South Beach Spirits, Inc. signed a letter of intent to acquire 50% stake in Striped Pig Distillery, LLC for $0.14 million.

South Beach Spirits, Inc. (OTCBB:SBES) (SBES) signed a letter of intent to acquire 50% stake in Striped Pig Distillery, LLC for $0.14 million in stock on December 3, 2015. Under the terms of the transaction, SBES will issue 0.75 million of its restricted share as consideration. In addition, the letter of intent contemplates SBES making a cash working capital contribution to Striped Pig.

As of January 20, 2016, 1.5 million shares will be issued by South Beach Spirits. On March 23, 2016, South Beach Spirits entered into an amended and restated letter of intent with Striped Pig Distillery. The transaction is subject to completion of due diligence, execution of definitive transaction documents between the parties, and preparation of audited and unaudited financial statements for Striped Pig Distillery.