Blavod Extreme Spirits PLC
21 September 2007
Blavod Extreme Spirits PLC
Update on Disposal
On 30 August 2007 the board of Blavod Extreme Spirits PLC ('Board') announced
that it had posted a circular to shareholders setting out a resolution ('the
Resolution') to be passed at an Extraordinary General Meeting to be held on 24
September 2007. The Resolution concerns the proposed disposal ('the Disposal')
of Blavod Extreme Spirits USA, Inc. ('BES USA') to Black Diamond Spirits, LLC
('the Buyer'), a company controlled by Jeff Hopmayer, the Company's Chief
Executive Officer.
The conditional asset purchase agreement dated 29 August 2007 provides that
completion of the Disposal will take place on the day of the passing of the
Resolution, or such other date mutually acceptable to the Buyer and BES USA, but
in no event later than 28 September 2007.
The Buyer has indicated to the Board that, while it is hopeful of completing the
Disposal on 24 September 2007 (assuming the Resolution is passed at the
Extraordinary General Meeting), it may not be in a position to do so until 28
September 2007 due to administrative delays in obtaining the executed form of
the releases from Laurus Master Fund, Ltd.
The Extraordinary General Meeting will take place as planned at 11.00 am on 24
September 2007.
Contacts
Brewin Dolphin Securities (Nominated Adviser)
Mark Brady/Alison Barrow 0845 270 8600
Ends
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