Pacific Ventures Buys into Food Distributor, Shares Rock
Wednesday, August 21, 2019
The latest news out of “Tinseltown” had nothing to do with Avengers or any Marvel comics movie. Los Angeles-based Pacific Ventures Group Inc (OTC:PACV) announced it had signed an Asset Purchase Agreement to acquire a Southern California-quartered food distribution company.
The distribution company in question reportedly has current annual revenues in excess of $30 million, serving customers in the state of California and other nearby states. This acquisition complements the Company’s existing food distribution business which is operated by San Diego Farmers Outlet.
The buy will result in a food distribution business with greater revenues and profits. The target company will also have a larger combined customer base, expanded range of products, and an expanded network of retail and institutional accounts.
PACV shares traveled upward on the scale, by 54-100ths of a cent, or 300%, to 72-100ths of a cent, on volume surpassing 211 million shares.
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