MELBOURNE, Fla., April 18, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Kona Gold Solutions, Inc. (OTC PINK: KGKG), a hemp and CBD lifestyle brand focused on product development in the functional beverage sector, is pleased to announce that the Company has accepted the retirement of 650,000 shares of Preferred Series B stock. Robert Clark, who was the sole owner of Preferred Series B stock, received per his employment agreement, has agreed to retire his shares at no expense to the Company. The Company also has announced it will be amending the Articles of Incorporation to lower the authorized shares from 1,000,000,000 to 900,000,000 and to cancel Preferred Series B shares designation.
“The Company has experienced exponential growth over the last six to eight months, and with the great position the Company currently is in, we felt it was imperative to tighten up our share structure, which should add shareholder value and confidence,” stated Robert Clark, CEO of Kona Gold Solutions, Inc. “With no outstanding Preferred B shares remaining, the Company will be amending our Articles of Incorporation to remove that preferred designation. We will also be reducing the Authorized Shares by one hundred million shares to nine hundred million.”
Mentioned in the Company’s previous press release, the Company has seen substantial growth over the last 6 months with its current product offering and had a record first quarter, posting revenues over $260,000, which it will be releasing in its quarterly disclosure later this month. With repeat orders from some of the Company’s larger accounts, such as Huck’s and Kentucky Eagle, new orders from the majority of the Company’s other distribution partners, the launch of new flavors, and the release of Kona Gold’s all new Storm CBD High Alkaline Water, the Company has forecasted revenues of $400,000 for the second quarter of 2019. These projections make the Company profitable in the second quarter of 2019.
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Kona Gold Solutions, Inc., a Delaware Corporation, has created wholly owned subsidiaries, Kona Gold LLC, HighDrate, LLC, and Gold Leaf Distribution, LLC. Kona Gold, LLC has developed a premium Hemp Infused Energy Drink line; please visit the Company’s website at www.konagoldhemp.com. HighDrate, LLC has developed the beverage industry’s first CBD Energy Water, available in 4 delicious flavors; please visit the Company’s website at www.highdrateme.com. Gold Leaf Distribution, LLC was created to fill the Company’s distribution needs in markets it wants to quickly enter. The Companies are located on the east coast of Florida in Melbourne.
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The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
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