JunkieDog.com, Inc. completed the acquisition of 70% stake in Cafesa Co. from Luis Ravelo and Lucia Ravelo for $0.42 million.
April 24, 2017
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JunkieDog.com, Inc. (OTCPK:JKDG) entered into an agreement to acquire 70% stake in Cafesa Co. from Luis Ravelo and Lucia Ravelo for $0.42 million on April 24, 2017. Under the terms of the agreement, JunkieDog.com will assume liabilities and will pay $0.07 million on or before May 15, 2017 and $0.07 million on or before August 15, 2017. Eight payments of $0.03 million will be made with the first payment on or before November 15, 2017 and then every three months thereafter with the last payment being due on or before November 15, 2019 and the other eight payments of $9,062 payable in the common stock of JunkieDog to be issued on the same dates as the deferred cash payments. Cafesa will become a majority owned subsidiary of Grand Havana Master LLC. The agreement calls for JunkieDog.com to enter into an employment agreement with the principal of Cafesa, Luis Ravelo, who will head JunkieDog.com’s wholesale operations. Luis Ravelo will also be appointed to JunkieDog.com’s Board of Directors upon closing of the transaction.
The deal is subject to Cafesa common stockholder approvals, approval of the creditors of Cafesa, Governmental and regulatory approval. The transaction was approved by the Board of Directors of JunkieDog and Cafesa Co. The deal is expected to close no later than May 15, 2017. Jonathan Leinwand of Greenspoon Marder, P.A. acted as the legal advisor for JunkieDog.com.
JunkieDog.com, Inc. (OTCPK:JKDG) completed the acquisition of 70% stake in Cafesa Co. from Luis Ravelo and Lucia Ravelo on April 25, 2017.
Grand Havana, Inc. is a specialty coffee company. The Company is engaged in offering a range of coffee products and services. The Company's Optimum Blend is served in its corporate owned cafes, such as Grand Havana Cafe, Mobile Coffee Truck, and other locations, including universities, supermarkets, cafes, convenience stores, hotels and online marketplaces. The Company also offers a business-to-business solution that provides its coffee product paired with coffee machines. Its products include Premium Cuban Style Espresso (Ground), Premium Cuban Style Espresso (Whole Bean) and Medium-Dark Americano Blend (Ground). The Companyâs subsidiaries include Grand Havana Master LLC, Grand Master Brands LLC, and G H Hospitality Group LLC.