NORTH PALM BEACH, Fla. -- Bravo! Brands Inc. said that it has reached an agreement with Coca-Cola Enterprises Inc. to terminate the Master Distribution Agreement (MDA) entered into by the parties on Aug. 31, 2005. The termination of the MDA allows Bravo! to move forward to finalize its negotiations with a new national distributor for its products.
Ben Patipa, president of Bravo!, said: The termination of our agreement with CCE was a joint decision between the two companies that reflects economic returns far below the expectations of both CCE and Bravo!. [image-nocss] This termination of the MDA is a key step in our overall plan to restructure the business into an economically viable model through distribution with another national distributor.
The company also announced that the warrants to purchase 30 million shares of Bravo!'s common stock that were issued as part the MDA relationship have been canceled in connection with the termination of the MDA. No termination or cancellation fees will be paid by either party.
North Palm Beach, Fla.-based Bravo! develops, brands, markets, distributes and sells flavored milk products throughout the United States. Its products are currently sold under the brand names Slammers and Bravo!. Slammers products are available in many channels of trade, including supermarkets, mass merchandisers, drug stores, convenience stores, gas stations, military, education and foodservice outlets.
Many of Bravo!'s Slammers lines of shelf-stable, single-serve milk drinks are co-randed through exclusive partnerships with Masterfoods USA, a division of Mars Inc., General Mills and Organic Valley.
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