Kona Gold Beverage, Inc. Updates Multi-Million Dollar Merger and
Posts Over $1.2 Million in Q3 Revenues
MELBOURNE, FL - November 15,
2024 - Kona Gold Beverages, Inc. (OTCPK:
KGKG) is pleased to provide shareholders with an update on its
ongoing strategic initiatives announced in August, including the
anticipated reverse merger with a multi-million-dollar company
along with a corporate name and ticker symbol change. While the
process has experienced delays due to necessary regulatory reviews,
Kona Gold Beverages and its legal team remain in regular, positive
communication with the Financial Industry Regulatory Authority
(FINRA), working diligently to complete the essential name and
symbol changes. This step, once finalized, will pave the way for
executing a merger agreement with the new company.
The company remains
confident in the strategic advantages of this upcoming merger,
which is anticipated to introduce significant assets and revenue,
enhancing value for Kona Gold's shareholders. The target company
boasts multiple product lines and established partnerships with
major retailers known both nationally and internationally,
promising substantial opportunities for growth and expansion.
Recent Financial
Highlights
Kona Gold Beverages
continues to experience strong financial performance. For Q3 of
2024, the company reported approximately $1,237,000 in revenue from
its wholly owned subsidiary, Covert LLC, generating an estimated
gross profit of $547,000 and a net profit of $223,000. Year-to-date
revenue for the first three quarters of 2024 totals approximately
$3,850,000, with a gross profit of $1,653,000 and a net profit of
$495,000.
The company appreciates the
patience and support of its shareholders as it navigates this
transformative period and remains committed to transparent
communication. Kona Gold Beverages looks forward to sharing further
developments as they unfold.
For more information
regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com
About Kona Gold Beverage,
Inc.
Kona Gold Beverage, Inc. is
a holding company that oversees a portfolio of innovative brands.
Through its subsidiary, Covert LLC, the company offers an array of
premium consumer packaged goods (CPG) products. With a strong
presence in both beverage and consumer packaged goods (CPG)
sectors, Covert distributes its products through a wide network of
retailers, ranging from chain retail locations to boutique
specialty shops in multiple states. Headquartered in Melbourne,
Florida, Kona Gold Beverage, Inc. continues to pursue strategic
acquisitions to further broaden its market presence.
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.