Castle Brands (ROX) Buys Betts & Scholl for 7.14M Shares and $1.1M of Cash and Notes
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Castle Brands Inc. (Amex: ROX) announced today that it has acquired the assets of Betts & Scholl LLC, a premium wine maker formed in 2003 by Master Sommelier Richard Betts and Dennis Scholl.
Pursuant to the transaction, Castle Brands issued to the sellers a total of 7.14 million shares of Castle Brands Common Stock and approximately $1.1 million of cash and notes. Dennis Scholl has joined the Castle Brands Board of Directors, where he will serve as an independent director, and Richard Betts has joined Castle Brands as a Vice President and head of its newly-formed Fine Wine Division.
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