SOURCE: Pinacle Enterprise, Inc.
LAS VEGAS, NV--(Marketwired - Sep 30, 2013) - Pinacle Enterprise, Inc. (OTCBB: PINS) (OTCQB: PINS) ("Pinacle" or the "Company") is pleased to announce that it has completed due diligence regarding the previously announced Letter of Intent to acquire Xtreme Technologies, Inc. ("Xtreme Technologies"), developer and holder of the worldwide intellectual property, patents, and rights to the technologies behind the Company's Alkame™ micro-clustered, alkaline, antioxidant, and oxygenated water. As the result of the positive pre-transaction due diligence outcome, Pinacle and Xtreme Technologies intend to move forward with completion of Definitive Documents and closing of the proposed transaction.
"We have conducted the final stages of the due diligence process for the acquisition of Xtreme Technologies and the worldwide Alkame™ water rights and intellectual property, including spending the last week in Idaho working with their team to plan our expansion strategy going forward," stated Robert Eakle, Alkame CEO. "After working so closely with each other for an entire week at the Xtreme Technologies facility, we are even more confident and committed to combining our forces to build the Alkame™ brand on a global scale. We look forward to ramping up our new Alkame™ distribution and marketing initiatives over the next several weeks."
As per terms of the previously proposed transaction, Pinacle shall acquire all of the capital stock of Xtreme Technologies in exchange for a combination of capital and Pinacle common restricted shares. As a result of the transaction, Pinacle would own all of the assets and business of Xtreme Technologies (d/b/a Advanced Hydration Technologies and Bio2 PetLabs) which includes among other assets, all intellectual property, including patents, trademarks, trade names, all bottling equipment and other machinery, equipment and supplies, accounts receivable from clients like Wal-Mart and Petco, contracts, and other assets, subject to Xtreme Technologies' debts, obligations and liabilities, except for those debts to be retired at closing.
This potential acquisition remains subject to, among other things, completion of Definitive Documents. Pinacle and Xtreme Technologies anticipate having Definitive Documents completed in 30-45 days and closing this transaction on or before January 31, 2014. There can be no assurance that any transaction will be completed as proposed or at all.
For additional information about the proposed acquisition, please refer to the recent Form 8-K filed by the Company with the Securities and Exchange Commission.
About Pinacle Enterprise, Inc.
Pinacle Enterprise, Inc. (OTCBB: PINS) (OTCQB: PINS) is a publicly traded health and technology holding company with a focus on patentable, innovative, and eco-friendly consumer products. The Company's wholly-owned subsidiary, Alkame™ Water, Inc., distributes Alkame™ branded micro-clustered, alkaline, antioxidant, and oxygenated bottled water utilizing a patented technology and patented formula allowing for ultra-hydration, which improves health, vitality, and performance. Health and eco-conscious people of all ages from all walks of life can reap the benefits of Alkame™ water -- from its unique ultra-hydration formula, right down to its BPA-Free 100% recyclable eco-friendly packaging. For more information about the benefits of patented Alkame™ branded water and technologies, visit www.alkamewater.com.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.