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Bergio Signs LOI to buy Italian Mario Panelli
20 Nov '09
1 min read
Bergio International, Inc. announces that it has entered into a deal to acquire famous Italian designer Mario Panelli.
Mario Panelli reported $1.5 million in inventory, $1.4 million in sales for 2008, with moderate earnings. Bergio will acquire the Company for a liquidated inventory cost of $1,250,000 in cash.
"Bergio is very excited to sign a Letter of Intent to acquire famous Italian designer Mario Panelli. Mario Panelli has been in business for over 40 years and is known internationally for his designs. This acquisition will give Bergio exposure into the international markets," stated Berge Abajian, CEO of Bergio International, Inc.
Bergio is entering into its 20th year of operations with boutique, upscale jewelry stores. It currently sells its jewelry to approximately 150 independent jewelry retailers across the United States.
Mario Panelli reported $1.5 million in inventory, $1.4 million in sales for 2008, with moderate earnings. Bergio will acquire the Company for a liquidated inventory cost of $1,250,000 in cash.
"Bergio is very excited to sign a Letter of Intent to acquire famous Italian designer Mario Panelli. Mario Panelli has been in business for over 40 years and is known internationally for his designs. This acquisition will give Bergio exposure into the international markets," stated Berge Abajian, CEO of Bergio International, Inc.
Bergio is entering into its 20th year of operations with boutique, upscale jewelry stores. It currently sells its jewelry to approximately 150 independent jewelry retailers across the United States.
Bergio International Inc
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