Welcome to our dedicated page for Flow Beverage news (Ticker: FLWBF), a resource for investors and traders seeking the latest updates and insights on Flow Beverage stock.
Flow Beverage Corp. (FLWBF), associated with the Flow premium water brand, has generated a series of significant news events that reflect both its beverage operations and its evolving financial and legal situation. Company press releases highlight Flow’s positioning as a B-Corp Certified premium water and wellness beverage brand founded in 2014, while also detailing developments in financing, governance, and restructuring.
News coverage includes announcements of secured business purpose loans and a secured convertible loan from NFS Leasing Canada Ltd. and RI Flow LLC, which Flow describes as senior secured lenders and affiliates of an investor group holding more than 10% of its voting rights on a partially diluted basis. These updates explain how the company has sought to address liquidity challenges and invest in working capital, referencing both the Flow brand and the Planet A co-packing business.
Investors following FLWBF will also find news about leadership changes, such as the appointment of a new Chief Financial Officer and the departure of prior executives, as well as board resignations. These governance updates are presented alongside financial results that discuss Flow brand net revenue, consolidated net revenue, gross margin and Adjusted EBITDA, and describe factors such as co-pack contracts and production capacity expansions.
More recently, Flow’s news releases have focused on restructuring and insolvency-related matters. The company announced receipt of demand letters and notices of intention to enforce security from its lenders, followed by a support agreement that contemplates transitioning ownership of its business to those lenders through a structured foreclosure. Subsequent news disclosed a receivership order appointing Richter Inc. as receiver over the business and assets of the company and its subsidiaries, a stay of proceedings, and a planned wind-down of remaining assets and liabilities under the Bankruptcy and Insolvency Act (Canada). The Toronto Stock Exchange’s review of Flow’s listing eligibility and the suspension of trading in its subordinate voting shares are also key topics in recent updates.
This news page allows readers to review these developments in sequence, from operational and financing milestones to governance changes and court-supervised restructuring steps, providing context for the history and current status of Flow Beverage Corp. and the Flow brand.
Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) announced the activation of a new distribution program with Costco, introducing Flow Alkaline Spring Water to 48 additional locations in Eastern Canada as of January 2, 2023. This expansion increases the total number of Costco stores carrying Flow products to 63 across Canada. The company anticipates growth in product sales due to new retail partnerships and product innovations. Flow is recognized as one of North America's fastest-growing premium water companies and emphasizes its commitment to sustainability.
Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) will hold an Operational Update conference call and webcast on January 9, 2023, at 8:00 a.m. ET. Key executives, including Founder and CEO Nicholas Reichenbach and CFO Trent MacDonald, will present strategic milestones followed by a Q&A session. Flow is recognized for its sustainable, B-Corp Certified premium water products. The call is accessible via dial-in or online, with details provided for participation.
Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) has secured a 36-month senior secured term loan of up to CAD$20.3 million from NFS Leasing Canada Ltd. Initially, CAD$15.3 million has been drawn, with an option to access an additional CAD$5.0 million within the next year. The loan carries a 14% interest rate and includes share purchase warrants. The funds will be used to repay CAD$9.6 million in unsecured notes and support business growth. The Company recently strengthened its cash position through a CAD$17 million facility sale, enhancing its market prospects.
Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) has announced a distribution agreement with Starbucks Coffee Canada to offer Flow Alkaline Spring Water and Flow Strawberry Rose in over 1,000 locations across Canada, starting in January 2023. This milestone aligns with Flow's growth strategy, enhancing its retail presence in North America. Flow's CEO, Nicholas Reichenbach, emphasized the brand's appeal to consumers seeking functional water with a positive environmental impact.
Flow Beverage Corp. (OTCQX: FLWBF; TSX: FLOW) has appointed Stephen A. Smith and Michael Lines to its Board of Directors. Smith, with a strong background in finance, will chair the Audit Committee, while Lines, founder of Wellness Natural Inc., will chair the Governance, Human Resources & Compensation Committee. Their appointments aim to enhance Flow's strategic transformation and focus on profitable growth in the consumer packaged goods sector. Flow is recognized as one of North America's fastest-growing premium water companies, emphasizing sustainable practices and health-oriented products.
Flow Beverage Corp. (OTCQX: FLWBF) announced a distribution agreement with Foodbuy Foodservice, expanding its reach to over 11,000 new points of distribution across various sectors, including hospitality, education, and healthcare. This partnership is expected to enhance Flow's sales and market presence, leveraging Foodbuy's extensive procurement network. Flow aims to drive growth in food service, retail, and e-commerce segments, aligning with its sustainability mission and commitment to providing high-quality, environmentally friendly beverage products.
Flow Beverage Corp. (OTCQX:FLWBF) has announced the resignation of Board members Lori O’Neill and Michael Samoszewski, recognizing their contributions to the company's shift towards a capital-efficient model. The recent sale of the Verona production facility is expected to enhance cash flow and reduce operating costs. CEO Nicholas Reichenbach stated that the divestiture will streamline operations and strengthen the balance sheet. Flow plans to announce new Board nominees and provide an operational update soon, highlighting their commitment to profitability.
Flow Beverage Corp. announces the sale of its Verona, Virginia production facility to BioSteel Sports Nutrition for US$19.5 million. This strategic move aims to enhance the profitability of the Flow brand and simplify its operations by reducing operating expenses. Flow will maintain ownership of its 144-acre spring water source and has secured a co-manufacturing agreement with BioSteel, ensuring continuous production of Flow's branded water. The transaction is expected to improve Flow's operating cash flow and strengthen its balance sheet, facilitating continued revenue growth in the U.S.
Flow Beverage Corp. announced the sale of its Verona, Virginia production facility to BioSteel Sports Nutrition for US$19.5 million. This sale enables Flow to focus on the profitable growth of its brand while simplifying operations and improving its balance sheet.
Flow retains ownership of the water source and enters into a co-manufacturing agreement to ensure production continuity. BioSteel's acquisition supports its growth strategy and vertical integration in the U.S. market, ultimately enhancing its operational efficiency.
Flow Beverage Corp (OTCQX: FLWBF) announced the resignation of Ann Tracy from its Board of Directors effective November 2, 2022. Tracy served on the Audit Committee and brought significant ESG expertise, contributing to the company being recognized as a 'Best for the World' B Corp. The company aims to continue her legacy, striving for 100% renewable-resource-based packaging by 2030 and achieving carbon negativity by 2025, as confirmed by CEO Nicholas Reichenbach. Tracy's departure is attributed to her other career obligations related to ESG.