NEW YORK, April 28, 2014 /PRNewswire/ -- Panache Beverage Inc. (OTCQB: WDKA) (the "Company" or "Panache") announced in a Form 8-K filed with the Securities and Exchange Commission on April 23, 2014 that the board of directors accepted the resignations of key members of the company's executive team including James Dale (President/CEO), Agata Podedworny (COO), and Sjoerd de Jong (Vice President of Sales). Michael Romer, Managing Director of Panache, has been appointed interim President and CEO.
The executive changes resulted from a review of the Company's current business strategy with Panache's senior secured lender, Consilium Investment Management, Ltd., which has terminated its financial advisory agreement with the Company. Consilium and Panache are currently negotiating the terms and conditions of a modification of the Company's debt and a revised business strategy that would ensure the long-term viability of Panache. In addition, Panache is interviewing potential candidates to replace senior management.
"Panache is operating its business as usual," commented Michael Romer. "Our distribution and logistics partners remain unchanged and our marketing agency of record remains in place. Sales support of the brands continues."
Panache Distillery, LLC, based out of central Florida, continues its operations and is led by its President, Jacob Call. Panache and Consilium may consider additional investment capital to increase the distillery's bulk sales, distilling and co-packing production capabilities.
About Panache Beverage
Panache Beverage, Inc., based in New York, NY, is an alcoholic beverage company specializing in the development, global sales and marketing of spirits brands. The company's expertise lies in the strategic development and aggressive early growth of its brands establishing its assets as viable and attractive acquisition candidates for the major global spirits companies. Panache intends to build its brands as individual acquisition candidates while developing, creating and expanding its portfolio via the Panache Distillery. Panache's existing portfolio consists of the brands: Wodka Vodka, Alchemia Infused Vodka, Alibi American Whiskey, Spirytus Vodka, Old South Shine Vodka in addition to the forthcoming OGB line of spirits.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. This press release may contain certain statements of a forward-looking nature relating to future events or future business performance. Any such statements that refer to the Company's estimated or anticipated future results or other non-historical facts are forward-looking and reflect the Company's current perspective of existing trends and information. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, risks and uncertainties detailed in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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