October 4/Holbrook, N.Y./PRNewswire -- Mojo Ventures Inc. announced it intends to undertake a corporate restructuring in which it will focus its activities on the continued development of its Dispensing Cap Technology and its Pinch zero-calorie natural and organic sweetener, as well as other marketing and branding opportunities. The company will spin off its other products in development to the former stockholders of Mojo's subsidiary, Specialty Beverage and Supplement Inc. (SBSI).
Mojo acquired SBSI in May 2011 in a reverse merger transaction in which the stockholders of SBSI exchanged all of their SBSI stock for shares of Mojo common stock and in which Mojo issued additional shares of its common stock to holders of SBSI debt in satisfaction of that debt.
In the restructuring, SBSI will assign the Dispensing Cap and Pinch assets (including all related intellectual property (patent pending and trademarks)) to a new wholly owned subsidiary of Mojo, and Mojo will transfer all of the shares of SBSI to the pre-reverse-merger stockholders of SBSI in exchange for their surrender of all of their shares of Mojo stock. SBSI will retain all of its other assets and all liabilities, including the Company's principal office and distribution facilities in Holbrook, N.Y., as well as Mojo's other subsidiary, Graphic Gorilla LLC.
Concurrently, the current officers and directors of Mojo will resign, and a new management team will be appointed.
The restructuring is anticipated to be completed by October 15, 2011, subject to approval of the former SBSI stockholders.
From the October 4, 2011, Prepared Foods' Daily News.