JACKSONVILLE, Fla., July 15, 2009 (GLOBE NEWSWIRE) -- Liquor Group Wholesale (OTCBB:LIQR) posted its Fiscal 3rd Quarter results today, documenting twenty-seven periods of consecutive accrued profitability. LIQR posted a modest Basic EPS prior to distributing shares of common stock for both 2008 & 2009 Employee/Vendor/Supplier Stock-sharing plan disbursements and implementation of its annual compensation plan for Officers and Directors. Additionally, the company paid down several supplier balances early to accrue substantial discounts, taking advantage of "cash on hand" rather than leaving it stagnant, and it expended legal and administrative costs associated with preparing for distributor acquisitions, laying the groundwork for consolidation which should continue to benefit the company and shareholders over the long term as acquisitions are announced.
The Company's sales force continues to outpace major supplier inventories. All but one major supplier was able to fulfill outstanding back-orders: Drinks Americas (OTCBB:DKAM) left confirmed orders generated during the last several quarters of more than $830,000 unfilled and did not reimburse Liquor Group for more than $60,000 in marketing expenses. Liquor Group has taken legal action against DKAM to recover revenues and expenses lost.
Liquor Group also achieved new contract positions with major suppliers such as Adamba Imports and renewed contracts with long-time suppliers such as Old St. Andrews Scotch, demonstrating that our Patent-Pending Bailment System is working, even with larger suppliers.
"This was a great quarter for Liquor Group," says Jason Bandy, CFO. "Our U.S. Wholesale operation, although a small part of overall operations (under 10%), has now been publicly-traded for three quarters, and continues to grow and profit; during these tough times, it's nice to know our business model is not just working, it's flourishing!"
Detailed information regarding information contained herein is available in the Liquor Group Wholesale 10Q Report filed 07-15-2009.
About Liquor Group Wholesale
Liquor Group Wholesale (OTCBB:LIQR) is an emerging liquor and wine distribution company representing more than 1700 spirits and wine products with varying degrees of operations in 31 U.S. States. More information available at www.LiquorGroup.com
The Liquor Group Wholesale, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5642
Safe Harbor
Except for the historical information contained herein, the matters set forth in this press release, including the description of the company and its product offerings, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the historical volatility and low trading volume of our stock, the risk and uncertainties inherent in the early stages of growth companies, the company's need to raise substantial additional capital to proceed with its business, risks associated with competitors, and other risks detailed from time to time in the company's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.