DENVER, CO--(Marketwired - Apr 4, 2017) - New Age Beverages Corporation (NASDAQ: NBEV), the Colorado-based leading all natural tea, healthy functional beverage company, and owner of the brands XingTea®, XingEnergy®, Aspen Pure® PH and Aspen Pure® Probiotic Water, Búcha® Live Kombucha, Marley One Drop®, Marley Mellow Mood®, and Coco-Libre®, today announced that it has completed the sale and lease back of one of its buildings for a total of $8.9 million.
New Age Beverages Corporation successfully completed a $17.5 million financing and up-listing to the NASDAQ Capital Market Exchange in February. One of the commitments that the Company made to investors was to eliminate all debt and further strengthen the Company's financial platform. The sale/lease-back is a follow-through on that commitment and is a successful conclusion to the planned transaction initially signed January 10, 2017.
In the transaction New Age sold one of its buildings to a group of local investors for $8.9 million, and executed a 10-year lease back. As part of the proceeds New Age will eliminate the $4.7 million long-term mortgage it held on the property with US Bank and consequently reduce its invested capital by an equivalent amount. Proceeds to the company are expected to be a net of approximately $4.0 million, which it intends to use for organic growth and working capital.
About New Age Beverages Corporation (NASDAQ: NBEV)
New Age Beverages Corporation is a Colorado-based, leading all-natural tea and healthy functional beverage company that was founded in 2003. The Company competes in the fast growing healthy functional beverage segments including Ready to Drink (RTD) Tea, RTD Coffee, Kombucha, Energy Drinks, Relaxation Drinks, Coconut Waters and Functional Waters with the brands XingTea®, Marley One Drop®, Búcha® Live Kombucha, XingEnergy®, Marley Mellow Mood®, Coco-Libre®, and Aspen Pure® PH and Aspen Pure® Probiotic Water. The Company's brands are sold across all 50 states within the US and in more than 10 countries internationally across all channels via direct and store door distribution systems. The company operates the websites www.newagebev.us, www.mybucha.com, www.xingtea.com, www.aspenpure.com, www.drinkmarley.com, and www.cocolibre.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the Company including statements regarding New Age Beverage's expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. New Age Beverages competes in a rapidly growing and transforming industry, and other factors disclosed in the Company's filings with the Securities and Exchange Commission might affect the Company's operations. Unless required by applicable law, New Age Beverages undertakes no obligation to update or revise any forward-looking statements.