Blavod Extreme Spirits has announced a temporary suspension of trading in its shares on AIM "with immediate effect".

The company said today (27 September) that the completion in the disposal of its US business and assets has been stalled, resulting in the company's report and accounts for the year ended 31 March not yet being finalised.

Blavod said that it expects to publish these accounts in the week commencing 1 October and "upon the posting of the company's accounts to shareholders, trading in its shares will recommence".

Seperately, the company said that, at an EGM held on Monday, shareholders voted in favour of the proposed sale of Blavod Extreme Spirits USA to Black Diamond, a company controlled by Blavod's current CEO Jeff Hopmayer. The sale will reportedly cost Black Diamond US$800,000, with the company assuming liability for US$3.2m-worth of debt owed by the unit.

Based in Tennessee, the US unit was acquired from Extreme Beverage Company in 2004. The subsidiary handles the marketing and selling of wines and spirits, including Blavod Black Vodka, in the US. In the year to the end of March, BES USA posted sales of US$3.8m, with an operating loss of US$1.96m.