Koios Announces all Fit Soda™ SKU’s Approved for Placement in 261 Harris Teeter Locations
DENVER and VANCOUVER, British Columbia, May 03, 2022 (GLOBE NEWSWIRE) -- Koios Beverage Corp. (CSE: FIT; OTC: FITSF) (the "Company" or "Koios") is pleased to announce that all flavours of its Fit Soda™ functional beverages have been approved for placement in 261 Harris Teeter locations. Harris Teeter is an American supermarket chain based out of Matthews (a suburb of Charlotte), North Carolina.
Harris Teeter was acquired by The Kroger Co. (“Kroger”) in July 2013 and operates as one of its wholly owned subsidiaries. Harris Teeter was co-founded in 1960 by North Carolina grocers William Thomas Harris and Willis Teeter, it operates 261 stores and 60 fuel centers in the following seven states: North Carolina, South Carolina, Virginia, Georgia, Florida, Delaware, Maryland, and the District of Columbia. Supermarket News previously ranked Harris Teeter No. 341 in the 2012 "Top 75 Retailers & Wholesalers" based on 2011 fiscal year sales of $4.3 billion.
Kroger was founded by Bernard Kroger in 1883 in Cincinnati, Ohio, and operates a total of 2,726 grocery retail stores under its various banners and divisions. Kroger spans 35 states and the District of Columbia2 with store formats that include hypermarkets, supermarkets, superstores, department stores, and 137 jewelry stores (782 convivence stores were sold to EG Group in 2018). Kroger operates 33 food processing or manufacturing facilities, 1,613 supermarket fuel centers, 2,525 pharmacies, and 225 “The Little Clinic” in-store medical clinics. As of November 6, 2021, Kroger's headquarters are located in downtown Cincinnati, OH. Kroger is the United States' largest supermarket chain by revenue and the second-largest general retailer behind Walmart as well as the seventh largest American employer in the United States3. Kroger is ranked #174 on the Fortune 500 rankings of the largest United States corporations by total revenue.
Chris Miller, Founder and Chief Executive Officer of the Company commented, “We are incredibly excited to be working with Harris Teeter. They are a part of the Kroger family and a premier grocery retailer in the US. Our Fit Soda™ line fits very well with their key demographic of health conscious consumers and we expect solid growth within the Harris Teeter network for many years to come.”
Employee Performance Bonus
The Company also announces that it has issued 5,440,000 Common shares (“Shares”) to Chris Miller, a director and the Chief Executive Officer of the Company and 1,200,000 Shares to Sherron Lewis, a director and the President of Operations (the “Insiders”) and an aggregate of 2,574,000 Shares have been issued to two employees and two consultants in satisfaction of certain consulting agreements (the “Consulting Agreements”), regarding management milestones and performance bonuses. The Shares have been issued at a deemed value of $0.53 per Share.
The disinterested directors of the Company approved the Consulting Agreement with the Insiders, employees and consultants.
All Shares issued in connection with the Consulting Agreements will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.
The share issuance to the Insiders is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the Insiders does not exceed 25% of its market capitalization.
On behalf of the Board of Directors of the Company,
KOIOS BEVERAGE CORP.
Chris Miller, CEO, and Director
For further information, please contact:
THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
About Koios Beverage Corp.
The Company is an emerging functional beverage company which has an available distribution network of more than 4,400 retail locations across the United States in which to sell its products. Koios has relationships with some of the largest and most reputable distributors in the United States, including Europa Sports, Muscle Foods USA, KeHE, and Wishing-U-Well. Koios uses a proprietary blend of nootropics and natural organic compounds to enhance human productivity without using harmful chemicals or stimulants. Koios products have been shown to enhance focus, concentration, mental capacity, memory retention, cognitive function, alertness, brain capacity and create all day mental clarity. Its ingredients are specifically designed to target brain function by increasing blood flow, oxygen levels and neural connections in the brain.
Koios produces one of the only drinks in the world infused with MCT oil. MCT oil is derived from coconuts and has been shown to help the body burn fat more effectively, create lasting energy from a natural food source, produce ketones in the brain, allowing for greater brain function and clarity, support healthy hormone production and improve immunity. For more information, please visit our website: https://www.koiosbeveragecorp.com.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this news release includes statements regarding: Potential outcomes from the placement of Fit Soda™ in all locations of Harris Teeter land the overall performance of the functional beverage market. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the functional beverage markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual's health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by Koios with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with Koios is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.