Bloomery Plantation Distillery makes US history
CHARLES TOWN, WV: At 6:35 am, on Monday, May 16, 2016, Bloomery Plantation Distillery became the first small American businesses, of only a handful, to file a Form C with the Securities and Exchange Commission. Bloomery announced the filing of the first Form C generated using the iDisclose application for Regulation Crowdfunding. After four long years of waiting for Title III of the JOBS (Jumpstart Our Business Startups) Act to come to fruition, today, is the date that this unprecedented opportunity for American small businesses to raise growth capital by using grassroots efforts finally comes into effect.
Bloomery SweetShine, an artisanal liqueur distillery based in Charles Town, West Virginia successfully used the application to prepare and file its Form C with the Securities and Exchange commission in order to commence a Title III offering under the new Regulation Crowdfunding rules that went into effect today. Bloomery has been preparing for quite some time to be ready to launch an offering on this historic day as one of the inaugural companies in the country.
Bloomery is taking crowdfunding to a whole new level as a result of Title III of the JOBS Act. Title III essentially allows crowdfunding participants – investors – the ability to purchase actual ownership in a company rather than simply donating money to a company via a rewards-based program like Kickstarter. With Title III of the JOBS Act comes the latest in equity crowdfunding laws permitting non-accredited individuals to invest in small businesses. Investing was previously restricted to wealthier accredited investors and institutions only. Now friends, family and fans here, there, and everywhere can actually invest in the small Distillery’s future and the growth of the company.
Linda Losey, the entrepreneur and driving force behind Bloomery said that, “Our dream is to be able to take SweetShine from a tiny log cabin in the woods where the Blue Ridge Mountains meet the Shenandoah River in West Virginia and bring it to every state in America. iDisclose, along with our entire Title III team, was an integral part of this entrance journey of navigating the new Form C application. After waiting years to be able to reach out to our fan base to help push us to the national arena, we’re excited that the new law allows this small business to raise needed capital for growth in such a grassroots manner. We’re thrilled to be part of this inaugural class of Regulation Crowdfunding participants.”
Bloomery Plantation Distillery would like to thank the amazing team that worked on the 181 page document, including Bloomery’s outside counsel Michael Funk of Steptoe & Johnson LLP; Brian P Romine, CPA, PriceRomine PLLC; Georgia Quinn of iDisclose; Mark Lee of CrowdCPA.co and Amanda Carmichael of StartEngine, a website funding portal.
For more information about Bloomery, its offering, and to make an investment, visit http://www.startengine.com/startup/bloomery.
From garden to glass, Bloomery Plantation Distillery, takes a sweet spin on moonshine, by polishing up an old tradition and creating world class liqueurs, by hand with, ingredients from their own farm or other small American farms.
iDisclose is an online application similar to Turbo Taxtm that helps entrepreneurs prepare and file the legal documents they need to conduct a Title III crowdfunding offering to raise money for their company.
CrowdCPA.co provides independent review reports on client’s financial statements for inclusion in Form C under SEC Regulation Crowdfunding (‘Reg CF’).
StartEngine.com is a website that allows companies to raise capital by exchanging capital for securities and is one of the first funding portals to offer Regulation Crowdfunding through Title III of the JOBS ACT (equity or debt).