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BeBevCo: Wholly Owned Subsidiary Building Becomes Strong Asset
STATESVILLE, N.C., Jul 19, 2011 (GlobeNewswire via COMTEX) -- Bebida Beverage
Company (Pink Sheets:BBDA) (BeBevCo), a developer, manufacturer and marketer of
relaxation and energy drinks, announced today that their solely owned subsidiary
BeBevCo Holdings LLC has finalized a deal which, effective July 15, 2011, the
building in which their corporate offices are located switched from a liability
to an asset.
The 23,000 square ft building BeBevCo moved into the last year was lease to
purchase. The exact terms were not made public however as of the day of transfer
the balance due on the property is approximately $425,000 and an upcoming
appraisal is expected to give an estimate of the property above $650,000.
BeBevCo's team has made significant improvements to the building over the last
12 months which will give a substantially higher appraised value.
The building has 9 admin offices, a 1000 sq ft area for samples, online sales,
merchandise, a memorabilia area, media/conference room, and a break room. 7000
sq ft of the building will be used for product shipping and receiving for
BeBevCo's southeast regional distributors. Additionally, 9,000 square ft of the
building will be used for rental income.
"We have put a lot of work into this building for not only our own uses which
has become substantial, but also for additional income sources," stated Brian
Weber, CEO of BeBevCo. "We have put together quite a significant number of
distribution agreements and we are happy to have the space need for storage and
logistics. We will continue making upgrades and we expect the value and uses of
our building to continue to grow," Weber concluded.
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