Global Beverage Solutions, Inc. today announced it has signed a letter of intent to acquire XStream Beverage Network of Maryland, Inc., a wholly owned subsidiary of XStream Beverage Network, Inc. Based in Jessup, Maryland, XStream Beverage Network of Maryland, Inc. is a Mid-Atlantic New Age Beverage Distributor.
The Company had revenue of $10.2 million in 2005 with EBITDA of $426,000.
According to the letter of intent, XStream Beverage Network will receive common stock in Global Beverage Solutions and issue a $2 million note payable to XStream. The letter of intent is subject to due diligence by both parties and reaching a mutual agreement to the common stock component of the transaction.
It is anticipated that XStream President, Jerry Pearring, will become president and CEO of Global Beverage following the transition.