Papa Bello Enterprises (Pink Sheets: PAPA) announced today that Aero Financial has purchased 20,000,000 shares of stock from the CEO of Papa Bello, Chase Canfield, giving a majority ownership stake to Aero Financial.
As controlling owner, Aero Financial will continue to provide financial, consulting and communications services to Papa Bello.
In accordance with the transaction, Chase Canfield will resign his position as CEO with Papa Bello to allow him to pursue other business opportunities while actively consulting with the company and assisting in the transition process. Accordingly, Jim Price, CEO and Chairman of Aero Financial will become the Papa Bello interim CEO.
Jim Price, Chairman/CEO of Aero Financial Inc. says, “Aero Financial is very excited to acquire the controlling interest in Papa Bello Enterprises. We have been working with the company for almost two years and we sincerely believe that it has the potential to become one of the most successful franchises in the industry. Their business plan has been well thought out, and they have hit many of their growth projections ahead of schedule. We believe that through this transaction Papa Bello will continue its growth, both domestically and worldwide.”
Chase Canfield, CEO of Papa Bello Enterprises says, “I believe this acquisition with Aero Financial will provide Papa Bello the additional capital, infrastructure, and marketing resources it needs to diversify its’ opportunities for future expansion and long-term sustainability. As I resign my position of CEO to pursue other opportunities, I want to thank all those who have helped me build this company over the years. I express my gratitude to all our franchisees, vendors, attorneys, accountants, investors, customers, Wal-Mart, Aero Financial, my mentors, my family, and of course the entire Papa Bello team.”
