HICKSVILLE, NY--(Marketwired - Dec 12, 2016) - Long Island Iced Tea Corp. (NASDAQ: LTEA) (the "Company"), a growth-oriented company focused on the ready-to-drink ("RTD") tea segment in the beverage industry, today announced the appointment of Julio Ponce as Vice President of Southeast and Latin American Sales, effective as of January 1, 2017.
Mr. Ponce will be responsible for developing and overseeing Long Island Iced Tea®'s position in the Southeast of the US and Latin America, as well as growth of its recently acquired ALO Juice® brand in those markets. Mr. Ponce has over 15 years' experience with Latin American based companies, distributors and South Korean manufacturers. Mr. Ponce began the operations of ALO Juice® over six years ago, through which he and his team created a distribution network that serviced chain accounts and independent supermarkets in Florida.
Philip Thomas, Chief Executive Officer of the Company, stated, "We have been working diligently to create an international, multi-beverage company; Julio's appointment marks another step towards building an experienced team that will help us grow our business."
"I have been working closely with Phil and his team for the past year, and look forward to continuing our journey together," added Mr. Ponce. "Together we can execute our growth strategies, both in the US and in international markets."
Mr. Ponce has entered in to an employment agreement with the Company effective from January 1, 2017 through December 31, 2017, which provides for performance equity incentives based on the procurement of sales domestically or outside the US and based on net sales of both ALO Juice® and Long Island Iced Tea® that he originates. Thresholds are achieved with cumulative net sales of $2.5-$5.5 million of ALO Juice® and $2.0-$4.0 million of Long Island Iced Tea®. The maximum number of shares of Company common stock issuable to Mr. Ponce is 968,269 shares. The grant of the performance equity incentive to Mr. Ponce was approved by the Company's compensation committee. Mr. Ponce will continue to be based in Miami, Florida.
About Long Island Iced Tea Corp.
Headquartered in Long Island, New York, Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of regional chains and distributors. The Company's website is www.longislandicedtea.com.
Forward Looking Statements
This press release includes statements of the Company's expectations, intentions, plans and beliefs that constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company's business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "thinks," "estimates," "seeks," "predicts," "could," "projects," "potential" and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include its history of losses and expectation of further losses, its ability to expand its operations in both new and existing markets, its ability to develop or acquire new brands, its relationships with distributors, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption "Risk Factors." When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.