SPO Global Inc (SPOM)

[BigJuan]

SPO GLOBAL PROVIDES SHAREHOLDER UPDATE AND RELEASE OF WEBSITE

WOBURN, MA, Nov. 06, 2018 (GLOBE NEWSWIRE) -- SPO GLOBAL, INC. (OTC Pink: SPOM), (“SPO” or the “Company”) is pleased to provide the following update to Shareholders from its CEO, Stuart Barton.

Dear SPO Global Shareholders:

The immediate goal I had was to create a holding company model, streamline our business operations and to evaluate the most effective way to grow the company and increase shareholder value. I am pleased to announce the initiatives that we have completed:

The Company released its website today at www.wineontap.net

The Company completed negotiations with existing debt holders to amend certain convertible notes. Investors have agreed to reduce the annual interest rate on all notes from a range of 8-23% to 3% per annum from the date the Notes were issued. This interest expense savings on an annual basis is over $ 160,000 and the accrued interest savings is in excess of $ 550,000.

On October 3, 2018, Wine on Tap, Inc., a wholly owned subsidiary of SPO, acquired specific assets of Wine Stream Inc., including key personnel and intellectual property, licensing and franchise rights. The acquisition included all operations in Sarasota County Florida but excluded the Wine Stream Tampa operation and facility.

The Company is in discussions with several groups interested in establishing joint venture partnerships for specific territories.
According to the Wine Institute, in 2016, 949 million gallons of Wine were consumed in the United States. We see the asset acquisition and the entry into the kegged wine industry as both an economic and environmentally solid business opportunity. Offering wine in a keg ensures fresh wine throughout, prevents spoilage, waste and eliminates the glass and trash footprint from traditional bottle usage. In addition, a single keg eliminates 28 bottles, 28 corks and 56 labels – you only pay for the wine!

We believe these initiatives position Wine on Tap to become a preeminent player on the kegged wine industry and could build significant shareholder value. We greatly appreciate your continued support as we work to create a valuable, long-term enterprise for our shareholders.

Regards,

Stuart Barton
Chief Executive Officer
SPO Global, Inc.

https://globenewswire.com/news-release/2018/11/06/1646251/0/en/SPO-GLOBAL-PROVIDES-SHAREHOLDER-UPDATE-AND-RELEASE-OF-WEBSITE.html