PORTLAND, OR--(Marketwired - Jun 6, 2016) - Eastside Distilling, Inc. (OTCQB: ESDI), a producer of award-winning master-crafted spirits, announced today that it has fully prepaid the remaining $100,000 of principal and accrued interest outstanding under that certain 14% Secured Convertible Promissory Note dated May 13, 2016 in the original principal amount of $219,200.65 with a maturity date of August 30, 2016. The prepayment amount for this note referenced in our Current Report in Form 8-K dated June 1, 2016, was reduced due to the note holder's conversion of principal under the note into shares of our common stock following receipt of the prepayment notice, as permitted under the terms of the note.
"We are pleased to prepay this note prior to the maturity date as we believe it strengthens our balance sheet and also allows us to avoid additional interest charges as well as potential further dilution to our shareholders from any additional conversions of this note into shares of our common stock. We remain focused on driving sales as we build traction and consumer demand in markets across the nation," said Eastside's CEO, Steven Earles.
About Eastside Distilling
Eastside Distilling, Inc. (OTCQB: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master crafted spirits since 2008. Makers of award winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbol OTCQB: ESDI. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue, and profitability. The Company assumes no obligation to update the cautionary information in this release.