The US-based drinks importer New World Brands has said it has received an equity infusion of US$1.7m.

The investment group making the investment is led by Dr. Selvin Passen, a prominent businessman based in Maryland and Florida. The investment group acquired approximately 48% of the company's outstanding shares.

New World has appointed Passen as a director and its chairman.

Marvin Ribotsky, New World Brand's previous chairman said: "Dr. Passen and his investor group bring many valuable resources and opportunities to the Company. The capital will enable the Company to add new products carefully selected to fill certain market niches in the spirits industry which will broaden the Company's product lines." Mr. Ribotsky further stated that "the investor group hopes to take advantage of current Company relationships and leverage associations of the investor group to open new distribution opportunities within the United States and foreign markets, to pursue several acquisitions, increase advertising and attract qualified professionals in the beverage industry to facilitate the Company's growth."