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.
Safe Harbor
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.
Press Release Contact Information:
Press Inquiries
PR
Panache Beverage Inc.
(212)691-6292
pr@panachespirits.com
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SOURCE Panache Beverage Inc.