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Exhibit 99.1
Press Release of November 26, 2007
PEABODYS COFFEE TO RECIEVE FINANCING UP TO
$300,000
Roseville, CA. November
26, 2007, Peabodys Coffee Inc. (OTC: PBDY) announced today that it
has entered into a Letter Agreement with Inca Group Partners., a
Nevada partnership (“IGP”), whereby IGP will commit to
approximately $300,000 in additional funding commitments in
exchange for the issuance of sixty million shares of the
Company’s common stock. A portion of the funds will be used
to settle certain debt and to help complete the acquisition
agreement dated September 17, 2007 of IncaBlock and its related
companies.
“This
transaction allows Peabodys to begin a new era for its
shareholders because the funds can be used to help
recapitalize the company and move toward a new and exciting
venture with IncaBlock ,” Stated Todd Tkachuk, CEO of
Peabodys Coffee.
Under
the terms of the agreement, ICP will start funding those
expenses that have delayed the acquisition. The Letter
Agreement commits IGP to $300,000 of funding to Peabodys over
the next 60 days. These funds will be used primarily to pay
taxes, auditors, and other related expenses.
The
transaction was unanimously approved by the Peabodys’
directors at a meeting held on November 26, 2007, and is
subject to the restructuring of about $1 Million in current
liabilities. The agreement calls for the terms of such
restructuring to be set forth in a more definitive agreement
to be signed on or before December 15, 2007. After the
transaction is finalized, IGP will own approximately 52.7% of
Peabodys Coffee common stock.
One
of the founders and Partner of Inca Group Partners, Daniel D.
Correa, stated that “we have some exciting opportunities
both here and abroad with the Patented INCABLOCK™
Building System. Additional information can be found our web
page Incablock.com for the Peabodys Coffee shareholders prior
to December 15, 2007. Our partnership remains confident by the
size of our investment that the long-term strategy and growth
potential of the new Peabodys’ will be beneficial for
our shareholders .”
About Inca Block Building System.
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The
Incablock Interlocking Mortarless System
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INCABLOCK™
the Patented interlocking concrete building system. Made up of
component parts that can be mortar or mortarless.
INCABLOCK™
provides greater design flexibility while providing
significantly greater structura
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