PBGC up 28% with vol 30K on news. Inside hurry. Doing it right.
Premier Beverage Group (OTC: PBGC) has released the following letter to shareholders from its President, Fouad Kallamni.
I wanted to update you on our progress and the status of our public filings.
The last few months have been challenging for us due primarily to financing constraints. Our existing products continue to sell as they always have in our key NYC accounts; however, we have been unable to secure sufficient capital to enter into production of our newly designed products. While we have been presented with many proposals from parties seeking to use our shares and liquidity as the basis for providing this capital, we believe it is in the best interest of all of our shareholders to reject these proposals in favor of long term patient capital.
Upon completion of these financing initiatives, we intend to enter into production of new products and promptly file all required reports to become current, including our 10-K for the year ended December 31, 2011 and our 10-Q for the first quarter ended March 31, 2012.
While our progress has been delayed due to financing, we still believe strongly in our business and have adjusted our plans accordingly to execute on our plan with available resources. The time has never been as right as it is now to introduce our redesigned ultra premium energy beverage packaging range. In addition, we are actively pursuing major national accounts through our Captive Brands subsidiary that can have a significant impact on our business.
Thank you for your continued support of Premier Beverage Group.
Fouad KallamniPresidentPremier Beverage Group Corp.