Innovation Beverage Group Appoints Sahil Beri as Interim CEO and Announces Further Expansion Into Eastern U.S.
Innovation Beverage Group (NASDAQ:IBG) has appointed Chairman and COO Sahil Beri as Interim CEO, following Dean Huge's resignation. The company is expanding into the Eastern U.S. through a Sales Services Agreement with Blue Ridge Spirits & Wine Marketing to distribute its Australian Bitters Company and BITTERTALES brands.
Beri, serving as Chairman and COO since 2022, brings 10 years of beverage industry experience, with expertise in formulation and product development. The company reports positive initial response from distributors and retailers, with orders commencing and inventory ready to ship.
IBG's portfolio includes 60 formulations across 13 alcoholic and non-alcoholic brands. Their flagship products have received multiple awards, including Gold Medals at the Los Angeles Spirits Awards. Production takes place at their FDA and GMP certified facility in Australia.
Innovation Beverage Group (NASDAQ:IBG) ha nominato il Presidente e COO Sahil Beri come CEO ad interim, dopo le dimissioni di Dean Huge. L'azienda si sta espandendo nel settore orientale degli Stati Uniti attraverso un Accordo di Servizi di Vendita con Blue Ridge Spirits & Wine Marketing per distribuire i suoi marchi Australian Bitters Company e BITTERTALES.
Beri, in carica come Presidente e COO dal 2022, porta con sé 10 anni di esperienza nel settore delle bevande, con competenze nella formulazione e nello sviluppo di prodotto. L'azienda riporta una risposta iniziale positiva da parte di distributori e rivenditori, con ordini avviati e scorte pronte per la spedizione.
Il portafoglio di IBG include 60 formulazioni in 13 marchi alcolici e analcolici. I loro prodotti di punta hanno ricevuto numerosi premi, tra cui Medaglie d'Oro agli Los Angeles Spirits Awards. La produzione avviene presso la loro struttura certificata dalla FDA e GMP in Australia.
Innovation Beverage Group (NASDAQ:IBG) ha nombrado al Presidente y COO Sahil Beri como CEO interino, luego de la renuncia de Dean Huge. La compañía se está expandiendo hacia el este de EE. UU. a través de un Acuerdo de Servicios de Ventas con Blue Ridge Spirits & Wine Marketing para distribuir sus marcas de Australian Bitters Company y BITTERTALES.
Beri, que ha sido Presidente y COO desde 2022, aporta 10 años de experiencia en la industria de bebidas, con experiencia en formulación y desarrollo de productos. La compañía informa una respuesta inicial positiva de distribuidores y minoristas, con pedidos en curso y stock listo para enviar.
El portafolio de IBG incluye 60 formulaciones en 13 marcas alcohólicas y no alcohólicas. Sus productos insignia han recibido múltiples premios, incluyendo Medallas de Oro en los Los Angeles Spirits Awards. La producción se lleva a cabo en su instalación certificada por la FDA y GMP en Australia.
Innovation Beverage Group (NASDAQ:IBG)는 Dean Huge의 사임 후 회장 겸 COO인 Sahil Beri를 임시 CEO로 임명했습니다. 이 회사는 Australian Bitters Company 및 BITTERTALES 브랜드를 유통하기 위해 Blue Ridge Spirits & Wine Marketing과 판매 서비스 계약을 통해 미국 동부로 확장하고 있습니다.
Beri는 2022년부터 회장 겸 COO로 근무했으며, 제품 개발 및 포뮬레이션에 대한 전문성이 있는 10년의 음료 산업 경험을 가지고 있습니다. 이 회사는 분배업체와 소매업체로부터 긍정적인 초기 반응을 보고하며, 주문이 시작되고 재고가 발송 준비 중입니다.
IBG의 포트폴리오에는 13개의 알코올 및 비알콜 브랜드로 이루어진 60개의 포뮬레이션이 포함되어 있습니다. 그들의 주력 제품은 로스앤젤레스 스피릿 어워드에서 금메달을 포함해 여러 상을 수상했습니다. 생산은 호주에 있는 FDA 및 GMP 인증 시설에서 이루어집니다.
