David D'Arcangelo CEO of Cobracrest, USA Focusing on Core Competences
BERLIN, February 27 /PRNewswire-FirstCall/ -- Cobracrest AG & Co. KG aA - WKN A0AHTE
With the assignment of David D'Arcangelo as CEO of Cobracrest International, Inc., USA the projected US stock exchange listing has been accelerated.
The transfer of Cobracrest London by Carlyle International, Inc. was effected on 02/22/2006. Herewith, the majority shares of the Cobracrest Germany stock exchanged into the Cobracrest USA capital.
The new CEO of the American investor already started with the realization of a strategic redirection of Cobracrest, i.e. focusing on the company group's core competences.
Existing shareholdings not in line with the Cobracrest core competences are to be sold in favour of investments suitable to support the core business of Cobracrest.
As a consequence of this focusing, Cobracrest Germany and the Management of Elvestus AG agreed on an amicable cancellation of existing contracts with regard to the ongoing takeover of NicStic AG. The majority shares of the NicStic AG stock are exchanged into the Elvestus AG property.
In return, Juice & World, Spain is to be integrated into the Cobracrest group. Juice & World is an internationally established company specialized in the production and filling of own and external products.
Cobracrest Germany and Juice & World have been cooperating successfully in the manufacturing of the Clubber products for about one year.
With the takeover, further internationally established distribution channels open up for Cobracrest, served from Juice & World for years with twenty own products. In the year 2005 Juice & World achieved a turnover of EUR 6.2 m, at a current yield of about 10%.
Upon stock exchange listing of Cobracrest International, Inc., USA, it is going to provide even in 2006 means in the amount of up to US$ 50 m to Cobracest Germany in order to expand the own product range and to noticeably increase distribution in conjunction with marketing measures.
Preliminary financial statements 2005 of Cobracrest Germany will be published on 03/06/2006.
For further information please go to www.cobracrest.com/
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Copyright 2006 PRNewswire
Issued: 02/27/2006 07:32 AM GMT