Kona Gold Beverages, Inc. Announces Strategic Initiatives and Corporate Direction Changes

Rhea-AI Summary

Kona Gold Beverages, Inc. (OTCPK: KGKG) has announced strategic initiatives and corporate direction changes. The company is exploring reverse merger opportunities to bring in new management and shift its direction. This move aims to add significant value for shareholders and drive future growth. Kona Gold will continue operating its current subsidiaries while seeking to increase sales and revenues.

The company acknowledges the need for a completely new team to bring fresh ideas and energy. Unfortunately, Kona Gold was unable to finalize the acquisition of Surge Distribution Company from Loud Beverage Group due to unmet terms. Despite this setback, the company remains committed to its growth strategy and will continue seeking opportunities aligned with shareholder interests.

Positive

• Exploring strategic reverse merger opportunities to add significant value for shareholders
• Commitment to bringing in new management and fresh perspectives
• Continued operation of current subsidiaries with focus on increasing sales and revenues

Negative

• Failed acquisition of Surge Distribution Company from Loud Beverage Group
• Inability to meet necessary terms of the acquisition agreement

MELBOURNE, Fla., Aug. 2, 2024 /PRNewswire/ -- Kona Gold Beverages, Inc. (OTCPK: KGKG), is excited to announce that it is actively engaging with several companies to explore a strategic reverse merger. This initiative aims to bring in new management and shift the company's direction, leveraging fresh perspectives and capabilities to drive future growth and success. These changes are expected to add significant value for shareholders, providing substantial benefits both in the short and long term.

Kona Gold Beverages, Inc. will continue to operate its current subsidiaries and maintain its commitment to increasing sales and revenues. The company believes that the addition of substantial assets and revenues through these new strategic partnerships will provide significant benefits to shareholders, offering a fresh start and a more promising future.

The company recognizes the need for a completely new team to bring in new ideas, fresh energy, and clear separations from the past. This move is intended to ensure a brighter future for the company and its shareholders, and to continue the current management team's best efforts to distance itself from past management.

In addition to these new initiatives, Kona Gold Beverages, Inc. wishes to address recent developments regarding its acquisition of Surge Distribution Company from Loud Beverage Group. Unfortunately, Kona Gold was unable to meet all the necessary terms of the acquisition agreement, resulting in the failure to finalize the acquisition, and the ultimate reversion of Surge Distribution to Loud Beverage Group.

Kona Gold Beverages, Inc. remains committed to its growth strategy and will continue to seek out opportunities that align with the best interests of its shareholders. We appreciate the ongoing support and patience of our shareholders as we navigate these exciting changes and look forward to sharing more updates in the near future.

For more information regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com/

About Kona Gold Beverage, Inc.

Kona Gold Beverage, Inc., operates as a holding company for innovative brands. Through its subsidiaries, Kona Gold LLC, Covert LLC, and Surge Distribution, LLC, it offers a diverse range of healthy energy drinks and other premium products and distribution services. Kona Gold's premium line of energy drinks caters to health-conscious consumers, alongside its innovative HighDrate D9 Drinks. Covert LLC, operating out of Charlotte, NC, specializes in high-quality products, including Delta-8, THCa, THC-P, and Kratom. Surge Distribution, LLC, operating out of Melbourne, FL, is a diverse distribution company offering beverage and CPG products to a variety of retail locations from big box grocery stores to small family-owned specialty shops.  Headquartered in Melbourne, Florida, Kona Gold Beverage, Inc. is actively engaged in expanding its market presence through strategic acquisitions.

Investor Relations Contact:
Phone: 844-714-2224
Email: investorrelations@konagoldbeverage.com

Safe Harbor Statement:

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Annual Reports on Form 10-K and its other filings with the Securities and Exchange Commission. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.

View original content:https://www.prnewswire.com/news-releases/kona-gold-beverages-inc-announces-strategic-initiatives-and-corporate-direction-changes-302213621.html

SOURCE Kona Gold Beverage, Inc.

FAQ

What strategic initiatives has Kona Gold Beverages (KGKG) announced?

Kona Gold Beverages (KGKG) has announced that it is exploring strategic reverse merger opportunities to bring in new management and shift the company's direction, aiming to add significant value for shareholders and drive future growth.

Why did Kona Gold Beverages (KGKG) fail to acquire Surge Distribution Company?

Kona Gold Beverages (KGKG) was unable to meet all the necessary terms of the acquisition agreement with Loud Beverage Group, resulting in the failure to finalize the acquisition of Surge Distribution Company.

How will Kona Gold Beverages (KGKG) address its need for new management?

Kona Gold Beverages (KGKG) recognizes the need for a completely new team to bring in fresh ideas, energy, and clear separations from the past. The company is actively seeking new management through potential reverse merger opportunities.

Will Kona Gold Beverages (KGKG) continue operating its current subsidiaries?

Yes, Kona Gold Beverages (KGKG) has stated that it will continue to operate its current subsidiaries and maintain its commitment to increasing sales and revenues while exploring new strategic partnerships.