Innovation Beverage Group (NASDAQ:IBG) a nommé le président et COO Sahil Beri comme PDG par intérim, suite à la démission de Dean Huge. L'entreprise s'étend vers l'est des États-Unis grâce à un accord de services de vente avec Blue Ridge Spirits & Wine Marketing pour distribuer ses marques Australian Bitters Company et BITTERTALES.
Beri, en poste en tant que président et COO depuis 2022, apporte 10 ans d'expérience dans l'industrie des boissons, avec une expertise en formulation et en développement de produits. L'entreprise rapporte une réponse initiale positive de la part des distributeurs et des détaillants, avec des commandes initiées et des stocks prêts à être expédiés.
Le portefeuille d'IBG comprend 60 formulations à travers 13 marques alcoolisées et non alcoolisées. Leurs produits phares ont reçu de multiples récompenses, dont des médailles d'or aux Los Angeles Spirits Awards. La production a lieu dans leur installation certifiée par la FDA et GMP en Australie.
Innovation Beverage Group (NASDAQ:IBG) hat den Vorsitzenden und COO Sahil Beri zum Interim-CEO ernannt, nachdem Dean Huge zurückgetreten ist. Das Unternehmen expandiert in den östlichen USA durch eine Verkaufsdienstleistungsvereinbarung mit Blue Ridge Spirits & Wine Marketing, um seine Marken Australian Bitters Company und BITTERTALES zu vertreiben.
Beri, der seit 2022 als Vorsitzender und COO tätig ist, bringt 10 Jahre Erfahrung in der Getränkeindustrie mit, einschließlich Fachwissen in der Formulierung und Produktentwicklung. Das Unternehmen berichtet von einer positiven ersten Reaktion von Distributoren und Einzelhändlern, mit Aufträgen, die begonnen haben, und Lagerbeständen, die versandbereit sind.
Das Portfolio von IBG umfasst 60 Formulierungen in 13 alkoholischen und nicht-alkoholischen Marken. Ihre Hauptprodukte haben mehrere Auszeichnungen erhalten, darunter Goldmedaillen bei den Los Angeles Spirits Awards. Die Produktion findet in ihrer von der FDA und GMP zertifizierten Anlage in Australien statt.
- New distribution agreement with Blue Ridge Spirits & Wine Marketing for Eastern U.S. expansion
- Initial orders already commenced with positive market response
- Portfolio of 60 formulations across 13 brands shows product diversity
- Multiple award-winning products including Gold Medals at LA Spirits Awards
- FDA and GMP certified production facility
- Unexpected CEO resignation requiring interim replacement
- Leadership transition period could create temporary uncertainty
Strong early response from retailers, distributors, and hospitality partners eager to bring IBG's award-winning premium bitters to cocktail enthusiasts and industry professionals alike
IBG's management team is leveraging new opportunities for growth and expansion to elevate cocktail experiences worldwide
SEVEN HILLS, AUSTRALIA / ACCESSWIRE / January 3, 2025 / Innovation Beverage Group Ltd, ("IBG" or the "Company") (NASDAQ:IBG), an innovative developer, manufacturer, and marketer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands, announced today its Chairman and Chief Operating Officer (COO), Sahil Beri, has been appointed Interim Chief Executive Officer (CEO) while the Company conducts a search for a new CEO. Dean Huge, the Company's former CEO, has resigned to pursue other interests.
Under Mr. Beri's leadership, IBG is poised for an exciting phase of growth, beginning with its expansion plans in the Eastern U.S. The Company had recently announced a Sales Services Agreement with Atlanta, Georgia-based Blue Ridge Spirits & Wine Marketing to sell its Australian Bitters Company and BITTERTALES brands throughout the U.S. Blue Ridge Spirits & Wine Marketing's dedicated national sales team has started the roll-out of IBG's award-winning bitters products to its established distributor and retailer network. The initial response has been very positive as orders have commenced and inventory is set to ship.
