IRVINE, CA - (NewMediaWire) - January 5, 2016 - Evans Brewing Company (EBC), formed to develop and distribute premium craft beers, today announced the completion of its acquisition of the assets and liabilities of Bayhawk Ales, Inc., the oldest microbrewery in Orange County, California. In connection with the close of the transaction, Evans Brewing Company ceased to be a shell company as defined in Rule 12b-2, in that it has assets consisting of more than cash and cash equivalents, and has a business plan and operations.
The combined assets of Evans Brewing Company now include all brewery and beer related assets formerly owned by Bayhawk Ales as well a variety of Evans brands including Evans Pollen Nation Honey Blonde Ale™, The KrHOPen India Pale Ale™, Oaklore Brown Ale™, ChocōLatté Chocolate Porter™, Evans Original, Evans Black, Evans Light Lagers, and a number of additional beer brands under management.
Further details of the transaction are contained in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 10, 2015. The report can be accessed on the SEC website, www.sec.gov.
Included in the 8-K is a detailed description of the Asset Purchase Transaction between EBC and Bayhawk, which was approved by an overwhelming majority (over 99%) of independent Bayhawk stockholders, and the subsequent share exchange process, which closed on December 2, 2015.
With the acquisition and share exchange complete, Evans Brewing Company intends to move forward with its previously announced strategy to have EBC stock listed and traded on a U.S. stock market. EBC has retained a market maker that has submitted an application to FINRA to list EBC's common stock and begin trading.
"Much of management's attention over the past two years has been necessarily focused on the acquisition of Bayhawk Ales assets, especially the brewery in Irvine, California," said Mike Rapport, Chairman of Evans Brewing Company. "With this process now complete, we will continue to support the company's brewery and beer supply operations while concurrently preparing for our anticipated listing on the OTC Markets and charting a path for planned ongoing future growth and increased shareholder value."
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About the Company
Evans Brewing Company was formed to develop and distribute premium craft brands including a superior line of lagers and ales that have been honored with over 20 international awards. Based in Orange County, California, Evans Brewing Company supplies restaurants, retailers and beer drinkers across several states. Future plans for the company include a branded restaurant/taproom, wider product distribution, and an expansion of the beer brands currently under management. For more information, please email us at email@example.com and follow our social channels, Facebook -- https://www.facebook.com/EvansBrewCo and Twitter -- @EvansBrewCo.
This press release may contain statements, estimates or projections that constitute "forward-looking statements" pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from EBC's and Bayhawk's historical experience and their present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental delays or disruptions inherent with new products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the automotive technology industries, and other risks detailed in EBC's filings with the Securities and Exchange Commission (SEC), including the "Risk Factors" sections of our filings, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. EBC expressly disclaims any obligation or intention to publicly update or revise any forward-looking statements.