In a move to broaden the type of products it carries, Italian Food & Beverage Corp. (OTCPK:IFBC) has penned an agreement to import and distribute Hub energy drink throughout the United States. IFBC's current lineup includes wine and food products.
The Hub energy drink, a product of Northern Italy, is part of Hub Ltd., a Venezia-based company that produces several products, including Italian Chardonnay, Cabernet Sauvignon and a coffee miscela bar.
Hub founder Sandro Forcolin has successfully introduced the energy drink throughout the world and is now looking for a way to penetrate the largest market in the $55-billion global energy drink business.
Following a successful test marketing campaign, Forcolin is ready to get Hub on U.S. retailer's shelves. "With health-minded millennial consumers as our target audience, Hub’s clear labeling of its safe, beneficial contents will resonate clearly. We eagerly look forward to conquering the U.S. market with the aid of IFBC. Now let’s do it," he said in Monday's news release on the new partnership.
IFBC said that other Hub products could become part of their distribution line-up in the future. No insight was provided about distribution in any other markets. IFBC has offices and warehouses in several countries including Italy, Singapore, and the United Kingdom. Hub's website doesn't show any current distribution in the U.K. or Singapore.
Shares of IFBC have come out strong in Monday morning trading following the news of the Hub deal. The stock price for the nanocap is up 20.4% at $0.0065. According to OTC Markets Group, IFBC has 977.66 million shares outstanding, equating to a market capitalization of $6.35 million (at $0.0065 per share).
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