NCTW Nascent Wine Co Inc (CE)

Nascent Wine Company, Inc. (OTCBB: NCTW), dba Nascent Foodservice, Inc., the only nationwide distributor of imported products in Mexico, announced today that it has completed the sale of Palermo Italian Foods, LLC (�Palermo Foods�) to AIP, Inc. (�AIP�), a company founded by Victor Petrone, Palermo�s current President. As previously reported, Nascent Foodservice entered into a definitive letter of intent to sell Palermo Italian Foods, LLC to a group of investors led by Victor Petrone. Under the terms of the agreement, AIP agrees to assume approximately $0.8 million in accounts payable owed by Nascent Foodservice, sign a promissory note in the amount of $1.0 million due on or before June 30, 2008, and assume a promissory note in the amount of $249,999 in consideration for all issued and outstanding membership interests of Palermo. In addition, AIP will assume all debt owed by Palermo to Nascent and in payment in full of all debt owed by Palermo to Nascent, Nascent shall receive shares of AIP common stock equal to fifteen percent (15%) of all AIP issued and outstanding shares of common stock after the issuance of such shares to Nascent. Sandro Piancone, CEO of Nascent, stated, �We are excited to complete this transaction, which will strengthen our overall financial position and enable us to focus on building value in our core businesses. By focusing on our core competency of food distribution in Mexico, we believe we can build upon our position as the leading distributor of imported products in Mexico. We continue to believe that significant value exists in our current operations through by executing on of our long-term business opportunities and leveraging our existing infrastructure with organic growth.� Victor Petrone, President of Palermo Italian Foods, stated, �Palermo Italian Foods is synonymous with high quality and great tasting products. Having served as President of Palermo for the past two years, I am delighted to the lead the Company�s efforts in its next phase of growth.� In connection with the purchase agreement, Mr. Petrone resigned as President of Nascent Wine Company, Inc., effective June 30, 2008. Mr. Petrone shall remain a director of Nascent Wine Company, Inc. Palermo Foods, which was acquired by Nascent Foodservice in November of 2006, is an Italian food importer and distributer based in Miami, Florida, primarily serving the southern Florida markets. About Nascent Foodservice, Inc. Nascent Wine Company Inc. dba Nascent Foodservice is the only nationwide distributor of imported products in Mexico, marketing and distributing over 2,000 national and proprietary brand food and non-food products. Nascent Foodservice also has the exclusive right to distribute Miller Beer in Baja California, Mexico. In addition, Nascent sells select products from Nestle, Ferrarelle Water, Cora Italian Food Products, Avasoft Ice Cream, Mitsuki Asian products, Bonet European products, Fusion Energy Drink, ROCKSTAR, Jolly Rancher Soda, and Nery�s cheese products, among others. Nascent is focused on acquiring the most profitable and well positioned distributors in Mexico with the best food and beverage portfolios in the country. Nascent is currently servicing over 240,000 sales points including supermarkets, convenience stores and foodservice accounts like Wal-Mart, Costco, Soriana, Comercial Mexicana, AM/PM, 7-ELEVEN, OXXO and many more. Nascent Foodservice trades on the OTC Bulletin Board as Nascent Wine Company, Inc., ticker symbol NCTW.OB. For more information about Nascent Foodservice, go to www.nascentfoodservice.com. Forward Looking Statements Statements made in this press release that express the Company's or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. In light of significant risks and uncertainties inherent in forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company that it will achieve such forward-looking statements. For further details and a discussion of these and other risks and uncertainties, please see our most recent reports on Form 10-KSB and Form 10-QSB, as filed with the Securities and Exchange Commission, as they may be amended from time to time. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.