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FORT LAUDERDALE - Splash Beverage Group, Inc. (NYSE American:SBEV) announced Thursday it has entered into an agreement to acquire exclusive water rights to natural spring sources in Costa Rica for $20 million. The deal comes as the company, currently valued at $7 million market cap according to InvestingPro data, aims to expand its beverage portfolio despite facing significant financial challenges.
The acquisition involves underground aquifers located in Costa Rica’s cloud rainforests, which will provide the company with ownership and control over the source of its Blu premium water brand.
The company issued $20 million in convertible preferred stock for the acquisition. According to the agreement, the seller must transfer the mineral rights, land deeds and physical assets to Splash by December 31, 2025, with an anticipated completion date of August 10. If the seller fails to deliver by year-end, they must pay Splash $20 million or have their preferred stock canceled.
William Meissner, President and Chief Marketing Officer of Splash, stated that year-one orders for the water already exceed $10 million. The company plans to expand the brand platform with additional offerings, including a glass bottle line and a sustainable canned water line.
The water source is located within one of five globally recognized "Blue Zones," areas known for human longevity. Independent testing shows the naturally alkaline spring water contains minerals including magnesium, calcium, and silica.
Splash Beverage Group’s portfolio includes alcoholic and non-alcoholic beverage brands such as Copa di Vino wine, Chispo tequilas, and Pulpoloco sangria.
This information is based on a press release statement from the company.
In other recent news, Splash Beverage Group is navigating through an appeal process with the New York Stock Exchange (NYSE) regarding its listing status. The company reported an unusual increase in market activity, attributing it to algorithmic transactions and short selling. This comes as Splash Beverage has not announced any significant updates since its potential merger with Western Son Vodka. The company’s shares and warrants will continue to trade on the NYSE American during the appeal, which could last up to 90 days. Despite being found non-compliant with certain equity requirements, Splash Beverage is optimistic about resolving these issues within the appeal period. The company has made it clear that there have been no material business changes since the merger announcement. Splash Beverage’s management, known for its experience in the beverage industry, continues to focus on expanding the brand’s global presence. The company advises caution regarding forward-looking statements, acknowledging that actual outcomes may differ from current expectations.
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