Juice® is a NARTD functional beverage made from juice derived from the aloe plant known as aloe vera. ALO Juice® sources its aloe plants from harvests in Thailand. The plants are exported from there to South Korea where they are processed in a unique whole leaf manner to ensure the nutritional and heath benefit are maintained from the plant all the way through to the bottling process. ALO Juice® is packed in 0.5 liter and 1.5 liter bottles, with a wide variety of flavors including Original, Mango, Pomegranate, Pineapple and Raspberry.
Aloe vera juice contains nutrients which include vitamins A, C, E, and B12, as well as minerals like potassium, zinc, and magnesium.1 It also provides antioxidants, helps to balance metabolism2, and supports normal circulation and blood pressure.3
About ALO Juice®
ALO Juice® has been imported from Korea and distributed in New York City since 2008. In 2012, ALO Juice® expanded into the Florida marketplace. ALO Juice® is distributed in 0.5 liter and 1.5 liter bottles, with flavors including Original, Mango, Pomegranate, Pineapple and Raspberry. It is owned by The Wilnah International, LLC and headquartered in Fort Lee, New Jersey. For more information, visit www.alojuice.com.
About Long Island Iced Tea Corp.
Headquartered in Long Island, New York, Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of regional chains and distributors. The Company's website is www.longislandicedtea.com.
First Brand Acquisition in Company History
HICKSVILLE, NY--(Marketwired - Dec 9, 2016) - Long Island Iced Tea Corp. (NASDAQ: LTEA) (the "Company"
, a growth-oriented company focused on the ready-to-drink ("RTD" tea segment in the beverage industry, today announced that it has reached an agreement to acquire the ALO Juice® beverage brand and trademark rights from The Wilnah International, LLC ("Wilnah" for a purchase price of 5,000 shares of the Company's common stock. The closing of the transaction is subject to customary conditions, and is expected to occur in the first quarter of 2017.
The Company has acted as a distributor of ALO Juice® since February 2016 and has sold nearly $1 million of ALO Juice® to date. The Company believes the acquisition will further enable it to meet growing consumer demand for better-for-you beverages. Philip Thomas, Chief Executive Officer of the Company, stated, "We are continuing to see a shift towards healthier beverages and ALO Juice® offers a product which is aligned with this movement."
Mr. Thomas further commented, "ALO Juice® is a quality brand. We are excited that it will mark the first brand acquisition in our five-year history."
ALO Juice® is a NARTD functional beverage made from juice derived from the aloe plant known as aloe vera. ALO Juice® sources its aloe plants from harvests in Thailand. The plants are exported from there to South Korea where they are processed in a unique whole leaf manner to ensure the nutritional and heath benefit are maintained from the plant all the way through to the bottling process. ALO Juice® is packed in 0.5 liter and 1.5 liter bottles, with a wide variety of flavors including Original, Mango, Pomegranate, Pineapple and Raspberry.
Aloe vera juice contains nutrients which include vitamins A, C, E, and B12, as well as minerals like potassium, zinc, and magnesium.1 It also provides antioxidants, helps to balance metabolism2, and supports normal circulation and blood pressure.3
About ALO Juice®
ALO Juice® has been imported from Korea and distributed in New York City since 2008. In 2012, ALO Juice® expanded into the Florida marketplace. ALO Juice® is distributed in 0.5 liter and 1.5 liter bottles, with flavors including Original, Mango, Pomegranate, Pineapple and Raspberry. It is owned by The Wilnah International, LLC and headquartered in Fort Lee, New Jersey. For more information, visit www.alojuice.com.
About Long Island Iced Tea Corp.
Headquartered in Long Island, New York, Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of regional chains and distributors. The Company's website is www.longislandicedtea.com.
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