THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
SANTA MONICA, Calif. and TORONTO, Nov. 29, 2017 (GLOBE NEWSWIRE) -- The Tinley Beverage Company Inc. (the “Company" or "Tinley") (CSE:TNY) (OTC:QRSRF) is pleased to announce that it has appointed Mr. David Berman as Chief Financial Officer, effective December 1, 2017. The Company is also pleased to provide an update on its operations.
Appointment of David Berman as CFO
The Company is pleased to announce the appointment of Mr. David Berman as Chief Financial Officer. Mr. Berman brings 18 years of experience in the role of CFO, in Canada’s capital markets, having worked as a financial consultant and CFO for NASDAQ-listed, TSX Venture-listed and private companies during this time. He also brings extensive experience in compliance and mergers and acquisitions for verticals including manufacturing, distribution, retail, mobile marketing and online sales, comparable to Tinley’s anticipated business activities.
This appointment reflects the Company’s growing operations and the resultant need to shift from outsourced CFO services. As part of this strategy, the Company has also retained specialized cannabis accounting and compliance services in California for its California-based subsidiaries, under the direction of Mr. Berman. The Company thanks Amy Stephenson for her services during her tenure as Interim Chief Financial Officer, and wishes well in her future endeavours.
Net Increase in Cash
The Company’s available cash has increased to approximately $4.675 million, an increase of approximately $729k from the prior quarter ended June 30, 2017 to present. This figure includes cash, cash equivalents and a cashable debenture investment that the Company acquired during the quarter to improve returns on cash that it does not anticipate needing until future quarters. The Company’s only liabilities at quarter end were trade payables which the company expects to substantially pay in the normal course operations. The increase in available cash was primarily due to proceeds of warrant exercises partially offset by cash used in the normal course of operations.
Tinley ’27 and Tinley Cocktails Launch
Tinley remains focused on configuring its temporary facility for production of its Tinley ’27 and Tinley Cocktails products. The proposed regulations released on November 14, 2017 necessitated certain package and facility modifications, however the majority of such requirements had been anticipated in advance. The Company is working to complete such modifications such that the products can be completed in December, however it cannot provide complete assurance that they will be ready by this date. The Company expects to have shelf placement in certain dispensaries that are expected to have municipal and state authorization for adult use (“recreational”) cannabis consumption with the remainder being in medical dispensaries and home distribution. The Company expects to move to its long-term facility in Q1/18. The Company is also pleased with the new licensing categories proposed by Health Canada for infused products, and it believes the manufacturing processes utilized in California position it effectively for approval for such operations in Canada.
Next-Generation Hemplify Products
Tinley has received initial versions of its revised Hemplify products from its formulation partner and expects to receive finalized formulations in December. These revised formulations are expected to resolve issues that have impacted sales and they represent improved taste, viscosity and clarity. The current products have begun an initial trial at a 22-store chain in Southern California and the company is maintaining an aggressive in-store demonstration program at all of its key accounts.
About The Tinley Beverage Company, The Tinley Collective and Hemplify
The Tinley Beverage Company (Toronto, Canada) has developed a line of cannabis-infused beverages for use in jurisdictions throughout North America where such products are permitted. It is under contract with The Tinley Collective, a California Cooperative Corporation that is engaged in cannabis procurement and distribution within California’s medical cannabis system. Tinley’s wholly-owned subsidiary, Hemplify, Inc. (Santa Monica, CA), manufactures the "Hemplify" and “Tinley’s Tonics” line of products. "Hemplify" is a line of fruit-flavored, sugar-free, vegan, drinkable supplements that contain hemp stalk extract. This extract contains terpenes and other phytoconstituents. Each product also contains 9-12x the potassium electrolyte content of major sports drinks, 200mg of Omega 3 and excellent sources of 9 vitamins, including 100% DV of Vitamin C, B12 and D. The Tinley’s Tonics squeeze supplement is a creamy, chocolate blend of hemp extract, MCT oil and lactose-reduced whey protein. The Company’s products are produced with patented technology designed to elevate absorption into the bloodstream, ensure shelf stability and mask the oil's taste to deliver delicious, refreshing flavors. The company is selling its products in retail locations California and online throughout the United States.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. 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, 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 and formulations outlined herein are subject to change at anytime.
For further information on The Tinley Beverage Company, please contact:
The Tinley Beverage Company Inc.
Jeff Maser, Chief Executive Officer
77 King Street West, Suite 2905
Canada M5K 1H1
CSE:TNY OTC: QRSRF