Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and
$133,000 Net Profit for the Quarter
First Profitable Quarter in the Company's History with Significant
Financial Improvements and Debt Reductions
MELBOURNE, FL -- September
10, 2024 -- InvestorsHub NewsWire -- Kona Gold Beverage Inc.
(OTC:
KGKG), is pleased to announce its first-ever profitable
quarter, marking a significant milestone in the company's growth
trajectory. For the most recent quarter, Kona Gold Beverage Inc.
reported approximately $1,225,000 in revenue with a net profit of
approximately $133,000. Following the publication of the
Company's current disclosure, it anticipates being current with the
OTC Markets within the next few days
This achievement comes as
the company continues to make strides in reducing liabilities and
strengthening its financial position. Year-over-year, Kona Gold
Beverage Inc. has successfully reduced its liabilities by over $1.5
million. These efforts reflect the company's commitment to driving
shareholder value through strategic financial management and
operational efficiency.
Strategic Reverse Merger
Acquisition in Progress and Rebranding to NuVibe, Inc.
Kona Gold Beverage Inc. is
nearing a significant strategic move—a reverse merger acquisition.
The company is currently in advanced discussions and expects to
have a Letter of Intent (LOI) signed within the next few weeks.
This potential acquisition, alongside the company's ongoing
rebranding to NuVibe, Inc., is anticipated to further accelerate
Kona Gold's growth and expand its market reach, building upon the
strong financial foundation established this quarter.
Once the reverse merger has
been completed and a final acquisition agreement has been signed,
the new management team will host a nationwide teleconference to
update all shareholders on the company's future plans and strategic
initiatives.
Continued Focus on Debt
Reduction and Conversions
Kona Gold Beverage Inc.
remains committed to enhancing its balance sheet through the
continued negotiation of debt reductions and conversions. These
efforts have been instrumental in achieving the company's first
profitable quarter and will remain a focal point moving
forward.
About Kona Gold Beverage
Inc.
The company is currently in
advanced negotiation talks with several potential reverse merger
acquisition candidates as it aims to expand its market presence and
enhance shareholder value. With a focus on strategic growth and
innovation, Kona Gold Beverage Inc. is committed to bringing the
highest quality, most innovative products to market. It is also in
the process of going through a name and symbol change to NuVibe,
Inc. (OTC.PK: VIBE)
For more information
regarding Kona Gold Beverage, please
visit: https://konagoldbeverage.com/
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.