LAS VEGAS, March 31, 2017 (GLOBE NEWSWIRE) -- International Spirit and Beverage Group Inc., (a Nevada Corporation) (OTC:ISBG) is pleased to announce that today the company has filed its 2016 year end financial reports with the OTC.
The company has been diligently working to get all financial documentation in order for the anticipated audit so the company can move forward into a fully reporting status from voluntary reporting.
"We have made a marvelous transition from a development stage company to a company generating revenues," said ISBG Chairman and President, Alonzo Pierce. "Our revenues and deferred revenues demonstrate a successful proof of concept and show the company is ready for sustained growth."
The company, whose audit will consist of 2015 and 2016 financials, shows value for an early stage growth company. Although much has been financed through debt, the company felt the financing was necessary to implement the business plan.
"We are working on other types of financing at this time to supplement our revenues until that time when the revenue can sustain the company," Pierce said. "We didn’t realize early on this financing was going to affect us as we felt the company would grow fast enough to eliminate the debt without the heavy conversions. As previously announced, we have negotiated reductions to help us avoid some of these conversions."
Pierce was also pleased that the company cut its net loss tremendously from 2015 and that the company significantly reduced the need to accumulate additional debt financing in 2016.
"These financials are validation that the company is swiftly moving forward with a focus on increasing shareholder value which starts with product sales and increasing brand awareness," Pierce said. "We are also set to complete issuance process of ISBG shares to DKTS shareholders of record, pay off note holders, and to add value to those who hold deposits in DTC. By adding additional distributors and retailers around the country, ISBG is ensuring that it will have a long-term, sustainable revenue stream."
The pictures and videos posted to Twitter recently were a current production run to use up the existing labels as per regulations prior to the release of our new label. The bottles were pre-sold and are for an increased order with our existing wholesaler. “I am directing this company to a sustainable revenue stream by adding additional distributors and retailers through regular meetings around the country. Traditional valuations of alcohol brands runs at 7 times annual revenue and we expect to grow revenue in the high double digits over the next fiscal year. We will continue to update shareholders through Twitter and social media to preserve capital for the important parts of growing the business,” continued Pierce.
ISBG is committed to transparency and will continue to update shareholders through Twitter and social media to preserve capital for growing the important parts of the business.
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 the Securities and Exchange Commission and available at www.sec.gov .
For Additional Investor Information: International Spirit & Beverage Group, Inc. info@isbg.global
