TEMECULA, Calif., Nov. 19, 2002 (PRIMEZONE) -- VentureNet Capital Group, Inc. (Pink Sheets:VNTN) announced today that it has acquired 100% of Buzzy's Coffee Company located in San Diego, CA.
Buzzy's Coffee sells Ready-to-Drink Iced Coffee in a 10oz. glass bottle. The drink is available in 5 flavors: Mocha, French Vanilla, Hazelnut Dream, Mocha Lite and Irish Cream. Buzzy's Coffee is aligning itself with private label opportunities with companies such as Schlotzsky's Deli and Bella Cafe.
Revenue this year will be approximately $1.8 million dollars up from $1.6 million dollars last year.
Buzzy's Coffee Company will be a division of VentureNet Capital Group Inc., and Larry "Buzzy" Twombly will remain President and handle all day-to-day operations.
This acquisition furthers VentureNet Capital Group, Inc. business model to acquire cash generating companies.
VentureNet Capital Group, Inc. specializes in providing financing and management expertise to private and public emerging growth companies demonstrating current revenues and a high growth potential.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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