Kona Gold Beverage Inc. Signs Letter of Intent wit

Kona Gold Beverage Inc. Signs Letter of Intent with Bemax, Inc. to Sell Kona Gold, LLC

Kona Gold Beverage Inc. Signs Letter of Intent with Bemax, Inc. to Sell Kona Gold, LLC



Company Executing Ongoing Growth Initiatives



Melbourne, FL -- August 7, 2024 -- InvestorsHub NewsWire -- Kona Gold Beverage Inc. (OTC Pink: KGKG), is excited to announce the signing of a Letter of Intent (LOI) with Bemax, Inc. (OTC Pink: BMXC) to sell Kona Gold, LLC. This strategic agreement is a key step in fulfilling Kona Gold Beverage's initiative to bring in new management and shift the company's direction, leveraging fresh perspectives and capabilities to drive future growth and success. Simultaneously, it aids Bemax in expanding their product offerings in the consumer-packaged goods (CPG) space.

The acquisition will combine Kona Gold's innovative beverage products with Bemax's extensive distribution network, increasing market share and driving sales. Both companies will benefit from shared resources and operational synergies, enhancing efficiency and reducing costs. This collaboration will enable Kona Gold to introduce its products to new markets and demographics, aligning with its growth strategy and commitment to shareholder value, while focusing on co-developing new product lines leveraging Bemax's distribution channels and Kona Gold's product innovation.

Jermain Strong, President of Kona Gold Beverage, stated, "This LOI with Bemax, Inc. represents a significant milestone for Kona Gold. We believe Bemax is the perfect fit to take Kona Gold, LLC to the next level in business. Their extensive distribution network and commitment to innovation align seamlessly with our vision, and we are excited about the potential this acquisition holds for expanding Kona Gold's presence."

Taiwo Aimasiko, CEO of Bemax, Inc., commented, "We are thrilled to move forward with the acquisition of Kona Gold, LLC. This acquisition aligns perfectly with our goals to expand our product portfolio and strengthen our position in the CPG industry. Kona Gold's innovative approach and established market presence are a valuable addition to our company, and we look forward to leveraging their strengths to drive mutual growth and success."

The acquisition is subject to customary closing conditions and regulatory approvals. Bemax anticipates completing the transaction in the coming months, with integration efforts commencing immediately thereafter. This acquisition is expected to contribute positively to Bemax's revenue and market position, further enhancing shareholder value.

In recent news, Kona Gold Beverage, Inc. announced that it is actively engaging with several companies to explore a strategic reverse merger. This initiative aims to bring in new management and shift the company's direction, utilizing innovative ideas and expertise to propel future growth and success. This move is intended to ensure a brighter future for the company and its shareholders, and to continue the current management team's best efforts to distance itself from past management.

For more information regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com/

About Kona Gold Beverage, Inc.

Kona Gold Beverage, Inc., operates as a holding company for innovative brands. Through its subsidiaries, Kona Gold LLC and Covert LLC, it offers a diverse range of healthy energy drinks and other premium products and distribution services. Kona Gold, LLC, currently under LOI to be sold to Bemax, Inc. (OTCPK: BMXC), offers a premium line of energy drinks caters to health-conscious consumers, alongside its innovative HighDrate D9 Drinks. Covert LLC, operating out of Charlotte, NC, specializes in high-quality products, including Delta-8, THCa, THC-P, and Kratom. Headquartered in Melbourne, Florida, Kona Gold Beverage, Inc. is actively engaged in expanding its market presence through strategic acquisitions.

Investor Relations Contact:
Phone: 844-714-2224
Email: investorrelations@konagoldbeverage.com