Watertown, NY, June 15, 2022 (GLOBE NEWSWIRE) -- 1812 BREWING COMPANY, INC. (OTC Pink: KEGS) (the "Company" or “KEGS”) Chairman and Chief Executive Officer, Thomas W. Scozzafava, issued the following update to its shareholders today:
Dear Shareholders:
I am pleased to address shareholders at this critical time to take inventory of our progress and accomplishments to date, as well as look forward towards what we hope to accomplish. KEGS is an operator of and investor in companies in the craft beer industry. The Company seeks to build a nation-wide network of craft breweries to develop and foster respective brand growth at the local, regional, and national level. KEGS looks to build a network wherein certain economies of scale can be shared across it such as production, distribution expansion, inter-member contract brewing, new product development, sharing of best brewery practices and scale logistics and transportation. The network is to be built through investment by 1812 Brewing Company while maintaining the members’ respective local and regional uniqueness, brand autonomy and direct involvement with its consumers. The Company seeks to be an “incubator” of growth for its holdings in the industry.
With regards to the Company’s initial holding, Sackets Harbor Brewing Company, which recently changed its trade name to 1812 Brewing Company, (“1812 Brewing”), I am very pleased to outline the following accomplishments over the last several months:
- KEGS recently acquired high speed bottle labeling and filling station is now producing at a rate of 1,500 bottles per hour. While we expect the productivity to increase by another 100%, our progress dialing into the equipment’s maximum output is progressing well. Continued progress will be the key to releasing other bottled products in our portfolio.
- KEGS will aggressively pursue restructuring the Notes of KEGS’ two largest convertible note holders. Management is committed to eliminating these Notes.
- As stated previously, KEGS is seeking a major acquisition or series of acquisitions. To help accomplish this, KEGS engaged Tully & Holland, a highly regarded Mergers and Acquisitions investment bank specializing in advising consumer products companies such as breweries.
- KEGS has begun early-stage discussions with a number of breweries – both small and large – for potential acquisition and/or investment. Management hopes to consummate a transaction in the coming weeks.
- Our desire is to up-list KEGS to NASDAQ. The most likely scenario under which this would happen is through the acquisition of a significantly larger microbrewery and a simultaneous NASDAQ up-listing. We will aggressively pursue this strategy.
I hope that you have found this helpful and enlightening. I am committed to regularly communicating to our shareholders updates on the above matters and on any further developments at KEGS.
Cheers!
About 1812 Brewing Company (“KEGS or the “Company”):
KEGS is an operator of and investor in companies in the craft beer industry. The Company seeks to build a nation-wide network of craft breweries to develop and foster respective brand growth at the local, regional, and national level. KEGS looks to build a network wherein certain economies of scale can be shared across it such as production, distribution footprint expansion, inter-member contract brewing, new product development, sharing of best brewery practices and scale logistics and transportation. The network is to be built through investment by 1812 Brewing Company while maintaining the members’ respective local and regional uniqueness, brand autonomy and direct involvement with its consumers. The Company seeks to be an “incubator” of growth for its holdings in the industry.
The Company’s current holding, 1812 Brewing, produces award-winning beers such as War of 1812 Amber Ale (“1812 Amber Ale”), 1812 Light, Hazy Oasis Pale Ale, Thousand Islands IPA, Malicious Intent XX IPA, Route 11 Lager, Railroad Red Ale, Helles Bells Pilsner, St. Stephens Stout, Third Rail Porter, Featherhammer Maibock.
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Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
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