LAS VEGAS, Jan. 13, 2017 /PRNewswire/ - International Spirit and Beverage Group Inc., (OTCPK:ISBG) the Company is pleased to announce the release of second and third quarter 2016 financials.
These are the most comprehensive financial statements produced by the company to date. ISBG has worked with their accountant and audit firm to complete a comprehensive audit for 2015 and 2016. The 2016 Q4 financials will be reported on time (due Feb. 15) and will feature the same comprehensive level at the request of the auditors.
"2016 has been a significant year for ISBG. The successful expansion of our innovative Besado Tequila brand surpassed our expectations," CEO Terry Williams said. "We entered into a key domestic distribution deal with one of the nation's premier distributors launching us within our initial target markets, namely Florida, New York, New Jersey, Louisiana, and Texas, providing us with the ideal partner to grow nationally. Furthermore our export potential was realized with a strategic Asian distribution deal that has solidified our true global potential. The successful shipment of our initial 40ft. container of Besado Tequila has resulted in a long-term partnership that should provide the Company with a solid export revenue stream. Details will be forthcoming. At the same time ISBG has renegotiated supplier and manufacturer pricing effectively reducing units costs by over 40% ensuring greater efficiencies, quality and scalability," noted Williams. "Ultimately the Company's goal of 2016 was to create a solid foundation to enter 2017. We are proud to announce this has been accomplished."
ISBG's generated $439,740 in total 2016 sales, with balance sheet reflecting $310,680 in deferred receivables for the final quarter of 2016 in accordance to proper GAAP reporting.
With sales beginning to grow exponentially, ISBG management is now able to focus on strengthening the core of the company. Since the last press release on Dec. 31, the majority of the major debt holders have come forth and offered to restructure their debt in an effort to help the company grow and ease the debt burden. Over 50% of the debt has already been restructured. The Chairman will be reaching out to other debt holders seeking to restructure additional debt. "Our focus needed to be on our launch and creating the necessary foundation to grow our business", noted Williams. "We have reduced debt in 2016 and will continue to restructure and reduce it in 2017".
In note 9, it is documented that the Company returned 97 million shares to the treasury. The shares were originally issued to Top Shelf Brands Holdings, Inc., (OTC:DKTS) to be distributed to the shareholders of record of DKTS. However, due to its current status, DKTS was not able to distribute the shares. ISBG will now handle this distribution and is working with accountants and auditors to complete this process. Furthermore, pursuant to the July 26, 2016 press release, the Company's Directors organized the repurchase of an initial 30 million shares in the open market in an effort to reduce the company's common stock float.
"ISBG has created a brand with true global potential. Besado Tequila has made an impact with eye-catching packaging and a truly innovative proprietary flavor profile. Successfully bringing our own in-house brand to market, and subsequently selling through 100% of initial inventory, has provided us with a tangible asset. New production is underway with expansion into additional markets scheduled for Q2 along with a six-figure integrated social and digital campaign to support and build brand awareness. The Company projects 2017 revenues of $2M-$3M USD and 2018 revenue projections of $10M USD supported by our full complimentary line extensions entering the marketplace. We believe a significant foundation has been created that will allow us to continue to meet our growth projections in 2017 as we increase our stake in the growing global tequila market." Williams said.
About ISBG: ISBG is a Nevada-based alcoholic beverage company specializing in the development, marketing and global sales of innovative wine and spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands and establishing these brands as viable and profitable. ISBG intends to build its own brands while seeking out individual acquisition candidates to continue to develop its pipeline of new brands into the ISBG portfolio. For more information visit: www.isbg.global
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
SOURCE International Spirit and Beverage Group (ISBG)