US: Global Beverage Solutions delays filing report

By just-drinks.com editorial team | 24 April 2007

Global Beverage Solutions has reported a delay in the filing of its form 10-KSB for the end of 2006.

The US company confirmed last week (20 April) it has experienced the delay due to the recent acquisitions of Maryland-based XStream Beverage Network and bottled water distributor Aqua Maestro.

Global said yesterday (23 April) that it expects to file the Form 10-KSB "at the first opportunity".

As a result of the delay in filing the annual report, Global Beverage's stock symbol will temporarily change to GBVSE.

Global Beverage Solutions CEO Jerry Pearring said: "While we do not take the timing filing of periodic reports lightly, Global Beverage management believes that it is in the best interests of the company and its shareholders to rectify these issues before the annual report is filed. Even as we complete the work on the annual report, we continue in our efforts to build Global Beverage and its portfolio companies to enhance operations and increase the financial performance and transparency of GBVS."

Under the terms of the recent merger agreement with XStream Beverage Network, XStream received 60.5m shares in Global, while Global issued a US$2m note payable to XStream.

Sectors: Soft drinks, Water

Companies: Aqua