Kona Gold Beverages, Inc. Announces Strategic Progress and
Corporate Evolution
Final Acquisition Target Identified, Advanced Negotiations Underway
for Letter of Intent
MELBOURNE, FL --
October 15, 2024 -- InvestorsHub NewsWire -- Kona Gold Beverages,
Inc. (OTCPK:
KGKG) is pleased to provide an important update regarding its
strategic initiatives and evolving corporate direction. The company
has now identified its final acquisition target and is in advanced
discussions to formalize a Letter of Intent (LOI). While a formal
announcement will only be made once agreements are fully executed,
we are excited to reveal that this LOI involves a
multimillion-dollar revenue-generating enterprise, led by a highly
experienced and accomplished management team, with consumer
packaged goods (CPG) products sold in national chains around the
country.
This acquisition
represents a pivotal moment in Kona Gold's growth strategy. The
incoming executive team, as part of the acquisition, will assume
all officer and director positions within the public company,
ensuring a seamless transition of leadership. This marks a
significant step in the company's broader restructuring efforts,
designed to drive enhanced operational performance, accelerate
future growth, and maximize value for shareholders.
Name Change to
NuVibe, Inc. with New Ticker Symbol: VIBE
In line with this
strategic transformation, Kona Gold Beverages, Inc. is progressing
with its rebranding initiative and is in the process of formally
changing its corporate name to NuVibe, Inc., with the accompanying
ticker symbol "VIBE." The company remains confident that this
rebranding will be completed within the calendar year. This new
identity will more accurately reflect the company's dynamic vision
and commitment to innovation as it enters the next phase of its
evolution.
Kona Gold remains
deeply committed to its core operations and will continue to
nurture its subsidiary, Covert LLC. Covert has been instrumental in
driving the company's sustained revenue growth and will remain a
central focus as Kona Gold continues to position itself for future
success.
Addressing Recent
Developments
Kona Gold also
wishes to clarify recent developments surrounding the acquisition
of Surge Distribution Company from Loud Beverage Group. Due to the
inability to meet certain conditions of the acquisition agreement,
the transaction was not completed, and Surge Distribution has
reverted to its previous owner. Despite this outcome, Kona Gold
remains undeterred and continues to actively pursue value-enhancing
opportunities with a renewed focus on operational excellence.
The company extends
its gratitude to its shareholders for their continued support and
patience as it navigates this exciting period of transformation.
Kona Gold looks forward to sharing additional updates as these
developments materialize.
For more
information regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com
About Kona Gold
Beverages, Inc.
Kona Gold
Beverages, Inc. is a holding company that oversees a portfolio of
innovative brands. Through its subsidiary, Covert LLC, the company
offers an array of premium consumer packaged goods (CPG) products.
With a strong presence in both beverage and consumer packaged goods
(CPG) sectors, Covert distributes its products through a wide
network of retailers, ranging from chain retail locations to
boutique specialty shops in multiple states. Headquartered in
Melbourne, Florida, Kona Gold Beverage, Inc. continues to pursue
strategic acquisitions to further broaden its market presence.
Investor Relations
Contact:
Phone:
844-714-2224
Email: investorrelations@konagoldbeverage.com
Safe Harbor Statement:
The information posted in this release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. You can identify
these statements by use of the words "may," "will," "should,"
"plans," "expects," "anticipates," "continue," "estimate,"
"project," "intend," and similar expressions. The Company may also
make written or oral forward-looking statements in its filings with
the U.S. Securities and Exchange Commission, in press releases and
other written materials, and in oral statements made by its
officers, directors or employees to third parties. There can be no
assurance that such statements will prove to be accurate. The
Company cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the Company's Annual Reports on Form 10-K and its other
filings with the Securities and Exchange Commission.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected or anticipated. These risks and uncertainties include,
but are not limited to, general economic and business conditions,
effects of continued geopolitical unrest and regional conflicts,
competition, changes in technology and methods of marketing, delays
in completing various engineering and manufacturing programs,
changes in customer order patterns, changes in product mix,
continued success in technological advances and delivering
technological innovations, shortages in components, production
delays due to performance quality issues with outsourced
components, and various other factors beyond the Company's
control. The
Company does
not undertake any obligation to update publicly or to revise any
statements in this release, whether as a result of new information,
future events, or otherwise.