NEWPORT, R.I., April 23, 2020 /PRNewswire/ -- Fizzics Group Inc., the technology company revolutionizing the way people drink beer, announced today that the company emerged from Chapter 11 bankruptcy protection by successfully completing a debt restructuring and implementing the reorganization plan confirmed in the U.S. Bankruptcy Court for District of Delaware on March 26, 2020.
"Our ability to successfully emerge from bankruptcy is a testament to our brand, the hard work of many people, and an unwavering commitment to our customers," said Fizzics President and Chief Executive Officer Thomas Steckbeck. "We achieved all of the key objectives we set for ourselves at the beginning of this process. Most importantly, we've implemented a more sustainable business model, which will allow us to better monetize our IP and capitalize on the growth opportunities ahead."
As a result of completing the bankruptcy process, the company restructured its debt and will issue new equity, which is subject to dilution in connection with future stock issuances, including issuances to potential new equity investors and option grants to key personnel and strategic partners. The reorganization will allow the company to accelerate new product development, increase marketing, better serve its customers, and expand into new markets.
Upon closing, Mr. David McDonald, co-founder and CTO, stepped down from the day-to-day operation of the company and has been retained by the company as a technical consultant. Mr. Steckbeck, who previously served as Fizzics' Chief Commerce Officer and had been serving as President and Chief Executive Officer, shall continue in that role as well as serve on the Company's new Board of Directors. Mr. Steckbeck managed the orderly closeout of the now-discontinued Waytap product, guided the company through the reorganization, and successfully launched the new DraftPour product line.
Questions regarding the Company's reorganization plan may be directed to [email protected].
Fizzics Group Inc is a Rhode Island-based technology company which manufactures, markets, and sells products under the Fizzics brand name. The company was founded on the belief that beer lovers deserve that fresh-from-the-tap-taste even when they can't make it to their favorite bar or brewery. Fizzics' patented Micro-Foam™ technology uses sound compression and fluid dynamics to convert cans, bottles, and growlers of beer into nitro-style draft. With an unparalleled focus on discovery, and tasting every beer we can find, Fizzics is committed to improving the aroma, flavor, and mouthfeel of all beer styles. Fizzics was featured on the Season 8 Premier of ABC's hit show Shark Tank. DraftPour, the company's third-generation of consumer-facing products, is available at www.fizzics.com and retailers such as Amazon, Walmart, and Target, as well as Fizzics distribution partners around the world.
SOURCE Fizzics Group