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Amass Brands Inc entered into a Side Letter Agreement with Full Glass Wine Co., LLC to modify and terminate its…
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Amass Brands Inc entered into a Side Letter Agreement with Full Glass Wine Co., LLC to modify and terminate its Multi-Year Wine Purchase Agreement dated February 29, 2024. The original obligation for Full Glass to purchase $4,000,000 worth of inventory was replaced by a settlement amount of $427,000. A remaining balance of $31,750 is due by July 31, 2026, upon receipt of which the Company will release certain wine inventory to Full Glass. The remaining $406,000 constitutes a Deposit that may be applied at Full Glass’s election either toward future wine purchases or exclusively to the redemption of Series A Units and Common Units held by the Company in FGWC. The parties exchanged broad mutual releases of all claims related to the Purchase Agreement and other dealings between them. Amass Brands Inc operates in the beverage alcohol industry, specifically producing and distributing wine.