FORT LAUDERDALE, Fla., Sep 22, 2023 - Golden Grail Beverages (OTC: GOGY), is pleased to provide a shareholder update on ongoing operations.
In the first half of 2023, Golden Grail Beverages prioritized enhancing our regional distribution network across the United States. Collaborative efforts with our vendors have led to a reduction in production costs. A new co-packer agreement for Spider Energy production resulted in savings of 38%, expanding our distribution into U.S. territories. Additionally, we achieved a 50% cost reduction in KOZ water packaging. Golden Grail Beverages has also strengthened our team by adding key members and fostering strategic partnerships to elevate brand recognition. Given the global emphasis on sustainability, we are proud to highlight our efforts to reduce plastic pollution. We have switched all our products to aluminum packaging, a move that our vendors and environmentally conscious consumers have positively received.
For the first six months of 2023, sales reached $312,675, a growth of approximately 854% compared to the $32,785 of 2022. This nearly tenfold rise in sales is attributed to our strategic emphasis on regional distribution and the inception of our direct-to-consumer program.
"Our remarkable growth in the first half of 2023 is a testament to the dedication and strategic vision of the Golden Grail Beverages team. The nearly tenfold increase in sales and our expanding distribution network underscore our commitment to delivering value to our shareholders and partners. As we navigate the challenges and opportunities ahead, I'm confident in our ability to continue this positive trajectory and further solidify our position in the market." - Russ Kaffenberger, Chief Revenue Officer, Golden Grail Beverages.
Distribution and Partnerships
Golden Grail Beverages' portfolio has grown to over 20 DSD networks, with the majority being multi-brand partners. We have been heavily focused on expanding, building, and growing our regional distribution network to maximize revenue and minimize cost of sales, logistic costs, and expenses. Our direct-to-consumer initiative has expanded to include brand placements on Amazon, collaborations with local enterprises, and alliances with organizations and municipalities aligned with our vision of reducing plastic pollution.
Golden Grail Beverages teamed up with NASCAR Driver Ryan Ellis and Spider Energy in a notable partnership, accelerating the Golden Grail Beverages Portfolio. This collaboration has facilitated our entry into partnerships with prominent retailers in the Midwest, leading to our presence in over 2,000 independent accounts. Furthermore, Sway Energy is expanding its flavor availability in the Caribbean and Puerto Rico, catering to a broader audience and enhancing our market presence.
We engaged Salberg & Company, P.A., Certified Public Accountants, as auditing firm to conduct a two-year audit under PCAOB standards on the Company's financial statements for the fiscal years ended December 31, 2022 and 2021. The upcoming completion of this audit will help in achieving our growth plans for 2024.
We submitted a Company Action Request to FINRA to issue a two-for-ten stock dividend to its current shareholders as a thank you to our shareholders who have supported us through the challenges of not only growing our beverage business but dealing with the unauthorized stock promotion and subsequent Caveat Emptor designation. We are continuing to take the necessary steps to complete the issuance.
The company believes that certain individuals and/or companies may have engaged in naked short selling practices and other manipulative actions that have artificially lowered our stock price. The ongoing pattern of suspicious trading activity in our stock is a potential cause of the continued depression of our share price, which has had broad implications for our business and our shareholders, restricting our growth and impacting our cost of capital. Our team has spent considerable resources analyzing the trading of GOGY stock using multiple data points in our efforts to combat potential short selling of the Company’s stock and protect the interests of our shareholders.
When this type of trading activity is allowed to continue, it hurts not only companies but retail investors, the hard-working people who invest their money in the stock market. We will continue our fight to eliminate the bad actors and we hope that we can continue to rely on the support of our shareholders as we continue to execute our business plan.
"In reflecting on the first half of 2023, I'm immensely proud of the accomplishments of the Golden Grail Beverages team. Our focus on regional distribution and direct-to-consumer initiatives has proven successful, and the support from our shareholders has been invaluable. As we look to the future, our focus remains on delivering consistent value to our shareholders, fostering sustainable growth, and furthering our mission to make a positive impact in the beverage industry." - Steven Hoffman, CEO, Golden Grail Beverages.
Third and Fourth Quarter Endeavors
As we transition into the latter half of 2023, our focus remains on fortifying our core distribution network. Concurrently, we aim to broaden our E-commerce platforms, ensuring nationwide accessibility to the Golden Grail portfolio. Enhancements to our website are underway to provide a seamless user experience. Furthermore, discussions with key retailers are ongoing, and we anticipate announcing new partnerships in the near future. As we approach 2024, we continuously enhance our portfolio brands to meet consumer demands and trends. We are adding strategic marketing partnerships and ambassadors across the brands, amplifying our reach and brand recognition.
This press release includes forward-looking statements concerning the future performance of our business, its operations, and its financial performance and condition. Also, it has selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise.