PORTLAND, OR--(Marketwired - Jun 8, 2015) - Eastside Distilling, Inc. (OTCQB: ESDI), a producer of award-winning master-crafted spirits, has received listing approval by Virginia's Department of Alcoholic Beverage Control (ABC). The approval resulted in an initial order for its award winning Burnside Bourbon from Virginia ABC, which operates 351 state-run liquor stores across the commonwealth.
Virginia is one of 18 control states and localities across the United States where the state government manages the sale of distilled spirits at the wholesale level. Virginia ABC stores are the only retail outlets in the state where Virginians may purchase distilled spirits, with more than 98 percent of the population living within a 10-minute drive.
Virginia ABC reported gross sales increased 4.1 percent in fiscal 2014 to $801 million, generating a profit of $140 million and representing the 16th consecutive year of record-breaking sales. The agency reports that the state's nearly 5,000 restaurants accounted for about 18% of these sales. Sales at retail grew nearly 5 percent, while sales to restaurants increased nearly 2 percent. The state's average retail markup is around 69 percent, last raised in 2008 by 4%.
"Given the strong growth in high-margin spirits sales in the great state of Virginia, this listing approval represents another major milestone toward achieving a fully-deployed national distribution footprint for Eastside," said the company's CEO, Steven Earles. "The subsequent order for our Burnside Bourbon represents our first sale to a liquor control state other than our home state of Oregon. We expect other such states to follow, as we work toward increasing our sales several fold this year."
About The Virginia Department of Alcoholic Beverage Control
The Virginia Department of Alcoholic Beverage Control (ABC) is a major source of revenue for the commonwealth, contributing more than $1.8 billion to the general fund over the last five years. The agency currently operates 351 state stores. The agency's Bureau of Law Enforcement oversees more than 16,000 ABC licensed establishments, while the Hearings and Appeals Division considers more than 700 cases each year. The agency also provides alcohol education and prevention programs for people of all ages. ABC is committed to progress and innovation in carrying out its control, service and revenue mission. For more information about the Virginia ABC visit www.abc.virginia.gov
About Eastside Distilling
Eastside Distilling, Inc. (OTCQB: ESDI) has been producing high-quality, master crafted spirits since 2008 and is located in Southeast Portland's Distillery Row. Makers of award winning spirits, the company is unique in the marketplace and is distinguished by its highly decorated product lineup that includes 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 & Facebook.
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.