Commenting on the management change, Mr. Beri said, "We're extremely grateful to Dean Huge for his leadership and guidance through a critical growth stage for IBG up to and through the Company's initial public offering. Dean helped lay the foundation that will enable us to continue to build our momentum. To that end, the Eastern U.S. is a dynamic and vibrant market with a deep appreciation for classic cocktails. With our newly trained sales team and a well-defined route to market, we are confident in our ability to establish a strong presence and drive significant growth in the region."
"The Eastern U.S. rollout is part of our broader strategy to establish a foothold in key markets across North America. Investors can look forward to a promising year in 2025 as we continue to expand our presence and meet the growing demand for high-quality cocktail products," Mr. Beri added.
Serving as Chairman and COO of IBG since 2022, Mr. Beri is a highly experienced executive officer focused on operational excellence in the beverage industry with 10 years of experience and a primary focus on creating and commercializing new innovative beverages. He has strong formulation, new product development, commercialization, and business development skills. Prior to his role at IBG, Mr. Beri was the Executive Director and Chief Technology Officer at Sway Energy Corporation where he was responsible for the creation of all beverage systems for formulations, manufacturing systems, new innovation development, and commercialization for a range of alcohol and non-alcohol beverages. Previously, Mr. Beri was the New Product Development Manager at Europa International Pty Ltd, and also served as a non-executive director on the board of Cannhealth Group Limited, an Australian nutraceutical company. Mr. Beri is a registered Pharmacist who completed his Master of Pharmacy, Master in Biochemistry, and a Bachelor of Arts and Science.
IBG's flagship product, Australian Bitters Company, hand crafted in small batches in Australia from the finest natural botanical herbs and spices, won the Gold Medal at the Los Angeles Spirts Awards in 2018. BITTERTALES, the Company's premium cocktail brand, won Best in Show and a Platinum Medal at the 2020 LA Spirits Awards, and a Gold Medal at the 2018 and 2021 LA Spirits Awards. IBG's bitters brands are produced at its state-of-the-art U.S. FDA and GMP certified facility in Australia and shipped worldwide.
About Innovation Beverage Group
Innovation Beverage Group is a developer, manufacturer, marketer, exporter, and retailer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands for which it owns exclusive manufacturing rights. Focused on premium and super premium brands and market categories where it can disrupt age old brands, IBG's brands include Australian Bitters, BITTERTALES, Drummerboy Spirits, Twisted Shaker, and more. IBG's most successful brand to date is Australian Bitters, which disrupted a 200-year-old market leader, giving the Company a market dominating position in several territories including a partnership in Australia with Coca-Cola Europacific Partners. Established in 2018, IBG's headquarters, distillery, innovation, and manufacturing facility are located in Sydney, Australia with a U.S. sales office is located in New Jersey. For more information visit: https://www.innovationbev.com/
Forward-Looking Statement
This press release contains "forward-looking statements" and "forward-looking information." This information and these statements, which can be identified by the fact that they do not relate strictly to historical or current facts, are made as of the date of this press release or as of the date of the effective date of information described in this press release, as applicable.
The forward-looking statements herein relate to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, using words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "envisages," "assumes," "intends," "strategy," "goals," "objectives" or variations thereof or stating that certain action events or results "may," "can," "could," "would," "might," or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) and include, without limitation, statements with respect to projected financial targets that the Company is looking to achieve.
All forward-looking statements are based on current beliefs as well as various assumptions made by and information currently available to the Company's management team. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution any person reviewing this press release not to place undue reliance on these forward-looking statements as several important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions, and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur.
The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Company or on behalf of the Company except as may be required by law.
Contact:
TraDigital IR
John McNamara
917-658-2602
John@tradigitalir.com
Contact Information
John McNamara
Investor Relations
john@tradigitalir.com
917-658-2602
SOURCE: Innovation Beverage Group
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