Attached files
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EX-10.5 - MATERIAL CONTRACTS - NewAge, Inc. | nbev_ex105.htm |
EX-10.4 - MATERIAL CONTRACTS - NewAge, Inc. | nbev_ex104.htm |
EX-10.3 - MATERIAL CONTRACTS - NewAge, Inc. | nbev_ex103.htm |
EX-10.2 - MATERIAL CONTRACTS - NewAge, Inc. | nbev_ex102.htm |
EX-10.1 - MATERIAL CONTRACTS - NewAge, Inc. | nbev_ex101.htm |
8-K - CURRENT REPORT - NewAge, Inc. | nbev_8k.htm |
Exhibit
99.1
Denver, Colorado
NEW AGE
BEVERAGES CORPORATION CLOSES NEW
$4.75
MILLION FINANCING FACILITY
DENVER, COLORADO, JUNE 21, 2018 – NEW AGE BEVERAGES
CORPORATION (NASDAQ: NBEV), the
Colorado-based organic and natural healthy functional beverage
company dedicated to making a difference for consumers with
better-for-you alternatives, today announced the closing of a $4.75
million debt financing.
KEY HIGHLIGHTS:
-
8% interest note provides immediate working capital to purchase
inventory and continue to meet the needs of New Age’s
expanded distribution and customer base
-
Short-term financing intended to be replaced with permanent
asset-based facility currently being finalized
The bridge financing provides for the immediate purchase of
inventory and working capital needs in a major current ramp-up
period for the Company. $2 million of the proceeds will be used to
eliminate the Company’s current line of credit with US Bank,
with the remainder of the proceeds being utilized for inventory.
New Age expects to replace this current short-term financing with a
more substantial and lower cost three-year asset-based credit
facility that it is currently in the process of being
documented.
Chuck Ence, CFO of New Age Beverages commented, “The new
credit facility comes at the right time for our Company and allows
us to continue the progress we have made in our expanded
distribution. Our capital need is a good problem to have as the
reorders on our brands from major customers and distributors have
been robust, especially on our new, higher margin products. This
facility, although short-term, will bridge our working capital
requirements until we finalize our new permanent facility, which we
believe will satisfy our working capital needs for the foreseeable
future .”
About New
Age Beverages Corporation (NASDAQ: NBEV)
New Age Beverages Corporation is a Colorado-based healthy
functional beverage company that was created in 2016 and 2017 with
the combination of Búcha Live Kombucha®, XingTea®,
Coco-Libre®, and Marley®, to create a one-stop-shop
solution for retailers and distributors providing healthier
beverages in the disruptive growth segments of the $870
Billion-dollar non-alcoholic beverage industry. In that period, New
Age has become the 54th
largest beverage company, the
8th
largest healthy beverage company, and
the fastest growing in the world. New Age competes Ready to Drink
(RTD) Tea, RTD Coffee, Kombucha, Energy Drinks, Relaxation Drinks,
Coconut Waters, Functional Waters, and Rehydration Beverages with
the brands Búcha® Live Kombucha, XingTea®,
XingEnergy®, Marley One Drop®, Marley Mellow Mood®,
Marley Mate™,
Marley Cold Brew™,
Coco-Libre®, PediaAde™, and Aspen Pure® PH and
Aspen Pure® Probiotic Water. The Company’s brands are
sold across all 50 states within the US and in more than 10
countries internationally across all channels via direct and store
door distribution systems. The company operates the websites
www.newagebev.com,
www.newagehealth.us,
www.mybucha.com,
www.xingtea.com,
www.aspenpure.com,
www.drinkmarley.com,
www.cocolibre.com,
and https://shop.newagebev.com.
New Age has exclusively partnered with the world's 5th largest
water charity, WATERisLIFE, to end the world water crisis with the
most innovative technologies available. Donate at WATERisLIFE.com
to help us #EnditToday.
Safe Harbor Disclosure
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are any statement reflecting
management's current expectations regarding future results of
operations, economic performance, financial condition and
achievements of the Company including statements regarding New Age
Beverage’s expectation to see continued growth. The
forward-looking statements are based on the assumption that
operating performance and results will continue in line with
historical results. Management believes these assumptions to be
reasonable but there is no assurance that they will prove to be
accurate. Forward-looking statements, specifically those concerning
future performance are subject to certain risks and uncertainties,
and actual results may differ materially. New Age Beverages
competes in a rapidly growing and transforming industry, and other
factors disclosed in the Company's filings with the Securities and
Exchange Commission might affect the Company’s operations.
Unless required by applicable law, NBEV undertakes no obligation to
update or revise any forward-looking statements.
For investor inquiries about New Age Beverages
Corporation please
contact:
Cody Slach, Liolios Group,
Inc.
Investor Relations Counsel
Tel 949-574-3860
NBEV@Liolios.com
New Age Beverages Corporation
Chuck
Ence, CFO
303-289-8655
Cence@newagebev.com