Appalachian Mountain Brewery (NYSE:AMB) today said it has closed its $3.5 million acquisition of North Carolina Natural Energy, a publicly traded Florida corporation. Appalachian Mountain Brewery will continue to trade on the OTCBB exchange under the ticker symbol "NCNE" until its name and symbol change become effective.
In a news release issued this morning, AMB said its entrance into the public markets has created an "overwhelming positive response" from the local community as well as industry professionals.
"Going public is a strategic move for Appalachian Mountain Brewery to enter into a capital raise to facilitate production of locally made North Carolina Hard Cider, continued expansion of its craft beer lines, adding Barrel Aged Sour Beers, and increasing capacity for canning and bottling to meet the growing demand of its award-winning craft beer," AMB CEO Sean Spiegelman stated.
Shares of AMB will be offered to qualified investors as the company moves forward with the planned expansion adding a second location in Boone, NC. AMB is currently exploring several locations, which will house a live music venue, restaurant, tap room, and full-scale cannery.
The company is also preparing to ramp-up production of its craft beverage line and planned distribution, including restaurants owned and operated by AMB shareholder Chanticleer Holdings (HOTR).
Chanticleer CEO Mike Pruitt embellished on the benefits of becoming a publicly traded company, stating, "Appalachian Mountain Brewery can now take advantage of funding opportunities in the public markets to expand its operation and brand of craft beers. We look forward to seeing AMB grow in a multi-billion dollar market."
AMB also named Christopher Zieber as head brewer and sustainability coordinator.
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