Purple Beverage Co. has gone public, following its merger this week with Red Carpet Co.

The soft drinks company, which develops, markets, and distributes its antioxidant brand Purple, said on Wednesday (12 December) that its common stock became publicly tradable on the OTC Bulletin Board, under the symbol REDZ, following a 3.5-for-1 forward stock split.

Purple Beverage Co. CEO Ted Farnsworth said: "After launching to such rave reviews, becoming part of the public capital markets is the next logical step to further enhance brand awareness for Purple. With the help of industry veterans like Michael K. Lorelli, former president of Pepsi-Cola East, we will continue our exhaustive sales and marketing efforts to secure additional shelf space for our products on a national scale."

The company has also closed its previously announced private offering in which it raised over US$3m in gross proceeds. In connection with the financing, Purple issued over 6m shares of its common stock for a per share purchase price of $0.50 and issued warrants (exercisable at $2.00 per share) to purchase just over 6m shares of its common stock. The company said that it intends to use the net proceeds for general corporate purposes and working capital.

Farnsworth added: "We are pleased that we have succeeded in our initial financing objective that will allow us to strengthen our distribution of Purple and to continue its roll-out."

The company is targeting new age/functional beverage consumers with Purple.