GAUCHO GROUP HOLDINGS, INC. ACQUIRES
21% MINORITY INTEREST IN GAUCHO GROUP, INC AND ITS E-COMMERCE
ASSETS
Leather Goods & Accessories
Brands Gaucho - Buenos Aires and Gaucho Casa - Buenos Aires Now
Wholly Owned Subsidiaries Under Gaucho's Corporate
Umbrella
NEW YORK, NY / InvestorsHub NewsWire / September 20th,
2021 / Gaucho Group Holdings,
Inc. (NASDAQ:VINO),
a company that includes a growing collection of e-commerce
platforms with a concentration on fine wines, luxury real estate,
and leather goods & accessories, today announced that its
stockholders voted to approve the purchase of the remaining 21% of
Gaucho Group, Inc. in exchange for the issuance of shares of common
stock of the company with an approximate value of $2
Million.
With this
transaction, GGI Inc. will become a wholly owned subsidiary of
Gaucho Group Holdings, Inc., which had owned 79% of
GGI. The
consolidation of GGI, which owns Gaucho - Buenos Aires and Gaucho
Casa into Gaucho Group Holdings, was completed as Gaucho Holdings
embarks on an aggressive expansion of the Gaucho brand, such as the
previously announced Las Vegas project, which may include
opportunities in lodging, hospitality, retail, and gaming, as well
as other potential future
opportunities.
Scott Mathis, CEO & Chairman of Gaucho Holdings
commented, "This all-stock transaction consolidates all minority
interests in GGI under one roof, which we believe can save
significantly in labor and accounting costs. Increased efficiencies and
cost controls can help us to capture greater revenue potential and
continues to be a strategic part of our growth
plan. As
we grow and scale, we seek to further develop and strengthen our
business by utilizing roll up strategies such as this to acquire
additional luxury brands synergistic with our own to create long
term value."
About Gaucho Group Holdings, Inc.
For more than
ten years, Gaucho Group Holdings, Inc.'s (gauchoholdings.com)
mission has been to source and develop opportunities in Argentina's
undervalued luxury real estate and consumer marketplace. Our
company has positioned itself to take advantage of the continued
and fast growth of global e-commerce across multiple market
sectors, with the goal of becoming a leader in diversified luxury
goods and experiences in sought after lifestyle industries and
retail landscapes. With a concentration on fine wines
(algodonfinewines.com & algodonwines.com.ar),
hospitality (algodonhotels.com),
and luxury real estate (algodonwineestates.com)
associated with our proprietary Algodon brand, as well as the
leather goods, ready-to-wear and accessories of the fashion brand
Gaucho - Buenos Aires™ (gauchobuenosaires.com),
these are the luxury brands in which Argentina finds its
contemporary expression.
Cautionary Note
Regarding Forward-Looking Statements
This press
release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Statements other than statements of historical
facts included in this press release may constitute forward-looking
statements and are not guarantees of future performance, condition
or results and involve a number of risks and uncertainties. Actual
results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in our filings with the Securities and
Exchange Commission and elsewhere. The Company undertakes no duty
to update any forward-looking statement made herein. All
forward-looking statements speak only as of the date of this press
release.
Media
Relations:
Gaucho Group
Holdings, Inc.
Rick Stear
Director of Marketing
212.739.7669
rstear@gauchoholdings.com
Investor
Relations:
John
McNamara
917-658-2602
john@tradigitalir.com