US: RushNet regains control of Apple Rush
US functional drinks specialist RushNet has renegotiated control of Apple Rush, with the new structure giving it 51% ownership of the new Apple Rush Co.
RushNet said it had arrived at the deal, which replaces the previously announced dividend and warrant options "after further deliberation, feedback and consideration of the benefit to shareholders". The company added that plans were still progressing to make the Apple Rush Co. a public company.
Robert Corr, president of RushNet, said: "We have sought further counsel from financial advisers, and listened to our stockholders. This restructured deal keeps RushNet in control of the new line of Apple Rush 100% organic juice beverages. Overall, this is a better deal for shareholders with a product line that shows great potential."
The Apple Rush Co. now becomes an operating subsidiary of RushNet, which will handle all sales and marketing for the Apple Rush line. The company stated that, to date, the Apple Rush Co. and RushNet have contracted enough Apple Juice and other organic juice concentrates to produce over 50,000 cases of finished product.
Corr added that the new product design for the Apple Rush line, with additional flavours in four-packs, will be presented to stockholders within two weeks.
Sectors: Soft drinks
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