Kona Gold Beverage Significantly Reduces Debt from Multiple
Holders
Company pays off high interest debt and reaches debt settlement
with debt holder
MELBOURNE, FL -- July 31,
2024 -- InvestorsHub NewsWire -- Kona Gold Beverages, Inc.
(OTCPK:
KGKG), is pleased to inform its shareholders of significant
progress in reducing the company's debt and enhancing its financial
stability. The management team has successfully paid off one of the
high-interest loans taken from Merchant Cash Advance (MCA)
companies in 2023, with the original amount being $312,750. The
company has only two payments remaining on the second MCA loan,
originally $274,000. These actions represent a major step towards
financial recovery and growth.
Additionally, Kona Gold
Beverages has successfully negotiated an agreement with the holder
of a $260,000 line of credit, involving a stock exchange agreement
instead of direct repayment. The shares involved in this agreement
will have a two-year holding period, providing further stability
and aligning the interests of stakeholders with the company's
long-term growth.
Under previous management,
the company accumulated substantial debt, which has been a
significant barrier to growth. The new management team is committed
to cleaning up the balance sheet and setting the company on a path
to success. Kona Gold Beverage's primary goal remains to strengthen
its financial position, enabling new investments and
opportunities.
The Company is currently in
negotiations with its largest debt holder to fully eliminate this
debt, the final major hurdle in our debt reduction strategy. Kona
Gold Beverages will continue to update shareholders on its progress
as the Company eliminates remaining debts and focus on driving
growth and success.
Kona Gold Beverage
appreciates the continued support of its shareholders as the
Company works diligently to secure a prosperous future for Kona
Gold Beverages.
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.