South Beach Spirits, Inc. announced that upon consummation of its pending acquisition of St, Martin Powerboats, LLC, Mr. Paul Spivak, St. Martin's president, founder, and sole member, will become the new chief executive officer and member of the board of directors of South Beach. Mr. Spivak is currently president, founder, and sole member of St.

Martin. In addition, following completion of the St. Martin acquisition, Martin D. Ustin, the company's CEO and a director, will continue with South Beach as president of its distilled spirits division and Vincent Prince, the company's CFO and a director, will continue in his position as CFO.