Long Island Iced Tea Corp. (NASDAQ: LTEA) this morning said it will acquire the ALO Juice® beverage brand and trademark rights from The Wilnah International, LLC for a purchase price of 5,000 shares of the company’s common stock. The company has been distributing ALO Juice® since February 2016, with nearly $1 million worth sold to date. The closing of the transaction is anticipated for the first quarter of 2017, subject to customary conditions. “ALO Juice® is a quality brand. We are excited that it will mark the first brand acquisition in our five-year history,” Long Island Iced Tea CEO Philip Thomas stated in the news release.
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About Long Island Iced Tea Corp.
Headquartered in Long Island, New York, Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of regional chains and distributors. The Company’s website is www.longislandicedtea.com
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