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CUMMING, Ga., Aug. 16, 2024 /PRNewswire/ -- Metavesco, Inc. (OTC PINK:MVCO), a web3 enterprise and digital asset innovator, today announced the execution of a non-binding Letter of Intent (LOI) to acquire Striped Pig Distillery and Local Choice Spirits of Charleston.
Founded as one of South Carolina's oldest distilleries, Striped Pig Distillery has garnered multiple awards for its exceptional craft spirits. Local Choice Spirits has established a reputation for innovation and quality, solidifying its place in the market.
The two companies are led by visionary entrepreneur "Pixie" Paula Dezzutti. Pixie is recognized as a top influencer in SC in 2024, listed by Forbes as "Top 50 Over 50" in 2023, and recipient of the International Woman of the Year Award by the Atlanta Chamber of Commerce in 2022. She has been a prominent figure in the industry, not only for her business acumen but also for her contributions to the broader business community. Listed by INC 5000 as one of the fastest growing companies of the Southeast, and SC Top 50 Fastest Growing Businesses, Local Choice and Striped Pig have plans to unveil an event center for its patrons. Upon closing this transaction, Ms. Dezzutti will be appointed as Chief Executive Officer of Metavesco, Inc.
Post acquisition, the businesses will operate as wholly owned subsidiaries of Metavesco, Inc. Highlights of the combined businesses include:
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Approximately 1000 barrels of aged bourbon, valued at over $18,000,000 retail
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16 active product skus including vodkas, rums, gins, whiskeys, and tequila
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Product distribution in 20 states and ecommerce availability in most
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Distillery capable of producing 300 high quality bourbon barrels annually
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World class management team with over 100 years combined industry experience
At closing, Metavesco will issue a combination of 2-year restricted common stock, preferred stock, and a 2-year convertible note in the amount of $2 million. Additionally, the Company will assume approximately $1.2 million in debt owed collectively by the acquired businesses.
Metavesco, Inc. CEO Ryan Schadel stated, "I'd like to say this was a tough decision since it means I'll be stepping down as CEO, but it wasn't a tough decision at all! Ms. Dezzutti's appointment as CEO will be a huge win for shareholders and she is poised to usher in a new era of innovation and growth. With a distinguished career that spans entrepreneurial success, industry recognition, and thought leadership, Pixie has consistently demonstrated an extraordinary ability to drive transformation and excellence. Her accolades, including her role as a featured panelist at the Atlanta Chamber of Commerce's seminar on NFTs, cryptocurrencies, and Blockchain 3.0, along with her Amazon best-selling book, Alphabet Soup, outlining her pioneering NFT Bourbon release, underscore her forward-thinking approach and deep industry insight. She's a force to be reckoned with and I believe Metavesco shareholders will be in good hands with her at the helm."