PALMETTO, FL--(Marketwired - Sep 28, 2016) - China Bilingual Technology & Education Inc. (CBLY) is pleased to announce that they finalized the acquisition of iBrands Corporation Inc.'s (OTC PINK: IBRC) stake in Avita Beverage Company Inc. The terms of the deal are 5,000,000 free trading common shares in China Bilingual (CBLY) for the 51% stake iBrands has in Avita. Based on the closing price of $.10 Sept 25, the monetary value is $500,000. China Bilingual already owns the other 49% of Avita Beverage Company Inc.
"China Bilingual is going through some very significant changes," states Clinton L. Stokes III, the current CEO. "We are not only changing the vision of our model, we have replaced the entire Board, accounting firm and even our legal team. Our ability to adapt to changing business environment has always kept us ahead of the pack."
China Bilingual Technology & Education Inc. will be changing their name to Avita Beverage Company Inc. They have also completed their delinquent quarterly and annual reports. An Audit of China Bilingual has been completed and now an audit of Avita will begin immediately. Stokes states, "We want to get CBLY performing back up where it once was. Our management team is second to none, with over 100 years in the retail beverage industry. We have sales channels to really get this brand out there again. Avita has been the Official water of the Detroit Pistons, The Palace of Auburn Hills and the LA Dodgers. Avita has also been a first responder for the water crisis in Flint, Michigan where Avita teamed up with local assets in Michigan to donate much needed drinking water for the residents of Flint, Michigan. It's just a natural fit for Avita and China Bilingual."
About iBrands Corporation Inc.:
Headquartered in Irvine, California, iBrands Corporation Inc. engages in the manufacture and distribution of Ultra-Premium Vapor Products and Beverages to the Retail and C-Store industries. The company offers a wide variety of Vapor Products, E-Liquids and Natural Beverages that are made in the USA, all branded under the iBrands Products line. For further information, please contact the Company at: www.iBrandscorporation.com.
About China Bilingual Technology & Education Group Inc.:
China Bilingual Technology & Education Group Inc., soon to be Avita Beverage Company Inc. is headquartered Palmetto, FL. They are a holding company of manufacturing and distribution of retail consumer products. Their products are mainly channeled toward the premium bottled water market with distribution nation-wide. For more information, please contact the Company at 213-477-1979.
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