Good Vibrations Shoes, Inc. (OTCPink: GVSI) today announced that the company has signed a deal to acquire the up-and-coming "Micro-Brewery" or "Craft Brewery," in which the Long Beard Brewing Company will become the surviving entity.
As part of the deal, former wholly owned subsidiary, Vindai Corporation will be sold back to its founders, and the Long Beard Brewing Company will become the controlling entity as a subsidiary. Good Vibrations Shoes will file for a name change within the next two weeks to complete the terms of the deal. "Micro breweries" or "craft breweries" as they are also known, have been growing tremendously in the past several years, and more recently several breweries based in Long Island have gained national and even global notoriety as more and more beer drinkers are preferring the full flavored craft beer over the mass produced variety.
Wearing their impressive, long beards, the two founders, Paul Carlin and Craig Waltz have an exciting line of tasty craft brews for which they believe the public will go nuts, including their "Old Scruff Pale Ale" and "Evolution 90 Minute IPA." Based in Riverhead, New York, Long Beard Brewing Co. occupies a former firehouse, the perfect venue to build out its close to 4000 sqft brewery including a 900 sqft tasting room, which should open in the spring if all goes as planned. Not the first such brewery to take root in Riverhead,Long Beard joins Long Ireland Beer Co., Crooked Ladder Brewing Co. and Moustache Brewery, all successful Long Island based breweries.
Although the company already completed a portion of a private funding on its own, being publicly traded will help Long Beard Brewing Company raise additional capital when needed to really take the market by storm. New York based private equity fund, Peachtree Capital, LLC., will be working with the company to assist and spearhead any secondary financing the company may need, although its funding needs at the moment are apparently minimal. Managing director of Peachtree, Raymond Barton commented, "We are thrilled to be part of this project. Long Beard Brewing Company is what America is all about. You have a couple of hard working guys perfecting their craft and reaping the rewards in a competitive market. We plan to do everything in our power to help them succeed." Although the market may be competitive, there appears to be a lot of room for growth. Estimated at five Billion dollars annually and growing at the rate of 10% to 18% each year, Long Beard Brewing Company stands to get a piece of a sizable pie, especially considering it is now one of the few publicly traded craft breweries in the U.S.
Co-founder and now CEO of Good Vibrations Shoes, Paul Carlin commented," This company is shaping up to be a dream come true. Craig and I just love to make beer, and there's nothing more satisfying then seeing that beer being enjoyed by others. We feel like we have the right location, the right skills, the right recipes, and the right expertise in our corner. As far as we are concerned, the sky is the limit!"
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