Highlights Include Cumulative Quarterly Growth through EOY
Fort Lauderdale, Florida, March 15, 2021 – – Splash Beverage Group, Inc. (OTCQB: SBEV) (https://www.SplashBeverageGroup.com), a holding company of leading portfolio of beverage brands, announces today the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission on March 8, 2021 (the “Annual Report”).
Highlights from the report include:
- The Merger of the Company’s wholly-owned subsidiary with Splash Beverage Group, Inc as the surviving entity. The Merger was consummated on March 31, 2020.
- Name and Ticker Change: On July 31, 2020, the Company changed its name to Splash Beverage Group, Inc. and the Company’s common stock became quoted on the OTCQB under the symbol SBEV.
- Bill Meissner joins the company as CMO and Sales President: On May 20th, 2020, Bill Meissner comes to the company with significant experience in the beverage industry. He has served as president and / of CEO of Fuse, Sparkling Ice, Jones Soda, Sweet Leaf Tea and others.
- Peter McDonough joins the Company as an independent board member: Peter J. McDonough, age 62, has served as an independent director of the Company since March 31, 2020 and previously served as a member of the board of directors of Splash Beverage Group, Inc. beginning in 2014. Mr. McDonough served as President, Chief Marketing and Innovation Officer for Diageo North America from 2006 to 2015. Prior to joining Diageo, Mr. McDonough was Vice President, European Marketing at The Procter & Gamble Company from 2004 to 2006, where he led the Duracell Battery and Braun Appliance marketing organizations. From 2002 to 2004, Mr. McDonough was a member of the business school faculty and lecturer at the University of Canterbury in Christchurch, New Zealand. Prior to this academic post he served as Vice President of Marketing for Gillette North America’s Blade Razor & Grooming Products Business where he directed the market launch of industry leading shaving brands like Mach3 Turbo Razors, Venus Razors and Right Guard Extreme Anti-perspirants. Earlier in his career, Mr. McDonough served as Director of North American Marketing at Black & Decker where he was involved in launching the DeWalt Power Tool Company. Mr. McDonough received a B.A. from Cornell University and a Master of Business Administration from the Wharton School of Business.
- Financing Activities: During the first quarter of 2021 SBG raised through a private placement with accredited investors an aggregate of $4,000,000 in gross proceeds from the sale of 3,637,064 shares of its common stock and warrants to purchase additional shares (one warrant for each two shares purchased)shares of common stock at a combined purchase price of $1.10. The exercise of the warrant is $1.10 per share subject to adjustment as set forth in the warrant.
As of February 22, 2021, SBG has raised more $9 million, which resulted in the cancellation of the rescission rights held by certain investors as part of the terms of their conversion agreements.
- Copa di Vino Acquisition: On December 24, 2020, SBG consummated an Asset Purchase Agreement (the “APA”) with Copa di Vino Corporation (“CdV”), to purchase certain assets and assume certain liabilities that comprise the Copa di Vino business for a total purchase price of $5,980,000. CdV is one of the leading producers of premium wine by the glass in the United States with its primary offices and facilities in The Dalles.
- Cumulative Quarterly Sales Growth: As demonstrated in the graph below, SBG has achieved historical Q over Q sales growth in 2020. beginning with $112,003 in Q1 sales, $612,308 in Q2, $1,009,615 in Q3 and $1,242,013 in Q4 with a total of $2,975,939 in sales for EOY 2020
The full 10-K Annual Report for OTCQB: SBEV can be found on the SEC website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1553788/000173112221000336/e2408_10-k.htm
About Splash Beverage Group, Inc.:
Splash Beverage Group specializes in manufacturing, distribution, sales & marketing of various beverages across multiple channels. SBEV operates in both the non-alcoholic and alcoholic beverage segments which they believe leverages efficiencies and dilutes risk.
SBEV believes its business model is unique as it ONLY develops/accelerates brands it perceives to have highly visible pre-existing brand awareness or pure category innovation.
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation inability to enter into a definitive agreement with respect to the proposed transaction or to complete the transactions contemplated by the non-binding term sheet, matters discovered by the parties as they complete their respective due diligence investigation of the other. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
SOURCE: Splash Beverage Group, Inc.