Fresh Vine Wine, a Leader in the “Better For You” Wine Category, Expands Distribution in 2023
February 27 2023 - 10:00AM
Fresh Vine Wine, Inc. (NYSE American: VINE) (“Fresh Vine Wine” or
the “Company”) announces today that it has added more than 1,197
new points of distribution in 2023, which represents a 19% increase
to 7,446 since the beginning of this calendar year. Fresh Vine
Wine can now be found at select retail locations like Amazon and
Whole Foods, among many others. Please note varietals vary by
retailer and location, according to their assortment.
“Our goal has always been to be the leader in the ‘Better For
You’ category, and we look forward to introducing our collection of
well-balanced premium wines to additional markets for all consumers
to enjoy. With so much unmet demand in this space, the increased
availability of our wines supports our belief that the product
resonates with consumers and is gaining traction in the market,”
said Jamey Whetstone, Fresh Vine Wine’s winemaker. “Retailers and
buyers are excited about this fast growing segment, and our unique
approach to winemaking has differentiated Fresh Vine Wine on taste
and quality.”
Fresh Vine Wine was founded with the intention of filling an
existing gap in the wine industry. The brand has received
recognition in the “Better For You” category from several
influential industry authorities, all of which validate the caliber
of Fresh Vine Wine’s entire product portfolio. In August of 2022,
Fresh Vine Wine’s Limited Reserve Cabernet Sauvignon received a
92-point rating from renowned wine critic James Suckling. The
brand’s California Cabernet Sauvignon also received a 92-point
rating in September of 2022 from The Tasting Panel & SOMM
Journal. Fresh Vine Wine’s 2021 Rosé, 2020 Chardonnay, 2020
Cabernet Sauvignon, and 2019 Pinot Noir all received Sommelier
Choice Award recognitions from acclaimed sommeliers and industry
experts within the association across gold, silver, and bronze
ratings.
“While we believe that points of distribution serve as a
reasonable proxy of future growth, the Company continues to execute
against a defined strategy and has an ambition for long-term
growth,” said Jim Spellmire, Fresh Vine’s CFO. “We are proud of the
progress we have made, and we believe that our positive momentum is
an example of our 2023 strategy beginning to work.”
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. 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. Fresh Vine Wine positions its core brand lineup as an
affordable luxury, retailing between $14.99-$24.99 per bottle.
Fresh Vine Wine's varietals currently include its Cabernet
Sauvignon, Pinot Noir, Chardonnay, Sauvignon Blanc, Rosé, Sparkling
Rosé, and a limited Reserve Napa Cabernet Sauvignon. All varietals
are produced and bottled in Napa, California.
Note on Forward-looking StatementsThis press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. 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. We have based these forward-looking statements largely on
our current expectations and projections about future events and
financial trends affecting the financial condition of our business.
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, our ability to achieve positive cash flow from our
operations on our anticipated timeframes or at all; the impact of
inclusion of the Company’s wines in grocery retailers on the
Company’s operating results; 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 are or
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.
Press Contact
FreshVineWine@jonesworks.com
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