Drinks Americas Receives TTB Approval for Alternating Proprietorship for Rheingold Brewing Company
May 31 2011 - 7:00AM
Drinks Americas Holdings, Ltd. (OTCBB:DKAM), a leading developer
and marketer of beverage products, today announced that The
Rheingold Brewing Company has received Alternating Proprietorship
approval from the Alcohol and Tobacco Tax and Trade Bureau. An
"alternating proprietorship" is a term used to describe an
arrangement in which two or more people take turns using the
physical premises of a brewery. Rheingold Beer, which has been
growing in volume since its introduction in September of 2010, will
continue to be brewed at the historic Lion Brewery.
Under the Alternating Proprietorship, The Rheingold Brewing
Company will qualify for a reduction in federal excise tax. Going
forward, the Company will pay a $7.00 excise tax per barrel on the
first 60,000 barrels of beer removed for consumption or sale in a
calendar year. Prior to receiving the Alternating
Proprietorship, the Company paid $18.00 excise tax per barrel.
Patrick Kenny, Drinks Americas CEO stated, "This growth step and
milestone allows us to enhance the margins associated with the
growing sales of Rheingold Beer, which consumers are both
remembering and reacquainting themselves with as our volume over
expanding territories grows."
Drinks Americas launched Rheingold in September 2010, and the
brand is now being sold in New York, New Jersey, Connecticut,
Pennsylvania, Georgia, Ohio, Kentucky, Maryland, Michigan, North
Carolina, Florida and Texas.
A photo accompanying this release is available here:
https://www.issuerdirect.com/corporate/mediaroom/69134.
About Drinks Americas
Drinks Americas develops, owns, markets, and nationally
distributes alcoholic premium beverages including Willie Nelson's
Old Whiskey River Bourbon, Olifant Vodka and Rheingold Beer.
The Drinks Americas Holdings, Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7881
For further information, please visit our new websites at
www.drinksamericas.com and www.rheingoldbrewingcompany.com.
Safe Harbor
Except for the historical information contained herein, the
matters set forth in this release, including the description of the
company and its product offerings, are forward-looking statements
within the meaning of the "safe harbor" provision of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including the historical
volatility and low trading volume of our stock, the risk and
uncertainties inherent in the early stages of growth companies, the
company's need to raise substantial additional capital to proceed
with its business, risks associated with competitors, and other
risks detailed from time to time in the company's most recent
filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof. The
company disclaims any intent or obligation to update these
forward-looking statements.
CONTACT: Charles Davidson
Drinks Americas, Inc.
203-762-7000
Drinks Americas (CE) (USOTC:DKAM)
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