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Fresh Vine Wine Appoints James Spellmire as Chief Financial Officer

Fresh Vine Wine
Fresh Vine Wine

MINNEAPOLIS, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Fresh Vine Wine, Inc. (NYSE American: VINE), the premier producer of lower carb, lower sugar, and lower calorie premium wines in the United States, today announced that the Company has appointed James Spellmire as Chief Financial Officer. Spellmire joins the Fresh Vine Wine executive team where he will be responsible for oversight of all the Company’s financial operation as well as tasked with aiding in the development and implementation of strategies to improve cash flow management and profitability as the company enters a period of rapid expansion.

“We are very pleased to welcome Jim to the Fresh Vine Wine executive team,” said Damian Novak, Executive Chairman of Fresh Vine Wine. “Jim is an accomplished financial executive with a broad and wide background identifying operational improvements, analyzing potential acquisitions, and implementing cost controls, to improve financial outcomes. In addition, Jim has experience working with investors, banks and other funding sources, where his credibility and knowledge will be of great value to Fresh Vine Wine, especially in further enhancing our cash management strategies. His successful career both as an executive and business owner have earned Jim the respect of numerous Boards and Managements where he has become a trusted advisor. The entire Fresh Vine Wine team is looking forward to working with Jim to accelerate growth, improve cash flow and build shareholder value.”

Mr. Spellmire’s financial career spans over 30 years where he has spearheaded financial and operational improvements in various industries. Jim is also an accomplished entrepreneur, where he acquired a small franchise that he grew into over 100 domestic and international locations, and which he ultimately sold to the parent of Meineke Car Care – Driven Brands. Among his many accomplishments, Jim was interim CFO at Gartner Studios, Advantia Health and Dockzilla. Prior to these assignments, Jim was CFO of National Cardiovascular Partners, a $250 million healthcare company where he was responsible for FP&A, Accounting, Information Technology, Revenue Cycle, Treasury, and where he secured $14 million of debt financing and consummated four acquisitions, which resulted in increased organic growth, higher reimbursement rates and increased EBITDA by $12 million. Jim also had positions of increasing responsibility in the finance functions of leading global organizations such as Northwest Airlines, Cray Research and Unisys, among others. His franchise company was named to the Franchise 100 by Success Magazine and was Ranked #1 in the industry and by Entrepreneur Magazine’s Franchise 500. Jim previously served on the Board of Cardiovascular Consultants, Inc. and Aero-Colours, Inc. Jim has both a BBA Finance and an MBA from Florida Atlantic University.  

“I am excited to be joining Fresh Vine Wine at a time the Company is preparing to reach an inflection point in its growth,” Spellmire said. “Over the years I have been involved in many successful organizations, and Fresh Vine Wine has all the elements of an emerging industry leader with its outstanding products, national distribution, celebrity endorsements and accomplished and experienced leadership. This presents complex challenges to any finance organization, and I believe I can use my experience to assure we have the resources to necessary such that our team can implement their strategy to further accelerate growth.”

Elliot Savoie, who had been Fresh Vine Wine's CFO is leaving the organization to pursue other opportunities but will remain with the company to effect an orderly transition.

Press contact – FreshVineWine@jonesworks.com
IR contact – Joeh@gregoryfca.com

About Fresh Vine Wine, Inc.

Fresh Vine Wine, Inc. (NYSE American: VINE) is a premier producer of lower carb, lower calorie premium wines in the United States, kicking off a 2022 growth plan following its IPO in mid-December 2021. Fresh Vine Wine's brand vision is to lead the emerging natural and accessible premium wine category, as health trends continue to accelerate in the US marketplace. The 2020 US wine market was a $69 billion category. Fresh Vine Wine plans to accelerate growth in 2022 by amplifying its marketing, expanding product offerings, and expanding its team. Fresh Vine Wine positions its core brand lineup as an affordable luxury, retailing between $14.99-$24.99. Fresh Vine Wine's varietals currently include Limited Reserve Cabernet Sauvignon, Cabernet Sauvignon, Chardonnay, Sauvignon Blanc, Pinot Noir, Brut Rosé Sparkling, and Rosé.

Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to hire additional personnel and to manage the growth of its business; the Company's reliance on its brand name, reputation and product quality; the Company's ability to adequately address increased demands that may be placed on its management, operational and production capabilities; the effectiveness of the Company's advertising and promotional activities and investments; the Company's reliance on celebrities to endorse its wines and market its brand; general competitive conditions; fluctuations in consumer demand for wine; overall decline in the health of the economy and consumer discretionary spending; the occurrence of adverse weather events, natural disasters, public health emergencies, or other unforeseen circumstances that may cause delays to or interruptions in the Company's operations; risks associated with disruptions in the Company's supply chain for grapes and raw and processed materials; the impact of COVID-19 and its variants on the Company's customers, suppliers, business operations and financial results; disrupted or delayed service by the distributors the Company relies on for the distribution of its wines; the Company's ability to successfully execute its growth strategy; the Company's success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company's ability to protect its trademarks and other intellectual property rights; the Company's ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; claims, demands and lawsuits to which the Company may be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company's ability to operate, update or implement its IT systems; the Company's ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company's potential ability to obtain additional financing when and if needed; the Company's founders' significant influence over the Company; and the risks identified in the Company's other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company's business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.