HICKSVILLE, NY--(Marketwired - Dec 20, 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 that it has secured new distribution agreements for its beverages in the Dominican Republic through WinelCo Trading ("WinelCo") and in St. Martin through Bimaco Distributors ("Bimaco").
The Dominican Republic has an estimated population of over 10.6 million, making it the second most populous country in the Caribbean and comprising approximately 25% of the total population of the Caribbean1. The RTD tea market is expected to grow in Latin America by 5% annually2. This is the first agreement for the Company in the Dominican Republic, further broadening its international distribution.
Philip Thomas, Chief Executive Officer of the Company, stated, "We are excited to begin these new partnerships and continue the international expansion of our flagship Long Island Iced Tea® brand. We believe that the Caribbean is a fantastic market and look forward to expanding our presence in the region. These partnerships with WinelCo and Bimaco further broaden our international distribution, and complement distribution positions we have already established in Canada, Korea, Honduras and a number of other Caribbean nations."
Wineldo Hernández Perera, the founder of WinelCo, added "This new partnership with Long Island Iced Tea Corp. represents a very important step for our company, providing us with a strong brand in our portfolio."
Long Island Iced Tea® is a RTD tea will be available through WinelCo and Bimaco in 18oz bottles.
About WinelCo Trading
WinelCo Trading was created in 2013 with the clear purpose of establishing itself as the most important brand builder in the Dominican Republic. Its founder, Wineldo Hernández Perera, is a marketing professional who has acquired substantial experience by developing in the Caribbean one of the major brands of his country, and as a trade marketing manager for the largest distributor of the region. WinelCo is specialized in the first-class representation and distribution of fast-moving consumer goods, grouped into two divisions: Food & Grocery and Clothing. Its logistics are carefully managed in a distribution center, which is equipped with a warehouse management system that guarantees the right rotation and on time delivery in every single point of the country.
About Bimaco Distributors
Bimaco Distributors is located on the island St. Martin in the North Eastern Caribbean region and operates from its 6,000 square foot warehousing and frozen/chilled facilities in Cul-de-Sac since 1997. Today, Bimaco distributes over 20 major brands with over 500 different products between beverages and grocery products. With its highly trained and motivated staff consisting of sales representatives, merchandisers, delivery and administrative staff, Bimaco constantly strives to be the leading distributor in the region.
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.
1 Central Intelligence Agency. The World Factbook. 2016
2 Euromonitor International. "Latin American Consumers Look to RTD Tea as a Healthy Replacement for Carbonates". April 2016