Panache Beverage to Acquire Empire Winery and Distillery
NEW YORK, NY -- (Marketwired) -- 06/04/13 -- Panache Beverage, Inc. (OTCQB: WDKA), a premier alcoholic beverage company that produces Wódka vodka and Alibi American Whiskey, has signed an asset purchase agreement to acquire the Empire Winery and Distillery in Hudson, Florida. The move deepens Panache's commitment to the long-term growth and vertical integration of its business.
The expected acquisition of the facility, which is anticipated to re-open as Panache Distillery before the end of 2013 includes right, title and interest to all assets including the buildings, machinery, inventory and equipment. The Panache Distillery will offer full integration of domestic distillation, bottling and sales operations.
James Dale, CEO of Panache Beverage, Inc. explains, "Moving to manufacturing is a critical step for both Panache and its brands. The distillery will provide us with means to manage the supply of our own brands while also providing the parent company with new and diverse revenue streams."
Production of top selling national spirits brands, Wódka and Alibi American Whiskey, will transition to the Panache Distillery. The move strengthens Panache's leadership position within the distilled spirits industry by facilitating control of supply chain and increased margin and cost control.
The distillery acquisition will also diversify the Panache business, adding bulk spirits production and turnkey third-party contract distillation and co-packing as ancillary businesses and additional revenue streams.
Jacob Call, the former Senior Manager of Distillery and Bulk Sales for the largest distillery and spirits bottler in the Southeast United States, has been appointed as the President of Sales and Operations for Panache Distillery.
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About Panache Beverage (WDKA.OB)
Panache Beverage, Inc. (OTCQB: WDKA), 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 continuing to develop its pipeline of new brands in to the Panache portfolio. Panache's existing portfolio contains three brands: Wódka Vodka, Alchemia Infused Vodka and Alibi American Whiskey.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate," "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Further information on Panache Beverages' risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-KSB for the year ended December 31, 2012 and the Form 10-QSB filed March 31, 2013. Panache Beverage does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Investor Contact: William GerhauserPanache Beverage, Inc.Bill@panachespirits.com
Source: Panache Beverage, Inc.