Nascent Wine Company Inc (NCTW.OB) to Sell Palermo Italian Foods LLC
Nascent Wine Company, Inc. (OTCBB: NCTW), DBA Nascent Foodservice, Inc., announced today that the company has signed a letter of intent to sell the Italian food importer and distributor division, Palermo Italian Foods, LLC. The Miami, Florida-based Palermo Italian Foods is being purchased by a group of investors and the current president and director Victor Petrone of Nascent Foodservice. Sandro Piancone, CEO of Nascent, stated, "The sale of the Palermo Italian Foods improves the company's financial position and enables us to focus and streamline the organization on our higher margin businesses. While we continue to believe that the value of…