Splash Beverage Group Announces Successful First Tranche of Capital Raise for Strategic Acquisition
FORT LAUDERDALE, FL, October 16, 2024 (Newswire.com) - Splash Beverage Group (NYSE American:SBEV) ("Splash" or the "Company"), a portfolio company of leading beverage brands, is excited to announce continued fundraising progress to expand its market presence and support working capital. This updates the earlier announcement on August 22, 2024, with a larger executed contracts total of $7.6 million.
The capital raise was achieved through private placement of convertible notes, as previously disclosed, as well as equity in the pending acquisition, which has attracted interest from new accredited and preexisting investors. This influx of capital will provide Splash Beverage Group with essential working capital for its legacy businesses while enabling it to pursue a complementary acquisition anticipated to enhance the company's product offerings and operational efficiencies.
"We are thrilled to have secured this funding, which positions us to accelerate our growth strategy," said Robert Nistico, CEO of Splash Beverage Group. "We are currently under a Letter of Intent (LOI) with a complementary beverage company that aligns perfectly with our vision. This will allow us to leverage our strengths and deliver enhanced value to our customers and shareholders. Due to confidentiality, we cannot disclose the name of the acquisition at this time but will when definitive agreements have been executed. I will just say that it is not related to the previously announced Western Son acquisition."
"This capital raise demonstrates the confidence our investors have in our growth strategy and the long-term potential of our business," added Robert Nistico. "We are committed to executing our vision and creating sustainable value for our shareholders."
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About Splash Beverage Group, Inc.
Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and non-alcoholic beverage brands including Copa di Vino wine by the glass, SALT flavored tequilas and Pulpoloco sangria. Splash's strategy is to rapidly develop early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution.
For more information visit:
www.SplashBeverageGroup.com
www.copadivino.com
www.drinksalttequila.com
www.pulpo-loco.com
Forward-Looking Statement
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, the risks disclosed in the Company's Annual Report on Form 10-K filed with the SEC on March 8, 2021, and in the Company's other filings with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
Contact Information:
Splash Beverage Group
Info@SplashBeverageGroup.com
954-745-5815
SOURCE: Splash Beverage Group
Source: Splash Beverage Group, Inc.