LAS VEGAS, NV, Oct. 03, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- International Spirits and Beverage Group Inc. (OTCQB:ISBG) (“ISBG” or the “Company”), a top-tier brand incubator in the Global Wine & Spirits market, is excited to announce a further dramatic improvement in the balance sheet and capitalization table, featuring the forgiveness and forbearance of a major convertible note with an outstanding value of $145K, as well as the summary cancellation of 7 million outstanding and issued shares. This is the biggest single debt reduction for the Company in its history, and dramatically reduces outstanding obligations.
Moreover, the company continues to work to streamline debt and reduce outstanding shares in the wake of demonstrable strides on both its recent technology venture and its expansion into the CBD products marketplace.
“We have made significant progress in meeting and exceeding our strategic goals so far in 2018, and our core investors recognize this and continue to actively partner with the Company for mutual long-term success,” commented ISBG CEO, Terry Williams. “We are thrilled to see this show of confidence, and would like to express our gratitude, on behalf of all stakeholders in ISBG, to our partners and investors at GPL Ventures. Together, we can make big things happen!”
The move comes in response to manifest progress in the Company’s two primary expansion agendas: the ISBG-Bengala Blockchain Project and the Company’s push into CBD-infused beverages and CBD chews.
The ISBG-Bengala Blockchain Project represents a marriage between the Internet-of-Things and the Blockchain to produce a comprehensive product management solution for the beverage industry involving partnerships with Bengala Technologies LLC, (“Bengala”), a development firm that specializes in tailored technology solutions with an expertise in blockchain and distributed ledger technology, and AirTab, a popular mobile social networking platform drawing on cutting-edge promotional and data analytics reporting, driving real customers to trending bars, restaurants, and hotels for complimentary beverages, while linking #SocialDrinkers together.
The Company’s push into the CBD space is also on the fast track, as exemplified by the recent drafting of a key agreement with a US company specializing in the sale of premium CBD-based products that is set to put the Company into position as a major player in the CBD chews and CBD-infused beverages marketplace. Management expects to release further details on this agreement very soon.
About ISBG: ISBG is a Nevada-based alcoholic beverage company specializing in the development, marketing and global sales of innovative wine and spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands and establishing these brands as viable and profitable. ISBG intends to build its own brands while seeking out individual acquisition candidates to continue to develop its pipeline of new brands into the ISBG portfolio. For more information visit: www.isbg.global
Forward Looking Statements: This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).