Fresh Vine Wine Appoints James Spellmire as Chief Financial Officer
October 06 2022 - 9:27AM
Fresh Vine Wine, Inc. (NYSE American: VINE), the premier producer
of lower carb, lower sugar, and lower calorie premium wines
in the United States, today announced that the Company has
appointed James Spellmire as Chief Financial Officer.
Spellmire joins the Fresh Vine Wine executive team where he will be
responsible for oversight of all the Company’s financial operation
as well as tasked with aiding in the development and implementation
of strategies to improve cash flow management and profitability as
the company enters a period of rapid expansion.
“We are very pleased to welcome Jim to the Fresh Vine Wine
executive team,” said Damian Novak, Executive Chairman of Fresh
Vine Wine. “Jim is an accomplished financial executive with a broad
and wide background identifying operational improvements, analyzing
potential acquisitions, and implementing cost controls, to improve
financial outcomes. In addition, Jim has experience working with
investors, banks and other funding sources, where his credibility
and knowledge will be of great value to Fresh Vine Wine, especially
in further enhancing our cash management strategies. His successful
career both as an executive and business owner have earned Jim the
respect of numerous Boards and Managements where he has become a
trusted advisor. The entire Fresh Vine Wine team is looking forward
to working with Jim to accelerate growth, improve cash flow and
build shareholder value.”
Mr. Spellmire’s financial career spans over 30 years where he
has spearheaded financial and operational improvements in various
industries. Jim is also an accomplished entrepreneur, where he
acquired a small franchise that he grew into over 100 domestic and
international locations, and which he ultimately sold to the parent
of Meineke Car Care – Driven Brands. Among his many
accomplishments, Jim was interim CFO at Gartner Studios, Advantia
Health and Dockzilla. Prior to these assignments, Jim was CFO of
National Cardiovascular Partners, a $250 million healthcare company
where he was responsible for FP&A, Accounting, Information
Technology, Revenue Cycle, Treasury, and where he secured $14
million of debt financing and consummated four acquisitions, which
resulted in increased organic growth, higher reimbursement rates
and increased EBITDA by $12 million. Jim also had positions of
increasing responsibility in the finance functions of leading
global organizations such as Northwest Airlines, Cray Research and
Unisys, among others. His franchise company was named to the
Franchise 100 by Success Magazine and was Ranked #1 in the industry
and by Entrepreneur Magazine’s Franchise 500. Jim previously served
on the Board of Cardiovascular Consultants, Inc. and Aero-Colours,
Inc. Jim has both a BBA Finance and an MBA from Florida Atlantic
University.
“I am excited to be joining Fresh Vine Wine at a time the
Company is preparing to reach an inflection point in its growth,”
Spellmire said. “Over the years I have been involved in many
successful organizations, and Fresh Vine Wine has all the elements
of an emerging industry leader with its outstanding products,
national distribution, celebrity endorsements and accomplished and
experienced leadership. This presents complex challenges to any
finance organization, and I believe I can use my experience to
assure we have the resources to necessary such that our team can
implement their strategy to further accelerate growth.”
Elliot Savoie, who had been Fresh Vine Wine's CFO is leaving the
organization to pursue other opportunities but will remain with the
company to effect an orderly transition.
Press contact – FreshVineWine@jonesworks.comIR contact –
Joeh@gregoryfca.com
About Fresh Vine Wine, Inc.
Fresh Vine Wine, Inc. (NYSE American: VINE) is a
premier producer of lower carb, lower calorie premium wines in the
United States, kicking off a 2022 growth plan following its IPO in
mid-December 2021. Fresh Vine Wine's brand vision is to lead the
emerging natural and accessible premium wine category, as health
trends continue to accelerate in the US marketplace. The 2020 US
wine market was a $69 billion category. Fresh Vine Wine plans to
accelerate growth in 2022 by amplifying its marketing, expanding
product offerings, and expanding its team. Fresh Vine Wine
positions its core brand lineup as an affordable luxury, retailing
between $14.99-$24.99. Fresh Vine Wine's varietals currently
include Limited Reserve Cabernet Sauvignon, Cabernet Sauvignon,
Chardonnay, Sauvignon Blanc, Pinot Noir, Brut Rosé Sparkling, and
Rosé.
Forward-Looking StatementsThis press release
includes forward-looking statements. These forward-looking
statements generally can be identified by the use of words such as
"anticipate," "expect," "plan," "could," "may," "will," "believe,"
"estimate," "forecast," "goal," "project," and other words of
similar meaning. These forward-looking statements address various
matters including statements regarding the timing or nature of
future operating or financial performance or other events. Each
forward-looking statement contained in this press release is
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statement. Applicable risks and uncertainties include, among
others, the Company's ability to hire additional personnel and to
manage the growth of its business; the Company's reliance on its
brand name, reputation and product quality; the Company's ability
to adequately address increased demands that may be placed on its
management, operational and production capabilities; the
effectiveness of the Company's advertising and promotional
activities and investments; the Company's reliance on celebrities
to endorse its wines and market its brand; general competitive
conditions; fluctuations in consumer demand for wine; overall
decline in the health of the economy and consumer discretionary
spending; the occurrence of adverse weather events, natural
disasters, public health emergencies, or other unforeseen
circumstances that may cause delays to or interruptions in the
Company's operations; risks associated with disruptions in the
Company's supply chain for grapes and raw and processed materials;
the impact of COVID-19 and its variants on the Company's customers,
suppliers, business operations and financial results; disrupted or
delayed service by the distributors the Company relies on for the
distribution of its wines; the Company's ability to successfully
execute its growth strategy; the Company's success in retaining or
recruiting, or changes required in, its officers, key employees or
directors; the Company's ability to protect its trademarks and
other intellectual property rights; the Company's ability to comply
with laws and regulations affecting its business, including those
relating to the manufacture, sale and distribution of wine; claims,
demands and lawsuits to which the Company may be subject and the
risk that its insurance or indemnities coverage may not be
sufficient; the Company's ability to operate, update or implement
its IT systems; the Company's ability to successfully pursue
strategic acquisitions and integrate acquired businesses; the
Company's potential ability to obtain additional financing when and
if needed; the Company's founders' significant influence over the
Company; and the risks identified in the Company's other filings
with the SEC. The Company cautions investors not to place
considerable reliance on the forward-looking statements contained
in this press release. You are encouraged to read the Company's
filings with the SEC, available at www.sec.gov, for a discussion of
these and other risks and uncertainties. The forward-looking
statements in this press release speak only as of the date of this
document, and the Company undertakes no obligation to update or
revise any of these statements. The Company's business is subject
to substantial risks and uncertainties, including those referenced
above. Investors, potential investors, and others should give
careful consideration to these risks and uncertainties.
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