WESTON, FL--(Marketwired - Aug 26, 2015) - CME Realty, Inc. (OTC PINK: CMRL) ("CME Realty" or the "Company") is pleased to announce that it has completed the previously announced acquisition of the worldwide intellectual property, rights, and related assets of V Georgio Vodka, an ultra-premium brand of traditional and flavored vodkas.
Pursuant to an Asset Purchase Agreement, CME Realty acquired the assets from Victor G. Harvey, Sr. and a limited liability company wholly-owned by him in exchange for the issuance of 1.4 million "restricted" shares of common stock and $1.0 million in cash, to be paid over a one year period.
Mr. Harvey also was appointed Chief of Executive Officer of V Georgio, Inc., a newly-incorporated subsidiary of the Company which will seek to exploit and commercialize the V Georgio brand. That subsidiary entered into an employment agreement with Mr. Harvey providing for an initial base annual salary of $120,000, subject to periodic review by the board of directors.
"We are extremely pleased to have quickly closed the acquisition of the established V Georgio Vodka brand and all of its assets," commented Kenneth McLeod, President of CME Realty Inc. "With this important step now complete, we expect to immediately begin our strategy to relaunch, market, and ultimately distribute V Georgio Vodka throughout the U.S.A. and internationally."
Victor G. Harvey, Sr., founder of V Georgio Vodka, added, "I am very excited to have the opportunity to begin the next stage of expansion for the V Georgio Vodka brand as part of a dynamic publicly traded company. Over the next few weeks, we plan to accelerate our proven business strategy to increase awareness and sales of V Georgio Vodka in our key markets and anticipate making significant announcements regarding manufacturing agreements, distribution deals, marketing initiatives, and celebrity partnerships."
Harvey concluded, "V Georgio Vodka is positioned to become a luxury brand leader in the ultra-premium spirits industry, particularly with affluent urban consumers whose exclusive lifestyles and desire for exceptional products are influenced by music, fashion, sports, and entertainment. I look forward to working with key industry partners to make this happen and to providing the very best vodka drinking experience to all our loyal customers."
As previously announced, CME Realty intends to change its name to "South Beach Spirits, Inc." to better reflect the alcoholic beverage business focus of the Company. Further details regarding the name change and other business updates will be made as additional information becomes available.
Disclaimer/Safe Harbor:
This CME Realty news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company's contracts, the Company's ability to raise sufficient development and working capital, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.