PACIFIC VENTURES GROUP, INC. (OTCMKTS:PACV) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01, below, Pacific Ventures Group Inc. (the “Company”) entered into a series of agreements with TCA Global Credit Master Fund LP and its affiliates.
The Company entered into 2 Senior Secured Redeemable Debentures with TCA Special Situations Credit Strategies ICAV, an Irish collective asset vehicle, each in the amount of $1,500,000 (One Million Five Hundred Thousand Dollars). The debentures carry an interest rate equal to Sixteen and One Half Percent (16.5%) per annum simple interest that is due and payable on June 30, 2020. The Debentures are secured by all of the assets the Company including the newly acquired assets of Seaport Meat Company.
The Company also entered into an Exchange Agreement with TCA Global Credit Master Fund, LP whereby the Company exchanged $2,500,000 in investment banking fees owing to TCA Global for 9,990 Common Units and 10,000 Series A Preferred Units of Seaport Group Enterprises LLC, the Company’s subsidiary.
In conjunction with the acquisition of the assets of Seaport Meat Company, as further described in Item 2.01, below, Pacific Ventures Group Inc. (the “Company”) entered into a promissory note (the “Note”) with the PNC Inc., the seller of the assets for $850,000. The Note accrues interest at the rate of 7% per annum and is payable in 3 installments over 18 months.
The description of the agreements set forth above does not purport to be complete and is qualified in its entirety by reference to the text of the agreements filed as exhibits hereto and incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
Pacific Ventures Group Inc. (the “Company”) completed the acquisition of the assets of Seaport Meat Company from PNC Inc. (the “Seller”) on December 17, 2019. to the Asset Purchase Agreement as Amended, the purchase price is as follows:
| Press release dated December 18, 2019 |
Pacific Ventures Group, Inc. Exhibit
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About PACIFIC VENTURES GROUP, INC. (OTCMKTS:PACV)
Pacific Ventures Group, Inc., formerly American Eagle Group, Inc., offers solutions within the food, beverage, alcohol and hospitality industries. The Company is the trustor and beneficiary of Snobar Trust. Snobar Trust holds International Production Impex Corporation (IPIC). IPIC holds the rights of the liquor licenses to sell alcohol-infused ice cream and ice-pops products and trade names SnoBar. IPIC is a food and beverage, alcohol distribution company that is engaged in marketing products, such as SnoBar alcohol infused ice pops, and SnoBar alcohol infused ice cream and sorbet. The SnoBar ice pops are frozen alcohol beverage bars, similar to popsicles on a stick, but made with liquor, such as tequila and vodka. SnoBar ice pops are manufactured in approximately three flavors: Margarita, Cosmopolitan and Mojito. SnoBar ice creams are ice cream and sorbets that are distilled spirit cocktails containing approximately 20% liqueurs and liquors.
