Castle Brands Enters Wine Biz

Dear Client:Castle Brands has acquired the assets of Betts & Scholl LLC, a wine company formed in 2003 by Master Sommelier Richard Betts and Dennis Scholl. As a part of the deal, Castle Brands issued 7.14 million shares of common stock to the sellers and approximately $1.1 million of cash and notes. Dennis Scholl will sit on Castle Brands’ board of directors as an independent director, and Richard Betts will serve as vp and head of Castle’s newly formed fine