USA: Redneck Foods Inc. to acquire Love's BBQ chain
Redneck Foods Inc. (OTC:RDNK) yesterday announced that the company had acquired the Love's BBQ chain. Under the terms of the acquisition agreement, Redneck will purchase Love's for a combination of stock and notes. The Love's shareholders will receive 4,000,000 shares of Redneck common stock and a promissory note for $666,150. In addition, Redneck will assume a promissory note to a Love's shareholder for $133,850. The promissory notes are for a term of one year and pay interest at 10 percent annually.
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