SACRAMENTO, CA, June 30, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Today BrewBilt Manufacturing Inc. (the “Company”) (OTCPINK: BBRW), announced the approval in repurchasing of $1.5M shares of stock by the company using our own revenue, in addition to a dividend reinvestment program which will allow the shareholders the option of reinvesting the amount of a declared dividend into additional common shares of BrewBilt. The company will utilize its own revenues in repurchasing shares for the buy-back.
Jef Lewis, Chairman and CEO, stated, “We are putting our money where our mouth is. We have had a very strong 2nd quarter ending June 30, 2020, while managing to stabilize the over-all business during the first quarter with our merger and Covid19 crisis. During the first quarter of 2020 with Covid19, BrewBilt was not an ‘Essential Company’ and we had $1.8M worth of orders on the shop-room floor when the State forced us to close our doors during Covid. We have started completing these orders and another $1.2M in order, plus another $2M in future orders during the second quarter. Our share buy-back involves paying our shareholders the market value per share in order to re-absorb that portion of ownership that was previously distributed among public and private investors. This buy-back completes our note holder debt-reduction, consolidation and equity value increase. The BrewBilt share buy-back, in addition to our dividend program is a preferred way to return cash to our shareholders and relieve the dilution produced during the merger.”
BrewBilt Video Link: https://www.brewbilt.com/about-1
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:
The Cervelle Group
Dave Donlin
407-490-6635
info@brewbilt.com