US: ChampionLyte reviews strategic options
The sports drink producer ChampionLyte Holdings has said it is currently reviewing several strategic options presented by its investment banking firm, including merger opportunities.
In late January, the company engaged Miami-based Knightsbridge Capital to explore various options in an effort to maximise shareholder value.
"Knightsbridge has presented us with several viable options that include some very attractive merger opportunities," said David Goldberg, president of ChampionLyte Holdings, Inc. "Each merger candidate represents a mature business that would have a positive impact on the valuation of the company."
Goldberg said that the ChampionLyte Holdings board of directors is currently reviewing each option and he anticipates a final determination within the next few weeks.
ChampionLyte Holdings, Inc. recently announced it had obtained US$20m in committed equity capital in the form of a Standby Equity Distribution Agreement (SEDA) with an institutional investor. Under the terms of the SEDA, the investor has committed to provide up to US$20m of funding to the company over a 24-month period to be drawn down at the company's discretion by the sale of its common stock to the investor.
The company also announced that Eli Greenstein has resigned as a director. Additionally, the company said it was moved from its Pompano Beach office and has taken temporary space until it determines the outcome of its strategic initiative.
Sectors: Soft drinks
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