Watertown, NY, June 28, 2022 (GLOBE NEWSWIRE) -- 1812 BREWING COMPANY, INC. (OTC Pink: KEGS) (the "Company" or “KEGS”) is pleased to announce that it used proceeds from its fixed-price Regulation A offering to repay two outstanding variable price convertible debentures. The two notes, with aggregate repayment terms of approximately $300,000, had the right to convert into KEGS stock at a discount to the then-market price of the Company’s shares. Because these conversions can be made at potentially lower and lower prices, they are often called “floorless” notes.
KEGS’ Chairman and CEO, Tom Scozzafava, stated, “While the Company surely could have benefited by deploying these funds into operations and expansion, we felt a longer-term benefit would be derived by repaying these notes before conversions could commence.” Mr. Scozzafava continued, “We look forward to keeping you updated on the Company’s progress and developments – both operational and financial.”
About 1812 Brewing Company (“KEGS or the “Company”):
KEGS is an operator of and investor in companies in the craft beer industry. The Company seeks to build a nation-wide network of craft breweries to develop and foster respective brand growth at the local, regional, and national level. KEGS looks to build a network wherein certain economies of scale can be shared across it such as production, distribution footprint expansion, inter-member contract brewing, new product development, sharing of best brewery practices and scale logistics and transportation. The network is to be built through investment by 1812 Brewing Company while maintaining the members’ respective local and regional uniqueness, brand autonomy and direct involvement with its consumers. The Company seeks to be an “incubator” of growth for its holdings in the industry.
The Company’s current holding, 1812 Brewing Co., produces award-winning beers such as War of 1812 Amber Ale (“1812 Amber Ale”), 1812 Light, Hazy Oasis Pale Ale, Thousand Islands IPA, Malicious Intent XX IPA, Route 11 Lager, Railroad Red Ale, Helles Bells Pilsner, St. Stephens Stout, Third Rail Porter, Featherhammer Maibock.
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Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
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