Increased cash position AND they may be producing for the Cali market soon in their own building!!! Tinley Completes Facility Retrofits and Provides Corporate Update
January 23, 2018 12:54 ET | Source: The Tinley Beverage Company Inc.
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
SANTA MONICA, Calif. and TORONTO, Jan. 23, 2018 (GLOBE NEWSWIRE) -- The Tinley Beverage Company Inc. (the “Company" or "Tinley") (CSE:TNY)(OTC:QRSRF) is pleased to provide an update to the market on the progress of executing on its business plan.
Tinley ’27 Cannabis Drinks Launch
The Company has been engaged in a search for a facility in California to house its Phase I bottling line. The Phase I Bottling Facility will be used to produce and bottle its line of THC infused beverages, Tinley ’27 and Tinley Cocktails, until the Company completes a build of its long-term, full-scale bottling plant. The Phase I facility will also be used to provide co-packing services for third-party beverage producers. Tinley has identified a facility in Riverside County, California, and this facility has now completed retrofits requested by the municipality, including those requested by Tinley to accommodate Tinley’s bottling equipment. The facility is awaiting what it believes to be its final municipal inspection to allow production of various products, including Tinley’s beverages. The Company has agreed, in principle, to all material terms to house the Phase I bottling equipment and intends to enter a binding agreement with the facility, contingent upon it receiving its permit. At such time, Tinley intends to commence immediate filling operations, and expects production of the initial products to take 2-3 weeks to complete. Initial products include the Tinley Margarita and the Tinley ’27 Coconut Rum.
Increased Cash Position
The Company currently has approximately $4.6 million in cash and liquid securities, representing an increase of approximately $800,000 from the total accessible cash of approximately $3.8 million reported in the Company’s last quarterly release on September 30, 2017. The Company feels this is sufficient capital for producing the Tinley ’27 batches planned for its temporary facility, bringing its long-term bottling facility into operation, marketing and working capital.
