latest news releases from the newsroom
Global Beverage Solutions, Inc.
Global Beverage Solutions, Inc. Signs Definitive Agreement to Acquire Beverage Network of Maryland, Inc.
TULSA, Okla., Feb. 1, 2007 (PRIME NEWSWIRE) -- Global Beverage Solutions, Inc. (OTCBB:GBVS) announced today that it has signed the definitive agreement to acquire Beverage Network of Maryland, Inc., a leading mid-Atlantic new age beverage distributor with revenues of $10.2 million in 2005 and an EBITDA of $426,000. According to the terms of the agreement, Xstream Beverage Network will receive a significant minority stake in Global Beverage Solutions, Inc. (OTCBB:GBVS). In addition, the acquisition is subject to a $2.0 million equity financing through GBVS. It is anticipated the closing will occur on or before February 7, 2007.
Wolverine Tube Inc.
Wolverine Tube Announces Recapitalization Plan
HUNTSVILLE, Ala., Feb. 1, 2007 (PRIME NEWSWIRE) -- Wolverine Tube, Inc. (Pink Sheets:WLVT) today announced a recapitalization plan as a result of its efforts to strengthen its balance sheet, reduce its financing costs and enhance its overall capital structure. An investor group comprised of Plainfield Special Situations Master Fund Limited, a fund managed by Plainfield Asset Management LLC ("Plainfield"), and The Alpine Group, Inc. ("Alpine") will invest up to $75 million in the Company through purchasing new convertible preferred equity and providing a standby commitment to a common stock rights offering, which will be available to all Wolverine shareholders. This recapitalization plan will provide a minimum of $75 million and could reach as much as approximately $135 million of equity proceeds to the Company. The Company also announced that it will initiate an exchange offer to exchange and modify the terms of its existing debt.