WOBURN, MA, Nov. 06, 2018 (GLOBE NEWSWIRE) -- SPO GLOBAL, INC. (OTC Pink: SPOM), (“SPO” or the “Company”) is pleased to provide the following update to Shareholders from its CEO, Stuart Barton.
Dear SPO Global Shareholders:
The immediate goal I had was to create a holding company model, streamline our business operations and to evaluate the most effective way to grow the company and increase shareholder value. I am pleased to announce the initiatives that we have completed:
- The Company released its website today at www.wineontap.net
- The Company completed negotiations with existing debt holders to amend certain convertible notes. Investors have agreed to reduce the annual interest rate on all notes from a range of 8-23% to 3% per annum from the date the Notes were issued. This interest expense savings on an annual basis is over $ 160,000 and the accrued interest savings is in excess of $ 550,000.
- On October 3, 2018, Wine on Tap, Inc., a wholly owned subsidiary of SPO, acquired specific assets of Wine Stream Inc., including key personnel and intellectual property, licensing and franchise rights. The acquisition included all operations in Sarasota County Florida but excluded the Wine Stream Tampa operation and facility.
- The Company is in discussions with several groups interested in establishing joint venture partnerships for specific territories.
According to the Wine Institute, in 2016, 949 million gallons of Wine were consumed in the United States. We see the asset acquisition and the entry into the kegged wine industry as both an economic and environmentally solid business opportunity. Offering wine in a keg ensures fresh wine throughout, prevents spoilage, waste and eliminates the glass and trash footprint from traditional bottle usage. In addition, a single keg eliminates 28 bottles, 28 corks and 56 labels – you only pay for the wine!
We believe these initiatives position Wine on Tap to become a preeminent player on the kegged wine industry and could build significant shareholder value. We greatly appreciate your continued support as we work to create a valuable, long-term enterprise for our shareholders.
Chief Executive Officer
SPO Global, Inc.
About SPO Global
SPO Global, Inc. (“SPO Global” or the “Company”) (OTC Pink: SPOM) is a diversified holding company whose strategic plan is to acquire interests in young businesses, and provide financing, advice and guidance to assist them in realizing their potential. A company subsidiary, Wine on Tap, Inc., acquired specific assets of Wine Stream Inc. including key personnel and intellectual property, licensing and franchise rights. The Company will be able to utilize the strategic partnerships and relationships already in place to offer the same high quality products already offered in Florida by Wine Stream. Another subsidiary, Reflective Solutions, LTD, sells its software and consultancy across worldwide markets. SPO Global is focusing on increasing the revenue from Reflective Solutions with expansion in the North American markets. The principal software products of Reflective Solutions are "Stress Tester" a robust performance stress testing solution for large enterprise applications and the product "Sentinel" that is providing enterprise customers an intelligent monitoring solution 24 / 7 software as a service (SAS). For additional information please email email@example.com or firstname.lastname@example.org.
Company Disclaimers: As a "penny stock" company, within the meaning of federal and state securities law, Incumaker, Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, SPO Global, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.