PACIFIC VENTURES GROUP, INC. (OTCMKTS:PACV) Files An 8-K Entry into a Material Definitive Agreement

PACIFIC VENTURES GROUP, INC. (OTCMKTS:PACV) Files An 8-K Entry into a Material Definitive Agreement

Story continues below

Item 1.01.Entry into a Material Definitive Agreement

On June 12, 2017, Pacific Ventures Group, Inc. (the
“Company”), entered into a material definitive agreement to
acquire 100% member interest in Healthy Foods Markets LLC, a
Carson, California based healthy food and grocery retailer. The
information set forth in Item 2.01 below with respect to the
Purchase Agreement, as amended, and the as defined in Item
2.01, is incorporated by reference into this Item 1.01.
Item 2.01.Completion of Acquisition or Disposition of Assets.
On June 13, 2017, Pacific Ventures Group, Inc. (the
“Company”), completed its acquisition of (the
“Acquisition”) of Healthy Foods Markets LLC (the
“business”) from undisclosed and unrelated third-party seller
(the “Seller”), under its reported Purchase and Sale
Agreement (the “Purchase Agreement”) by and among the Seller
and the Company, dated as of June 12, 2017. The aggregate
consideration for the Acquisition was certain amount of shares
of the Company’s common stock. The shares issued are subject
to a four year lock up and leak out agreement.
The Company believes the acquisition of the business is a right
step because it will serve as a fulfilment center for the
Snobar products and create additional and immediate revenue and
exposure for the company.
Item 9.01. Financial Statements and Exhibits.
(a)
Financial Statements of Business Acquired.
Information required by this Item 9.01(a) will be filed within
the required 71 days from acquisition date.
(b)
Pro Forma Financial Statements.
Information required by this Item 9.01(b) will be filed within
the required 71 days from acquisition date.


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.

An ad to help with our costs