Nascent Wine Company, Inc. (OTCBB: NCTW), DBA Nascent Foodservice, Inc., announced today that the company has signed a letter of intent to sell the Italian food importer and distributor division, Palermo Italian Foods, LLC. The Miami, Florida-based Palermo Italian Foods is being purchased by a group of investors and the current president and director Victor Petrone of Nascent Foodservice.
Sandro Piancone, CEO of Nascent, stated, “The sale of the Palermo Italian Foods improves the company’s financial position and enables us to focus and streamline the organization on our higher margin businesses. While we continue to believe that the value of the Palermo Foods business is significant, we believe it is in the best interest of our stakeholders to focus the organization on opportunities within our core competency of food distribution in Mexico.”
Piancone went on to say that he was glad that Victor Petrone was purchasing the business after serving as Nascent Wine Company president for 2 years. Piancone also remarked, how he thought Petrone was well qualified to keep the business moving forward.
Nascent is intending on growing the business by acquiring more profitable and larger distributors. The company is currently servicing large companies like Wal-Mart, Costco, 7-Eleven and many more. Some products distributed by the company are products manufactured by Nestle, General Mills, Bonafont Water and many more. Nascent has almost a quarter of a million sales points currently in Mexico and United States.
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