Iconic said it sees the acquisition as a “rebirth and expansion”

Iconic said it sees the acquisition as a “rebirth and expansion”

Iconic Brands is to enter the non-alcoholic drinks market with the purchase of Specialty Beverage and Supplement (SBS).

US-based SBS produces and distributes functional drinks, energy drinks, sports drinks, wellness beverages, RTD iced teas and vitamin enhanced kids’ drinks.

Iconic Brands said on Saturday (17 July) that it has signed a letter of intent to acquire SBS.

It said that it sees the acquisition as a “rebirth and expansion” of its business plan from being strictly a developer of premium alcoholic beverage brands to a full-service beverage company.

However, only a letter of intent has been signed so far, with no definitive agreement being entered into by either party.

In addition to the letter of intent, Iconic said it has solicited its largest shareholders for consent to increase the authorised shares and implement a forward stock split of five to one, with the anticipation of attracting shareholders and creating additional liquidity for its stock.

“Iconic will also be entering the brand development and licensing aspect of the beverage industry, creating product for individuals or corporations, from concept to completion, in both the alcoholic and non-alcoholic markets,” the firm said in a statement.

“Iconic plans to do this through development and licensing deals for fees, royalties and equity,” it added. “Iconic believes this will be an immediate source of additional revenue and cash flow, and will increase the visibility of Iconic.”

New York-based Iconic Brands signed a supply deal with Stoller Wholesale Wine & Spirits in February in a bid to enhance its presence in the US state of Illinois.