Purple Beverage Co. Inc (PPBV)

Description:

Purple Beverage Company, Inc. was formerly known as Red Carpet Entertainment, Inc. On December 12, 2007, Venture Beverage Company, Inc., a Nevada corporation, Red Carpet Entertainment, Inc., a Nevada corporation and a newly-created, wholly-owned subsidiary of Red, Purple Acquisition Corp., a Nevada corporation, entered into an agreement and plan of merger. The transactions contemplated by the Merger Agreement closed on December 12, 2007. According to the Merger Agreement, Venture merged with and into the Acquisition Subsidiary, with Venture surviving. Immediately thereafter, Venture merged with and into Red, with Red surviving. In connection with the latter merger, Red changed its name to 'Purple Beverage Company, Inc. The Company develops, markets and distributes a beverage product. The Company owns the rights to the Purple brand, a functional beverage that contains a high level of anti-oxidants that are found in seven different fruit sources that combine to make its product. The new age or alternative beverage category combines non-carbonated, ready-to-drink iced teas, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks, and single-serve still water, flavored, unflavored and enhanced with new age beverages, including sodas that are considered natural, sparkling juices and flavored sparkling waters. The Company's first product is named Purple, a functional beverage that contains a high level of anti-oxidants from seven different fruit sources that are combined to make this product. The seven anti-oxidant fruits combined in the company's formula are the natural juices of acai, black cherry, pomegranate, black currant, purple plum, cranberry and blueberry. The raw materials used by the Company are glass bottles and PET plastic bottles, as well as fruit pulp and fruit juice concentrates. The Company's product competes with a range of drinks produced by a relatively large number of manufacturers, of which have greater financial, marketing and distribution resources. It relies on common law rights to its trademark Purple. The Food and Drug Administration issues rules and regulations for the beverage industry, including, but not limited to, the labeling and formulary ingredients of beverage products. It is also subject to various state and local statutes and regulations applicable to the production, transportation, sale, safety, advertising, and labeling of its product.