Castle Brands Forms Alliance With Drink PieAugust 10, 2010
NEW YORK, NY -- Castle Brands Inc. (NYSE Amex: ROX) announced today that it has formed a joint venture with Drink Pie, LLC to manage the manufacturing and marketing of Travis Hasse's Original Apple Pie Liqueur, Cherry Pie Liqueur and any future line extensions of the brand.
The joint venture entity has the exclusive global rights to produce and market Travis Hasse's Original Pie Liqueurs and Castle Brands has the global distribution rights for this brand. Castle Brands' existing infrastructure, sales force and distributor network will be used to promote the brands. Under the terms of the agreement, Castle Brands will be paid a per-case fee and will acquire an increasing stake in the brand's value as volume increases.
Travis Hasse, the brand's founder, commented, "Castle Brands is an excellent partner and a solid home for my brand. I was comfortable selling in Wisconsin, but as new markets opened I realized I could use some assistance reaching a broader customer base. This partnership with Castle Brands provides me with manufacturing and marketing expertise, a strong national sales force and an outstanding distribution network without the cost of additional personnel. I am confident that sales of my brand will be far greater after joining forces with Castle Brands."
John Glover, Chief Operating Officer of Castle Brands, said, "We are thrilled that the Travis Hasse's Original® Pie Liqueur brand has joined our portfolio. We are confident in our ability to rapidly grow this brand and look forward to working closely with Travis to achieve our mutual goals. In fact, distributors in several new states have already agreed to take on the brand."