IRVINE, Calif. -- Bazi International Inc. has entered into a merger agreement with GT Beverage Co. Inc. The merger is expected to close on or before October 15, 2012, subject to satisfaction or waiver of the conditions to closing set forth in the merger agreement.
Upon closing, GT Beverage shareholders will retain approximately 95.5% of the total common shares outstanding of Bazi, on an as-converted basis through a series of convertible preferred stock to be issued by Bazi at closing.
In connection with the merger agreement, GT Beverage has issued a line of credit to Bazi for up to $600,000.
Irvine, Calif.-Based Bazi is a provider of healthy energy shots designed to help enhance physical health and overall performance. BAZI is a concentrated energy shot with eight super fruits, including jujube, acai, mangosteen, goji, pomegranate, blueberry, raspberry and seabuckthorn, plus a variety of phytonutrients, antioxidants, vitamins and trace minerals, supporting the critical nutrition needed daily in a two-ounce shot.
San Juan Capistrano, Calif.-based GT Beverage is a beverage company with licensing agreements with major entertainment and media companies for use of their characters on its proprietary, patented bottles. The company's naturally flavored, vitamin-enhanced water drinks that were created as a low-calorie, low-sugar alternative to juice and soda for kids are currently being sold into mass-market retailers throughout the United States.
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