Kona Gold Solutions, Inc. Signs LOI to Acquire Flo Beverages
MELBOURNE, Florida, Feb. 13, 2020 /PRNewswire/ -- Kona Gold Solutions, Inc. (OTC Pink: KGKG), a hemp and CBD lifestyle brand focused on product development in the functional beverage sector, is pleased to announce it has signed an LOI (Letter of Intent) to acquire Florida based Flo Beverages, LLC, located in Longwood, FL. Kona Gold will be performing its due diligence over the next few weeks and expects to close the acquisition within 30 days.
Flo Beverages, established in 2015, first entered the energy drink market with its SoFlo organic energy drinks, formulated and co-packed in-house, and available throughout Florida. The Company has since grown and operates out of a 3,000 sq ft facility in Longwood, FL, which is a USDA certified organic co-packing facility. Flo Beverages recently launched LiKuid, an all organic Ketogenic Energy Drink, available in 3 great tasting flavors, which is currently distributed in Florida and Puerto Rico. The Company operates a new, state of the art co-packing line and does all formulation in-house.
"I am very excited to announce the LOI to acquire Flo Beverages, an exciting company with smart ownership and great products," stated Robert Clark, CEO of Kona Gold Solutions, Inc. "Started by brothers Lance and Evan Adler, Flo brings to Kona Gold Solutions, an exciting product line in LiKuid, a Ketogenic Energy Drink, and a team that runs a USDA organic certified facility that knows how to formulate great tasting beverages. Flo operates its own production line, which brings exciting opportunities in offering co-packing for small to medium companies and producing limited seasonal runs."
Clark continued, "In 2020, we are looking to add a new product line, an all organic CBD energy drink. The acquisition of Flo Beverages provides the Company now with in-house resources to tap into. We are excited about the opportunities Flo brings to Kona Gold and the resources Kona Gold will offer Flo to build its distribution footprint with LiKuid."
For more information regarding Kona Gold Solutions, please visit:
Kona Gold Solutions, Inc.:
Kona Gold Solutions, Inc., a Delaware Corporation, has created wholly owned subsidiaries, Kona Gold LLC, HighDrate, LLC, and Gold Leaf Distribution, LLC. Kona Gold, LLC has developed a premium Hemp Infused Energy Drink line; please visit the Company's website at www.konagoldhemp.com.
HighDrate, LLC has developed the beverage industry's first CBD Infused Energy Water, available in 6 delicious flavors; please visit the Company's website at www.highdrateme.com.
Gold Leaf Distribution, LLC was created to fill the Company's distribution needs in markets it wants to quickly enter; please visit the Company's website at www.goldleafdist.com.
The Companies are located on the east coast of Florida in Melbourne and Greer, South Carolina.
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SOURCE Kona Gold Solutions, Inc.