Charleston, S.C., May 14, 2020 – Charlestowne Premium Beverages Inc. (OTC PINK: FPWM), the “Company”), is looking to become a significant presence in the premium cannabidiol (CBD) infused alcohol space. With the easing of Covid-19 lockdown restrictions internationally, the company is resuming plans and activities to implement its short-term business goals. These include rekindling distribution partnerships and product development programs.
As countries imposed nationwide lockdowns to contain the Covid-19 pandemic, consumers around the globe unsurprisingly took to alcoholic beverages as a means to improve their lockdown experience. When restaurants and bars were forced to close their doors, shoppers headed to off-premise sites to purchase beer, wine, and spirits, resulting in double-digit growth in alcohol-based products worldwide.
Further, during the Covid-19 pandemic, the premiumization of the sector—whereby consumers buy alcohol at higher prices per volume on average—has continued, as people transfer their on‐premise spending to at‐home consumption. In this sense, it is possible that beyond the rise in the amount of drinking, the growth in the sector is also being driven by consumers looking for higher quality products.
“Looking at the life-changing policies imposed across the world for the past eight weeks, it is encouraging that we have found that spirits industry sales increased during the shutdown period, as well as people’s growing interest in premium products. These provide great opportunities for us, while additionally we have noticed that overall product development in the market has lagged. As the world economy re-opens, there is pent up energy to aggressively pursue product development,” said Martin D. Ustin, company CEO. “We want to position FPWM to be ready to take advantage of the re-opening. We have noticed that the strongest recent growth is in the premium product sector (where quality counts), and that is at the core of our company philosophy.”
As a matter of priority, contacts with South American suppliers have been re-established and several new unique product and packaging programs have been rekindled. The Company is finalizing the change approval process with FINRA to complete its official rebranding to Charlestowne Premium Beverages. As business operations resume, FPWM expects to share additional announcements in the coming weeks.
About Charlestowne Premium Beverages Inc.
Charlestowne Premium Beverages Inc (FPWM) is a company that develops, produces, markets, and distributes alcoholic beverages worldwide. The Company’s portfolio showcases spirit brands such as Papa Vodka, Crocodile Tears Vodka, Proprietor’s Reserve Whiskey, and Lord Proprietor’s Special Reserve Whiskey. The company also has wholesaler and import permits from the Alcohol and Tobacco Tax and Trade Bureau,the governing body for spirits in the U.S. under the Department of the Treasury.
To learn more, please visit www.charlestownepremiumbeverages.com and follow us on Twitter at @CharlestowneCB1
Safe Harbor Statement: This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward- looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward- looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company’s ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company’s contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic