RAISES APPROXIMATELY $3.5 MILLION IN EQUITY FINANCING
FORT LAUDERDALE, Fla., April 4, 2008
/PRNewswire-FirstCall/ -- Purple Beverage Company, Inc.
(OTC:PPBV)(BULLETIN BOARD: PPBV) , maker of the all-natural
antioxidant-rich beverage, PURPLE, today announced that it has received
approximately $3.5 million in a second round of financing. As part of
the financing, Purple Beverage Company extended to its existing warrant
holders an enhanced and time-limited opportunity to exercise warrants
at a reduced price of $1.25 and received approximately $1.2 million
from those exercises. Purple Beverage Company also sold approximately
1.35 million shares of its common stock to eight investors at $1.40 per
share, for additional gross proceeds of approximately $2.3 million.
Purple Beverage Company used one million dollars of proceeds to retire
a short-term bridge loan.
Ted Farnsworth, President and Chief
Executive Officer of Purple Beverage Company, said: "We are pleased to
have closed a second round of financing that will allow us to
strengthen the distribution of PURPLE and to continue its roll-out into
new markets." Mr. Farnsworth continued, "This additional financing
evidences the confidence in our company by our current stockholders and
enhances our ongoing efforts to grow the business, as well as our
commitment to all of our stockholders who allow us to make PURPLE a
success."
None of the shares of common stock
issued upon the exercise of the warrants, the additional warrants
granted, the shares of common stock underlying the additional warrants,
and the shares of common stock issued in the financing has been
registered under the Securities Act of 1933. Purple Beverage Company
plans to register certain shares of its common stock. However, until
then, these shares and warrants may not be offered or sold in the
United States, except pursuant an applicable exemption from the
registration requirements of the Securities Act of 1933, as amended.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the common stock, warrants or common
stock to be issued upon exercise of the warrants. The private placement
was made by the Company through Palladium Capital Advisors, LLC, Member
FINRA, and any opportunity to participate in the private placement was
available to a very limited group of accredited investors. This press
release is being issued pursuant to and in accordance with Rule 135c
under the Securities Act.
About Purple Beverage Company, Inc.
Purple is a unique and tasty blend of
seven of the world's most powerful antioxidant-rich juices, including
the exotic acai berry, black cherry, pomegranate, black currant, purple
plum, cranberry, and blueberry. The health benefits of these juices are
packed into an all-natural, no-sugar added beverage that is perfect as
an on-the-go drink or as part of a healthy fruit smoothie. Since
debuting in late 2007, Purple has been praised by such high- profile
publications as Health Magazine and Family Circle.
Additionally, because adding alcohol to
antioxidant-rich berries increases their antioxidant capacity -- a fact
confirmed by researchers from the United States Department of
Agriculture and by a study by researchers at Kasetsart University in
Thailand -- Purple is becoming one of the most popular antioxidant
cocktail trends in nightclubs and lounges.
Purple can be found in select GNC stores
across the country, as well as in restaurants, bars, nightclubs, delis,
drug stores, health food stores, supermarkets, and convenience stores
For more information, visit http://www.drinkpurple.com/ .
Source: Purple Beverage Company, Inc.