Xstream Beverage (NASDAQ:XSBG)
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From May 2019 to May 2024
XStream Beverage Group, Inc. Creates Blue Chip Advisory Board
Company Calls on Distinguished Professionals From the Beverage, Investment
Banking and Financial Services Industries
FORT LAUDERDALE, Fla., May 25 /PRNewswire-FirstCall/ -- XStream Beverage
Group, Inc. (BULLETIN BOARD: XSBG) today announced it has established an
advisory board with the appointment of four distinguished individuals from the
beverage, investment banking and financial services industries.
The Company said that George C. Haas, Jr., Foster Devereux, Elizabeth A. Dunn
and Richard Q. Armstrong will serve as the inaugural members of the board that
will meet approximately four times a year and provide advice and counsel to the
Company's senior management.
For nearly 45 years George Haas, Jr. has headed up Haas Financial Corporation,
a New York investment-banking firm. Prior to starting the firm he held various
executive positions with the Coca-Cola Company and Pepsi-Cola Company (now
PepsiCo). As vice president of U.S. operations of PepsiCo he was instrumental
in developing plans for bottler financing and for restructuring the entire U.S.
franchise network. The formation of Haas Financial allowed him to act as an
independent industry expert in organizing major financing for PepsiCo's
independent bottlers. This lead to his association with Coca-Cola Enterprises
as an independent negotiator during a time when they bought the former Coca
Cola franchises and converted them into company owned operations. A graduate of
Yale University, Mr. Haas served as a Major during World War II where he earned
a silver star for his efforts in the European Theater.
Foster Devereux's career spans the world of investment banking and the soft
drink industry. For 25 years he served as an officer and director of Allen
Company, Inc., one of New York's prominent investment bankers and a major
participant in global soft drink company financing. For ten years Mr. Devereus
owned and operated the "Squeeze" carbonated soft drink brand. XStream Beverage
Group recently acquired the historic, "gourmet soda" brand. A graduate of
Williams College, Mr. Devereux was appointed by the Governor of Massachusetts
to be a Trustee of the Massachusetts College of Liberal Arts.
Elizabeth A. Dunn specializes in corporate, LLC's, partnership and individual
taxes for many closely held regional, national and international businesses. A
certified public account (CPA), Ms. Dunn served in both the audit and
specialized tax divisions of Ernst & Whinney and Arthur Young & Co. At
financial service giant Merrill Lynch, she was responsible for extensive
corporate finance department functions, including evaluating and providing
current and prospective financial data for top executives. Ms. Dunn earned a
BBA from Pace University, Lubin School of Business. She is a member of the
American and Florida Institute of Certified Public Accountants.
Richard Q. Armstrong has had a long and distinguished career as manager and
senior executive in a variety of consumer product businesses with particular
emphasis in the beverage industry that culminated with positions as president
of Canada Dry International, Canada Dry Worldwide and the combined companies of
Canada Dry and Dr. Pepper. His storied career began in consumer, packaged
goods marketing at LifeSavers International and several major advertising
agencies in New York. Active in the wine and spirits industry, he was managing
director of LVMH U.S. Corporation, the U.S. subsidiary of the French luxury
goods conglomerate. After successfully restructuring regional Adirondack
Beverages he returned to RQA Enterprises, his own investment and consulting
firm. An honors graduate of Bowdoin College, he presently sits on the board of
UBS Paine Webber Mutual Funds Group. He is a former Director of the Board of
the Fuqua School of Business Administration at Duke University. "The
establishment of this blue-chip advisory board is a direct reflection of the
ongoing efforts of our new management team and the outstanding reputation each
has in the beverage industry," said XStream Beverage Group Chairman, Ted
Farnsworth. "By aggressively executing a comprehensive business plan CEO,
Jerry Pearring and Vice-Chairman Barry Wilson have brought an exceptional level
of professionalism and excellence to our Company. These two industry
professionals are the catalysts who are successfully pursuing our goal of
acquiring small- to medium-sized distributors in strategic locations around the
nation, while concurrently introducing our own proprietary products through
those distribution channels."
XStream Beverage Group recently acquired the Maui Juice Company and the
historic Squeeze soda brand, its first entry in the "retro," gourmet soda
category. The Company also recently acquired Ayer Beverage, a central
Massachusetts-based distributor of new-age beverages such as juice, water and
sports drinks. Ayer Beverage, now Beverage Network of Massachusetts, provides
XStream Beverage contiguous geographic coverage from Boston through the entire
state of Connecticut, joining forces with Beverage Network of Connecticut,
XStream's previous New England acquisition. XStream also owns and operates
Beverage Network of South Florida that covers Miami-Dade, Broward and Palm
Beach Counties.
Just over a year ago, the Company introduced its proprietary energy drink,
Yohimbe, which contains an extract from the bark of the West African Corynanthe
Yohimbe tree, the drink also contains vitamins B-12, B-6 and taurine. Since
its introduction in March 2003, sales of the product have grown consistently,
making particular inroads in several of the popular clubs in South Beach and
Ft. Lauderdale, as well as various locations in Connecticut.
About XStream Beverage Group, Inc.
XStream Beverage Group, Inc. is undergoing rapid growth to become a key player
in the beverage industry. The company plans to continue acquiring small- to
medium-sized beverage distributors, developing brands under its own label or
through acquisition and leveraging those brands through its current and future
distribution channels. The company is a fully reporting, public entity trading
on the OTC Bulletin Board, ticker symbol XSBG.OB.
This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause actual results, performance or achievements of the Company to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include
failure to complete successfully the development of new or enhanced products,
the Company's future capital needs, the success of competitive products,
fluctuations in costs, changes in consumer preferences and other items
described in the Company's Securities and Exchange Commission filings. The
Company undertakes no obligation to update any statements in this press
release.
DATASOURCE: XStream Beverage Group, Inc.
CONTACT: Peter Nasca of Peter Nasca Associates, Chicago:
+1-312-421-0723, or Miami: +1-305-937-1711, or , or for
Investor Relations, Bob Giordano, +1-212-495-0200, ext. 10, for XStream
Beverage Group
Web site: http://www.xbev.com/