DENVER, CO / ACCESSWIRE / November 13, 2018 / NEW AGE BEVERAGES CORPORATION (NASDAQ: NBEV), the Colorado-based healthy lifestyle company focused on becoming the world’s leading healthy beverage company, today announced the appointment of Gregory C. Fea as its new Non-Executive Chairman of its Board of Directors.
Mr. Fea was chosen by his peers on the New Age Board to take on the leadership role following his outstanding service as an independent director for New Age over the past 18 months. In that period, Mr. Fea has helped strategically guide New Age to uplist onto the NASDAQ exchange, complete four acquisitions, capture more than $15 million in cost synergies, and execute its one-stop-shop of healthy beverages strategy. He has oversaw the re-creation of a brand portfolio all competing in the growth segments of the beverage industry, a doubling of retail distribution and penetration to alternative channels, E-Commerce, and Foodservice, and has overseen the strengthening of New Age’s balance sheet with ≈$40MM in cash, $0 debt, over $100MM in assets, and 11 patents.
Mr. Fea brings a wealth of global experience in the consumer goods industry and depth of experience with joint ventures and distribution partnerships with major beverage companies including The Coca-Cola Company. He was previously the Chief Executive Officer for Illy Coffee, and held various General Management leadership positions with Danone, Cadbury Schweppes, and EJ Gallo. Mr. Fea commented, “Neil Fallon did a superb job as Chairman over the past few years, and it is an honor to be taking over the reins from him. New Age is now a very different company than it was at inception a little more than two years ago, and I look forward to helping lead it to the next level.”
New Age recently announced its planned launch of CBD-infused beverages and completed an at-the-market financing of near $40 million. Brent Willis, Chief Executive Officer of New Age commented, “We have very specific intentions for our newly raised capital. I look forward to working even more closely with Greg in deploying our resources to create the most value for shareowners, and leading New Age to the next milestone in our journey to become the world’s leading healthy beverage company.”
About New Age Beverages Corporation (NASDAQ: NBEV)
New Age Beverages Corporation is a Colorado-based healthy beverage company focused on inspiring, educating, and hydrating consumers. The Company is the only one-stop-shop of healthy beverages and includes the brands f Búcha Live Kombucha®, XingTea®, Coco-Libre®, and Marley®. New Age growth segments of the >$1 trillion-dollar non-alcoholic beverage industry, is the 54th largest non-alcoholic beverage company, one of the largest healthy beverage companies, and the fastest growing in the world over the past two years. The Company’s brands are sold across all 50 states within the US and in more than 10 countries internationally across all channels via a hybrid of distribution and route to market systems. The Company operates the websites www.newagebev.com, www.newagehealth.com, www.mybucha.com, www.xingtea.com, www.drinkmarley.com, and www.cocolibre.com.
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Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the Company including statements regarding New Age Beverage’s expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. New Age Beverages competes in a rapidly growing and transforming industry, and other factors disclosed in the Company's filings with the Securities and Exchange Commission might affect the Company’s operations. Unless required by applicable law, NBEV undertakes no obligation to update or revise any forward-looking statements.
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SOURCE: New Age Beverages Corporation