SACRAMENTO, CA, Oct. 28, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Today BrewBilt Manufacturing Inc. (the “Company”) (OTCPINK: BBRW), announced that the company management, legal team and auditing team have agreed to increase the share buyback from $1.5M to $5M, while its revenues continue to expand.
Jef Lewis, CEO, stated, “I am sensitive to the shareholders who want information on our share buyback program. The share buyback is in progress, and we will be increasing the buyback up to $5M through 12/31/2021 in order to repurchase more than 70% of our float. This buyback in conjunction with expanding revenue will assure a more concrete equity floor for our shareholders. This week BrewBilt received $1.2M in new customer orders for brewery equipment and an order for cannabis equipment. There is a spike in orders relative to COVID customers who have decided to move forward with their business expansion into craft beer. These orders include a $500,000 for a local bay area customer that consists of a 30 BBL system. The Europe order is a 10 BBL system for $350,000, and the Arizona order is a large 20 BBL system with additional equipment for $700,000. The cannabis equipment being sold is for $85,000 for support equipment to work with the cold water extraction system.”
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ABOUT BREWBILT: (www.brewbilt.com)
Located in the Sierra Foothills of Northern California, BrewBilt is one of the only California companies that custom designs, hand crafts, and integrates processing, fermentation and distillation processing systems for the craft beer, cannabis and hemp industries using “Best in Class” American made components integrated with stainless steel processing vessels using only American made steel. Founded in 2014, the company began in a backyard shop by Jef Lewis with a vision of creating a profitable company in “Rural America”. BrewBilt has built a solid foundation by having strong relationships with local suppliers of raw materials, equipment and services in California, an aggressive referral network of satisfied customers nationwide, and an Advisory Board consisting of successful business leaders that provide valuable product feedback and business expertise to management. The craft brewing & spirits industries continue to grow worldwide. California is where craft brewing began and now has over 900 operating breweries – being centrally located in this booming market was a large draw for BrewBilt to locate its manufacturing facility in the Sierra foothills. All BrewBilt products are designed and fabricated as “food grade” quality which enables the company to build vessels for food & beverage processing. More important, the company has been building systems that are pharmaceutical grade for clients involved in distillation for the cannabis and hemp industries over the past 36 months, thus making the revenue potential much greater.
FORWARD LOOKING STATEMENTS This document contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Corporation’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Corporation’s business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so.
Contact:
Jef Lewis, Chairman and CEO
BrewBilt Manufacturing Inc. - BBRW
Call or Text: 530-802-5023
Info@BrewBilt.com