SOURCE: Halberd Corporation

September 11, 2014 08:30 ET

Halberd Corporation Enters Into Binding Term Sheet to Acquire Control of I-TAP, Inc.

SOUTHFIELD, MI--(Marketwired - Sep 11, 2014) - Halberd Corporation (PINKSHEETS: HALB) entered into a binding term sheet this week to enter into a definitive agreement to acquire control of Sarasota, Florida based I-TAP, Inc. The definitive agreement is expected to be signed in the next two weeks.

I-TAP, Inc. is the developer of the electronic I-TAP draft beer dispensing system for the facility management, hospitality and food service industries. I-TAP dispensers reside on the I-TAP network which uses sensors to monitor the dispensers as well as kegs, coolers, CO2 and glycol. In addition to providing real-time sales reporting by individual dispenser, the I-TAP network provides real-time reports on temperatures, keg levels and other key data. 

The current average keg yield for draft beer sales is approximately 50% to 70%. The I-TAP beer dispensing system achieves a 98% keg yield by reducing the waste and identifying/eliminating the pilferage that has plagued the draft beer industry since its inception.

The market for I-TAP is huge. In 2012, US brewers produced 568.9 million gallons of draft beer and 75.6 million gallons of draft beer were imported into the US combining for an aggregate 644.5 million gallons of draft beer consumed in the US. The U.S. alone has over 5 million manual valves pouring draft beer.

I-Tap, Inc., President John Osborne states, "I-Tap is the technology that the 100 plus billion dollar beer industry needs. We look forward to working with Halberd Corporation." 

Halberd Corporation is a Holding Company and Incubator for early stage high growth businesses. They are located in Southfield, Michigan. Halberd Corporation trades on the OTC Market under the ticker symbol HALB.

Safe Harbor

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to'" "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.

Contact Information

  • John C Maddox
    CEO
    Halberd Corporation
    248-763-3203
    Email Contact