Energy shot maker Bazi announced yesterday that it has entered into a merger agreement with GT Beverage Company. According to a joint statement released by the two companies, GT Beverage, which manufactures a line of vitamin-enhanced water drinks for kids, will retain 95.5 percent of the common shares outstanding of Bazi, which has received a line of credit from GT for up to $600,000. The merger is expected to close on or before October 15, 2012, subject to certain conditions in the agreement.
Debbie Wildrick, the CEO of Bazi, stated that the merger enables the company “to continue building shareholder value and continue to support the Bazi brand.”
After reformulating its energy shot to an all-natural mix eight months ago, Wildrick said that Bazi is now hoping to establish a stronger sales presence online, noting that because consumer education is a key component to marketing Bazi, e-commerce is a more effective way to reach new customers.
Wildrick said that she will stay on as Bazi’s CEO at least until the merger is finalized, but did not know if she would stay in the position past that point, noting that GT Beverage is the midst of building a team to run Bazi after the merger is complete. Wildrick stated the merger would likely create an overlap in positions and responsibilities between the two companies.