Watertown, NY, April 11, 2022 (GLOBE NEWSWIRE) -- 1812 BREWING COMPANY, INC. (OTC Pink: KEGS) (the "Company") announced that it has agreed to cancel five hundred million (500,000,000) common stock shares held by its CEO, Tom Scozzafava. Further, the CEO stated that he could retire or exchanging as many shares that he owns to help increase overall shareholder value regardless. “My interest is in the long-term viability and growth of the Company, and I am committed to doing what is in the interest of just that.”
In previous releases, the Company announced that it had restructured the terms of convertible debentures with a then-aggregate face value of over $860,000, which reduced the face value of the debt to $250,000 and eliminated its equity conversion feature. The Company stated at the time that was seeking similar concessions from other larger Note holders. More recently the Company announced that it intends to decrease the shares authorized by 50% and possibly by another 50% from that level. The Amendment to the Articles of Incorporation for the reduction of the Company’s Authorized Shares have been approved and sent to the Division of Corporations in its home state. Once approved by the state, the amendment will be sent to the Company’s transfer agent.
Besides restructuring its capital table, the Company will focus on its previously announced strategy of acquisitions and investments. 1812 Brewing Co. had previously announced that it had formed the wholly owned subsidiary, 1812 Acquisition Company, to seek out strategic investments and/or acquisitions. Specifically, the Company will seek out breweries that further its overall strategy and that complement its current holdings. This could mean seeking out targets whose distribution footprint broadens the portfolio’s geographic reach. It may also mean seeking targets whose products would broaden the Company’s product mix, with those such as hard ciders or hard seltzers for example.
About 1812 Brewing Company:
1812 Brewing Company is both an investment and operating company focused on the beverage and hospitality industries. Returns are intended to be in the form of revenue growth of companies in its core holdings as well as the eventual share appreciation and dispossession of those equity stakes in its investments. For more updates follow us on Facebook, Twitter and Instagram.
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Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Contact: contact@1812ale.com
Investor Relations:
Peter Nicosia
President, Bull In Advantage, LLC
Phone: (585) 703-6565
Email: bullinadvantage@aol.com
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