Kona Gold Beverage, Inc. Announces
Strategic Reorganization and a Bold New Direction
New Leadership Team to Assume
Control Following Completion of Name and Symbol Change
Melbourne, FL --
December 5, 2024 -- InvestorsHub NewsWire -- Kona Gold Beverage,
Inc. (OTC.PK:
KGKG) is pleased to announce the amicable reorganization of its
subsidiary, Covert LLC. This strategic decision, which received the
unanimous approval of the Company's Board of Directors and a
majority of its shareholders, represents a pivotal step in
positioning Kona Gold Beverage for substantial growth and enhanced
shareholder value.
In alignment with
the Company's long-term objectives, Covert LLC and its leadership,
Jared Fischer and Elliot Eichler, have determined that
transitioning Covert LLC to a privately held entity is in the best
interest of Kona Gold Beverage's shareholders. This decision
reflects a shared commitment to advancing the Company's strategy as
it works toward finalizing the acquisition of a significantly
larger, $30 million revenue-generating entity through a reverse
merger. The completion of this merger requires the Company to
finalize its name and ticker symbol change and establish the
incoming entity as its sole subsidiary. The new management team of
the incoming entity is expected to assume full leadership, bringing
fresh vision and expertise to guide the Company into its next
chapter.
"This
reorganization marks a critical inflection point for Kona Gold
Beverage, Inc.," stated Jared Fisher, CEO of Kona Gold Beverage,
Inc. "While we work diligently to finalize the reverse merger, this
restructuring lays the groundwork for the incoming $30 million
revenue-generating entity to bring its leadership, operational
strength, and proven business model to our public platform. We are
confident that this strategic move will drive significant growth
and value for our shareholders."
This reorganization
comes at a transformative time for Kona Gold Beverage. By divesting
Covert LLC and streamlining its structure, the Company is aligning
its operations with its long-term vision of delivering superior
results. The forthcoming merger represents an exciting opportunity
to integrate a robust organization into the public company,
solidifying its market position and opening new avenues for
growth.
Kona Gold Beverage
is fully committed to providing timely updates as this
transformative plan progresses.
About Kona Gold
Beverage, Inc.
Kona Gold Beverage,
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.