Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt
Purchase Negotiation
The Company is seeking to tighten its share structure, negotiate
debt payoffs, and limit stock conversions
MELBOURNE, FL --
July 17, 2024 -- InvestorsHub NewsWire -- Kona Gold Beverages is
pleased to announce that its management team has initiated
discussions with its largest debt holder to negotiate the purchase
and complete removal of the debt from the company's financial
statements. This strategic move aims to eliminate the need for any
future debt conversions, providing a stronger financial foundation
for the company's growth and development.
The management team
has conducted thorough research and data analysis, demonstrating
that the past conversions and sales associated with its largest
debt holder having yielded substantial returns. With this solid
groundwork, Kona Gold Beverages is confident that a mutually
beneficial agreement can be reached, enabling the company to retire
the debt completely.
The Company's
primary goal is to strengthen Kona Gold Beverages' financial
position and pave the way for new investments and opportunities.
The Company believes that by removing this significant financial
obstacle, they can drive the company's growth and success to new
heights.
By pursuing this
debt purchase and removal, Kona Gold Beverages aims to enhance its
attractiveness to potential investors, ensuring a clear and
compelling path forward. The company is committed to maintaining
transparent and open communications with all stakeholders
throughout this process.
Kona Gold Beverages
is pleased to announce the successful initiation of a production
run for its HighDrate drinks. The initial production runs were
smooth, with the cans boasting a striking appearance and the taste
receiving positive feedback. However, subsequent to these runs, the
manufacturer has been unresponsive and has proven unable to meet
Kona Gold's large order demands. Consequently, Kona Gold Beverages
is actively collaborating with several other manufacturers to
ensure the timely and efficient production of HighDrate drinks,
aiming to bring them back on track and to market as soon as
possible.
Kona Gold Beverages
would like to provide an update on the company's name change to
NuVibe, Inc. The process is still underway, with an attorney having
been retained, compensated, and diligently working on the necessary
steps. This will be an extremely positive step forward for the
company and its new direction. We are hopeful to have more concrete
updates in the next few weeks and appreciate the patience and
support of our shareholders during this transition.
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, Covert LLC, and
Surge Distribution, LLC, it offers a diverse range of healthy
energy drinks and other premium products and distribution services.
Kona Gold's 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.
Surge Distribution, LLC, operating out of Melbourne, FL, is a
diverse distribution company offering beverage and CPG products to
a variety of retail locations from big box grocery stores to small
family-owned specialty shops. 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
Safe
Harbor Statement:
The
information posted in this release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify these statements by use of the
words "may," "will," "should," "plans," "expects," "anticipates,"
"continue," "estimate," "project," "intend," and similar
expressions. The Company may also make written or oral
forward-looking statements in its filings with the U.S. Securities
and Exchange Commission, in press releases and other written
materials, and in oral statements made by its officers, directors
or employees to third parties. There can be no assurance that such
statements will prove to be accurate. The Company cautions that
these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the
Company's Annual Reports on Form 10-K and its other filings with
the Securities and Exchange Commission. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated. These risks
and uncertainties include, but are not limited to, general economic
and business conditions, effects of continued geopolitical unrest
and regional conflicts, competition, changes in technology and
methods of marketing, delays in completing various engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technological advances and
delivering technological innovations, shortages in components,
production delays due to performance quality issues with outsourced
components, and various other factors beyond the Company's control.
The Company does not undertake any obligation to update publicly or
to revise any statements in this release, whether as a result of
new information, future events, or otherwise.