TORONTO and LOS ANGELES, Sept. 24, 2021 (GLOBE NEWSWIRE) -- The Tinley Beverage Company Inc. (CSE:TNY, OTC:TNYBF) (“Tinley’s” or “the Company”) is pleased to announce that it has appointed Manish Z. Kshatriya as Chief Financial Officer. Mr. Kshatriya succeeds David Hackett, who has resigned his role to pursue other opportunities. The Company thanks Mr. Hackett for his service and wishes him success. Tinley’s is also pleased to provide corporate updates and invites investors for a tour of its bottling facility in Long Beach, California.
Mr. Kshatriya is currently the Managing Director of a Toronto based Business Advisory firm providing executive management, governance and compliance oversight, and capital markets advisory services to small and mid-market private and publicly listed companies. He has over 20 years of progressive experience in corporate finance, accounting, taxation and auditing obtained in public accounting practice and industry.
Mr. Kshatriya’s extensive capital markets experience includes: the formation and development of mineral resource exploration companies from inception to initial public offerings; the formation and offerings of flow-through limited partnerships; raising capital; mergers and acquisition activity; serving on public company boards; and, proxy contests.
Most recently, and prior to his role as Managing Director, Mr. Kshatriya served as Director, President, Chief Executive Officer and Chief Financial Officer of a United States based mineral resources company that was listed both in the US and in Canada. Prior to that role, Mr. Kshatriya worked for a Toronto based, Canadian listed mining merchant bank where he served as Chief Financial Officer. As Chief Financial Officer, Mr. Kshatriya was responsible for the management and oversight of all financial matters for the parent company, its subsidiaries, and its flow-through limited Partnerships and mutual fund investment products. Mr. Kshatriya has also served as Chief Financial Officer or senior financial executive for various other private and publicly listed companies in the mineral resource sector.
Mr. Kshatriya earned his Bachelor of Commerce degree, with Honours in Accounting and Finance, from York University in Toronto, CA. He is a graduate of the director’s education program at the Institute of Corporate Directors at the Rotman School of Management, University of Toronto and is an institute certified director (ICD.D). He is a Chartered Professional Accountant (Chartered Accountant) and a member of the Institute of Chartered Professional Accountants of Ontario. He is also a Certified Public Accountant in the United States and a graduate from the Colorado State Board of Accountancy.
“We are excited to move forward with a CFO of Manish’s calibre,” said Ted Zittell, Director and member of The Office of the CEO. “Manish brings excellent experience in operational finance, which we increasingly need as our client activity ramps up, and operations, contract and inventory management functions require robust finance and administrative support. Manish has been working closely with Company management over the past 60 days and therefore hits the ground running. He has begun to plan and implement processes improvements and information systems to enhance our accounting, administrative and reporting systems which we believe will increase the efficiency of our Long Beach facility,” he added.
Other Corporate Updates
The Company is pleased to provide additional corporate updates:
- The Company’s “Beckett’s” products are scheduled to appear on screen in NBCU’s USA Networks “Chrisley Knows Best” episode on October 21, 2021. The Company has a three-year agreement with top-ranked prime time reality television show star Todd Chrisley. Under the agreement, Mr. Chrisley will use commercially reasonable efforts to integrate the Beckett’s products into a minimum of four episodes every six months for the duration of the agreement.
- The Company continues to conduct testing and production planning for the previously disclosed, updated formulations for the Canadian versions of the Company’s cannabis-infused products. The 60-day NNCP period is currently in progress. The Company does not anticipate any change in focus on the infused beverage launch initiatives in Canada as a result of the recent management changes.
- The Company has elected to add additional functionality to the can line in its Long Beach facility, including an inline can sleever, and an automated de-palletizer. These enhancements will increase the menu of manufacturing options offered to client brands and are expected to increase overall plant capacity. As a result, the line is now expected to be complete in October. The Company continues to have a strong backlog of clients in the manufacturing pipeline for this line.
- As previously disclosed, the newly state-licensed cannabis beverage distribution space adjacent to the Company’s manufacturing facility in Long Beach, California is proceeding through confirmatory building inspections by the City of Long Beach. All facility improvements requested in the prior round of inspections have been completed. While the Company believes that these additional inspections are expected next week, there is no assurance of the timing.
About The Tinley Beverage Company and Beckett’s Tonics
The Tinley Beverage Company Inc. (CSE:TNY; OTC:TNYBF,) manufactures the Beckett’s Classics™ and Beckett’s 27™ line of non-alcoholic, terpene-infused spirits and cocktails. Beckett’s products are available in mainstream food, beverage, and specialty retailers, as well as online, across the United States as well as in grocery and specialty stores in Canada. Cannabis-infused versions of these products are offered under the Tinley’s™ brand in licensed dispensaries and home delivery services throughout California, with expansion to Canada underway. Tinley’s facility in Long Beach California contains some of the state’s most versatile and technologically advanced cannabis-licensed beverage manufacturing equipment and provides manufacturing services for third-party brands in addition to Company-owned brands. Please visit www.drinkbecketts.com, www.drinktinley.com, Twitter and Instagram (@drinktinleys and @drinkbecketts) for recipes, product information and home delivery options.
Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expansion to additional jurisdictions, , and phrases containing words such as “ongoing”, “estimates”, “expects”, or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions “will”, “may”, “could”, or “should” occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, any changes related to expansion plans discussed herein, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law. Products, formulations, and timelines outlined herein are subject to change at any time.
Long Beach Site Tour for Investors
The Company is pleased to invite investors to tour of its bottling facility in Long Beach, California, on Tuesday, September 28, 2021, 9:30-11:00 am Pacific Time. Investors will have the opportunity to meet the team on-site; see the status of our operations; and learn about the functionality of our three bottling lines, the tunnel pasteurizer, and the adjacent licensed distribution area. Investors attending may sample non-infused versions of our products outside the licensed areas of the facility. The tour will be led by Richard Gillis, President and COO of Tinley USA. Investors wishing to attend are required to register in advance by e-mailing info@drinktinley.com.
For further information, please contact:
The Tinley Beverage Company Inc.
Ted Zittell
(310) 507-9146
info@drinktinley.com
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com
OTC:TNYBF CSE:TNY
