LOS ANGELES, CA--(Marketwired - November 10, 2016) - Upper Street Marketing, Inc. (OTC PINK: UPPR) today announced that it is in negotiations to acquire a production facility to create new beverages for distribution and to produce its own proprietary products.
As announced on October 11, Chief Financial Officer of Mike's Hard Lemonade US, Feza Sanigok, is serving as CEO and interim Chief Financial Officer of Upper Street and is leading this new venture with the acquisition of Ennoble Progressive Beverage Distribution Inc. The partnership marked Upper Street Marketing's entrance into the flavored malt beverage industry to build a national distribution network and launch multiple progressive adult beverages over the next 5 years through acquisitions and organic in-house developed products and brands. Former Mike's Hard Lemonade executive Chris Pfeifer is serving as chief operating officer and chief marketing officer.
The company is focusing on underdeveloped and high growth potential market segments while expanding locally successful brands into a national scale proposition offers first-mover advantage into key flavored malt beverages segments like progressive adult beverages.
The facility we are negotiating to acquire is capable of production of approximately $10 million of product on an annual basis and is located near a major city in North America.
Feza Sanigok, CEO of Upper Street said, "We are looking to acquire a production facility to support one of our key pillars, which is innovation. To be a leader in using innovative technologies to enhance the attractiveness of our products."
The benefits of having a production facility as part of the business are;
- Greater speed to market through direct control of product development and production timelines.
- Attract additional acquisitions, such as small existing and emerging brands by leveraging access to R&D and production and our expertise in distribution.
- Reduce risk of pilot product launches through smaller initial production runs and just in time inventory.
- Lower costs through efficiencies which in-house production and closer management of supply chain allow for.
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including statements relating to expectations for acquisitions and their performance thereafter; The terms and phrases "expects," "would," "will," "believes" and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Upper Street Marketing, Inc. in light of its experience and its perception of current conditions and expected future developments, as well as other factors that Upper Street Marketing, Inc. believes are appropriate in the circumstances. Many factors could cause Upper Street Marketing, Inc.'s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. These risk factors and others relating to Upper Street Marketing, Inc. that may cause actual results to differ are set forth in Upper Street Marketing, Inc.'s periodic filings with the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Upper Street Marketing, Inc.'s forward-looking statements. Upper Street Marketing, Inc. has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.