Bazi and GT Beverage reach merger agreement
Bazi International and GT Beverage Company have agreed to merge later this year.
Energy shot manufacturer Bazi International and GT Beverage Company have reached a merger agreement that will see GT Beverage retain 95.5 per cent of Bazi shares.
Under the terms of the deal, which is expected to be completed by no later than October 15th 2012, Bazi will receive a $600,000 (£386,000) line of credit from GT Beverage.
Both parties are likely to have sought advice from merger and acquisition consultants prior to agreeing on the merger and Bazi chief executive Debbie Wildrick was quoted by Bevnet as saying the move will enable the firm to "continue building shareholder value and continue to support the Bazi brand".
Bazi concentrated energy shots, which contain "super fruits" such as blueberry, jujube, acai and pomegranate, are endorsed by some Olympic athletes and Ms Wildrick explained Bazi is looking to develop its online presence after stepping up its focus on healthy products.
She added that GT Beverage, which produces drinks aimed at children designed to be a low-calorie alternative to juice and soft beverages, is currently assembling a team of staff to run Bazi once the merger is completed.
Posted by David Gleck
Source: Joint press release, June 13th 2012.