Business Services Industry
NuVim® and Innovative Technologies Sign Letter of Intent to Merge
Business Wire, August 20, 2008
PARAMUS, N.J. -- NuVim, Inc. (OTCBB:NUVM), a leading provider of nutritional, refrigerated and shelf-stable, ready-to-drink beverages and powder mixes announced today that it has signed a Letter of Intent to merge with Innovative Technologies Corporation of America. The combined businesses will have annual gross revenues of approximately $5 million. ITCA brings with it the brands "Glacial Milk([R])" and "Carb Crusher([R])". In addition, NuVim([R]) will obtain sales and distribution rights to the brand "Hair of the Dog([R])" for worldwide sales to the US military, foodservice establishments, beer and wine distributors, and colleges and universities. ITCA's owners will receive $2.3 million in cash and 4,250,000 shares of restricted common stock in the tax free reorganization. NuVim([R]) will issue debt to finance the cash portion of the merger and future combined operations.
Steven Smith, president of ITCA and Richard Kundrat CEO of NuVim, Inc. said, "The merged company, which will retain the NuVim([R]) name, will distribute four brands now in distinct distribution channels. The combined selling organizations will offer many opportunities for cross introduction." "Steve Smith's services during the next year will assist in our goal to improve both short term and long term revenue and net profit growth," Kundrat continued. "The potential of synergistic sales growth and increased operating efficiencies supports a forecast of positive cash flow for 2009."
About NuVim: NuVim([R]) is a one of a kind beverage that is sold in the refrigerated juice section in half gallon juice cartons in 1,000 supermarkets including Shoprite, A&P, Giant Eagle, Walbaums, Giant, Wal-Mart supercenters in Florida and the military commissaries from Virginia to Alabama. NuVim([R]) is formulated with NutraFlora([R]) prebiotic fiber to help maintain a strong immune system, enhance vitamin and mineral absorption, especially calcium, and aid in digestive consistency. NuVim([R]) also contains whey protein to help promote muscle and joint health and improved athletic performance. NuVim([R]) has 45 calories per serving, no high fructose corn syrup, no lactose, no cholesterol, no fat, no artificial flavors and no caffeine. In the second quarter of 2008 NuVim([R]) introduced the 12 ounce single serve shelf stable products to hospital and business cafeterias and schools and colleges. The NuVim([R]) powder mixes are sold solely through the internet. 20 ounce single serve teas and lemonade, all with the same NuVim([R]) health benefits, will be launched into test markets in the 4th quarter of this year.
About Innovative Technologies of America: ITCA, located in Tampa, Florida is a privately owned company founded in 2002 by Steven Smith. ITCA manufactures, sells, and distributes complete nutrition dietary supplement ready to drink beverages and concentrates to Sam's Clubs and over the internet. Glacial Milk([R]) products are complete nutrition products for adults and children. Glacial Milk([R]) contains over 60 minerals and 18 vitamins per serving to provide the body with the required essential nutrients. Carb Crusher([R]) is a weight control beverage. Hair of the Dog([R]) products can be used by a consumer in the evening or morning to assist the body in combating the effects of a hangover. ITCA, like NuVim([R]), operates through manufacturing co-packers and third party sales networks.
To learn more about NuVim([R]) visit www.nuvim.com or call toll free 877-850-8777.
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