Arizona’s Verde Valley Now a Viti Area

Posted on November 10, 2021 by Joel Whitaker

Alcohol & Tobacco Tax & Trade Bureau (TTB) establishes the approximately 200-square mile “Verde Valley” viticultural area (AVA) in Yavapai County, Arizona. The Verde Valley viticultural area is not located within any other established viticultural area.

The action was in response to a petition from the Verde Valley Wine Consortium, on behalf of local grape growers and winemakers. There are 24 commercially producing vineyards covering about 125 acres within the proposed AVA, as well as 11 wineries. The petition stated that an additional 40 acres of vineyards are planned for planting in the next few years. According to the petition, the distinguishing features of the proposed Verde Valley AVA are its climate, soils, and topography.

The petition states that the proposed Verde Valley AVA has an average annual rainfall amount that is significantly lower than in the surrounding regions. Due to the low rainfall, vineyard owners within the proposed AVA must use irrigation to ensure adequate hydration for their vines. Additionally, temperatures within the proposed Verde Valley AVA are warmer than in each of the surrounding regions and provide suitable heat and sunlight for photosynthesis. The petition also states that the difference between daytime high temperatures and nighttime low temperatures within the proposed AVA can exceed 30 degrees F, which is a greater difference than found in any of the surrounding regions. Such a significant drop in nighttime temperatures delays grape ripening, lessens the respiration of acids, and increases phenolic development in the grapes.

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MGP Ingredients to Pay 1.875% Interest on Convertible Notes

Posted on November 10, 2021 by Joel Whitaker

MGP Ingredients, Inc. priced its $175 million private placement of convertible senior notes due 2041 at 1.875%. The initial purchasers of the Notes also received an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $26.25 million aggregate principal amount of the Notes, solely to cover over-allotments.

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Willamette Valley Vineyards Taps Tiicker to Spur Preferred Stock Sales

Posted on November 10, 2021 by Joel Whitaker

Willamette Valley Vineyards teamed with Tiicker, a direct-to-shareholder loyalty and rewards platform, to maximize its 2021 vintage Preferred Stock Offering to fund growth.

Willamette is seeking the funds because it will be opening four new Tasting Rooms and Restaurants over the next two years, starting with a location in downtown Lake Oswego next spring, followed by three locations in the Vancouver, WA waterfront (summer 2022), Happy Valley, OR (late 2022), and downtown Bend, OR (2023).

Willamette investors who register and validate their ownership on TiiCKER can qualify for additional stock perks including complimentary wine tastings, discounted or complimentary admission to special events like VIP winery tours and blending experiences, priority to purchase limited-production wines and invitations to owner exclusive events.

But people have to know about the winery and the perks, and that’s where Tiicker comes in.  Tiicker publicizes brands that offer shareholders perks and administers their perks program.  Willamette Valley has engaged Tiicker to grow awareness of the company (www.TiiCKER.com/WVVIP) and its unique shareholder rewards program and perks.

Willamette Valley pioneered the community-funded business model in 1989 and again filed a prospectus last June to raise capital from its greatest affinity audience – wine enthusiasts. The Preferred Stock Offering (www.wvv.com/Ownership) is intended to fund expansion for the Oregon winery and its growing portfolio of tasting rooms, restaurants and production facilities.

“As I’ve always said: the healthiest businesses are ones owned by the community, and we are enthusiastic about our Owners and wine lovers investing in our growth,” said Willamette Valley Vineyards Founder and CEO, Jim Bernau. “Partnering with TiiCKER aligns perfectly with our mission and allows us to expand our reach to wine enthusiasts and foodies looking for an investment that not only fits their lifestyle, but also gives them the perks of ownership.”

WVVI was the first SEC-authorized, community-funded business in the nation, spurring a growing number of laws allowing for community-based funding of other small businesses across the country. Founder Jim Bernau’s vision of creating world-class wine via shared ownership inspired wine enthusiasts investing in common (WVVI) and preferred (WVVIP) stock, producing tens of thousands of enthusiastic owners to date. The Preferred Stock Offering (NASDAQ: WVVIP) is available at the price of $5.15 per share, offering an annual 4.27% dividend or wine credit with 15% more value until Dec. 31, 2021, unless sold out sooner.

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What We’re Reading —

Posted on November 10, 2021 by Joel Whitaker

Celebrity partnerships are riskier than ever

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A-B Sued, Accused of Not Paying Employees for All Hours Worked

Posted on November 9, 2021 by Joel Whitaker

A class action lawsuit has been filed accused Anheuser-Busch of executing a “systemic, company-wide policy of failing to pay its employees for all hours worked and for overtime hours worked at the appropriate overtime rate, in violation of the Fair Labor Standards Act” and similar Virginia statutes.  It says A-B “has maintained a corporate policy of failing to compensate Plaintiffs for all mandatory pre- and/or post-shift work.”

It goes on to say, “Prior to the onset of the COVID-19 pandemic in March 2020, and during the relevant time period, Defendant required Plaintiffs to arrive to work at approximately twenty (20) minutes prior to the start of their scheduled shifts to perform a litany of unpaid tasks, including traveling to the locker area; putting on and equipping various items of Personal Protective Equipment (“PPE”), such as safety shoes, safety gloves, safety glasses, earplugs, etc.; travel to Plaintiffs’ designated work area; and participate in a “carryover” with the previous shift, where the previous shift would give a verbal debrief to the next shift.

“After the onset of the COVID-19 pandemic in March 2020, and in addition to the
pre-shift work detailed above, Plaintiffs had to perform approximately thirty (30) minutes of unpaid pre-shift work, including waiting in line, either in Plaintiffs’ cars or in an in-person queue, for a required temperature check to screen for illness; go through a “foot bath” to disinfect Plaintiffs’ shoes and feet; disinfect Plaintiffs’ hands by washing them; and disinfect Plaintiffs’ work area and equipment,” the suit alleges.

A-B didn’t immediately respond to a request for comment.

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MGP to Place $175 Million of Short-Term Convertible Senior Notes Privately

Posted on November 9, 2021 by Joel Whitaker

MGP Ingredients, Inc. said it will offer $175 million aggregate principal amount of convertible senior notes due 2041 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

In connection with the offering, MGP also expects to grant the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $26.25 million aggregate principal amount of the Notes, solely to cover over-allotments.

Proceeds will be used to reduce the outstanding balance of MGP’s revolving credit facility.

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