US: Global Beverage sells Rudy Beverage investment

By just-drinks.com editorial team | 17 October 2007

Global Beverage Solutions is to sell a secured promissory note, issued by Rudy Partners, to SOS Resource Services for US$700,000.

The company, which has interests in imported bottled water and alternative beverages, said yesterday (16 October) that, in connection with the sale, it received $100,000 in cash and a non-interest bearing note which requires the remaining amount of the purchase price to be paid in eight equal payments of $75,000 on a weekly basis, beginning next week.

Global Beverage had received the secured promissory note in connection with the sale of its 80% equity interest in the Rudy Beverage sports drinks company earlier this year.

Global Beverage continues to hold a $1.8m note issued by Rudy Beverage, which it said may be converted under certain circumstances into shares of common stock of Rudy Beverage.

"We are very pleased to have completed this transaction which should help Global Beverage fund its operations through the remainder of 2007," said Jerry Pearring, president and CEO of Global Beverage. "We are also taking or seeking to take a number of additional steps which are intended to improve our financial condition and ability to continue as a going concern."

Sectors: Soft drinks, Water