PORTLAND, Ore., Dec. 1, 2016 /PRNewswire/ -- Eastside Distilling, Inc. (OTCQB: ESDI) ("Eastside" or the "Company"), today announced that the Chinese government has approved the company's portfolio of craft spirits for importation and sale in China. The governmental approval covers Eastside's whiskey portfolio of Burnside Bourbon, Barrel Hitch American Whiskey, Cherry Bomb Whiskey and Marionberry Whiskey, as well as Portland Potato Vodka.
"I am delighted to announce our award-winning portfolio of craft spirits is now cleared for sale into China," commented Steven Earles, president of Eastside Distilling. "This approval is the culmination of two years of efforts, including government mandated testing and review, and is a big step forward in our effort to grow international sales. The Asia Pacific region accounts for approximately 50% of the global whiskey market, representing a significant opportunity. I also believe our Portland Potato Vodka will appeal to discerning Chinese consumers looking for grain vodka alternative. I look forward to working with distributors in the region to bring our craft whiskeys, bourbons, rums and vodka to the Chinese consumers."
According to a recent CNBC article, Western spirits are starting to see a recovery in China, driven by demand from the growing middle class for premium and iconic American brands. That demand is being boosted by whiskey bars and tasting clubs, which have focused on imported spirits. Meanwhile, more Chinese restaurants are stocking premium imports.
China's spirits industry is forecast to generate $143.2 billion in sales in 2016, according to statistics compiled by Euromonitor International and cited by the Distilled Spirits Council of the United States, a trade group. This increase of 8.3% would be the best annual growth since 2011. U.S. spirits exports to China reached an all-time high of $15.1 million in 2015, up 35 percent from 2013 levels.
About Eastside Distilling
Eastside Distilling, Inc. (OTCQB: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master crafted spirits since 2008. Makers of award winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbolOTCQB: ESDI. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue, and profitability. The Company assumes no obligation to update the cautionary information in this release.
Robert Blum, Joe Diaz or Joe Dorame
Lytham Partners, LLC
SOURCE Eastside Distilling, Inc.