Kona Gold
Beverages, Inc. Reports Over $3 Million in 2023 Revenues,
Anticipates Robust Growth in 2024 Following Covert LLC Acquisition
and Product Expansion
New Management: Committed to Enhancing Shareholder Value through
Focus on Premium Products, Strategic Acquisitions, and Revenue
Growth
MELBOURNE, FL --
April 2, 2024 -- InvestorsHub NewsWire -- Kona Gold Beverages, Inc.
(OTCPK:
KGKG), a prominent holding company specializing in cutting-edge
product development within the better-for-you and functional
beverage sector, proudly reports revenues of approximately $3
million for the 2023 calendar year. Despite transitioning to new
management towards the end of 2023 and successfully eliminating a
significant amount of debt, the company maintained its revenue
performance, setting a solid foundation for anticipated growth and
success in 2024.
Facing challenges
in 2023, Kona Gold Beverage (KGB) is now poised for expansion and
revenue enhancement in 2024. The recent introduction of HighDrate
D9 Energy Seltzer, featuring enticing new flavors like Blue
Raspberry and Pina Colada, represents a significant leap forward in
product innovation. This strategic addition not only enriches our
product offerings but also strengthens our foothold in the
consumer-packaged goods (CPG) sector, promising increased revenue
streams for our shareholders.
The new management
team at KGB
is fully committed
to enhancing shareholder value by emphasizing the company's core
strengths, its premium beverage product lineup, and strategic
acquisition efforts aimed at accelerating revenue growth and
diversifying the portfolio.
Through the
establishment of subsidiaries, KGB
assures
shareholders that expansion efforts remain focused on advancing
growth initiatives, maximizing shareholder returns through targeted
investments, and strategic business development efforts.
To champion this
strategic initiative, Kona Gold Beverages LLC is placing
significant emphasis on its premier offering, the Kona Gold Energy
Drinks. Recognizing the pivotal role of these beverages, the
company has proactively initiated a substantial order for their
meticulously redesigned iterations. A robust marketing campaign,
slated for the latter half of the second quarter of 2024, aims to
not only showcase these revitalized products but also to foster
heightened market engagement. Revered as the epitome
of the company's
product line, Kona Gold Energy Drinks are being meticulously
cultivated with a deliberate, methodical approach
aimed at
solidifying the brand's dominance in the market. With an
established and burgeoning base of devoted patrons, the company is
embarking on a fresh chapter, strategically repositioning itself
with a steadfast commitment to nurturing the growth and prosperity
of its flagship brand, Kona Gold. This strategic focus is
anticipated to yield substantial revenues for both 2024 and 2025,
further cementing the company's trajectory of success.
Furthermore, the
strategic recruitment of a seasoned marketing professional
underscores our dedication to
enhancing brand
visibility and market penetration, reaffirming our commitment to
sustainable growth and long-term shareholder value.
Brandon White,
President & Chairman of Kona Gold Beverages, commented, "As we
embark on an expansion and diversification journey, we remain
steadfast in our commitment to delivering premium-quality,
health-conscious beverages. Our rebranded identity reflects our
dedication to
meeting the
evolving preferences and wellness goals of our valued
customers."
Additionally,
Covert LLC, a subsidiary of Kona Gold, continues its upward
trajectory, reporting impressive first-quarter revenues exceeding
$1.5 million. With innovative product expansions and the imminent
launch of a new online marketplace, Covert is positioned for
continued growth, projecting a monthly revenue increase of
$30k-$50k. Bolstered by strategic sales team additions, Covert is
primed to capitalize on market opportunities and enhance
shareholder returns.
Jared Fisher, CEO
of Covert LLC, stated, "We are leveraging our strong first-quarter
performance to propel Covert into its next phase of growth. With a
focus on new products, enhanced features, and a steadfast
commitment to customer experience, we are well-
positioned to
foster brand loyalty and deliver premium offerings to our
discerning clientele."
In a strategic
move in 2023 to bolster its financial standing, Kona Gold Beverages
successfully negotiated the elimination of One Million Three
Hundred Thousand Dollars ($1,300,000) in debt from its balance
sheet as of 2024. Concurrently, the company has undertaken a
substantial reduction in its authorized share count
by
decreasing
Authorized Shares by 4.386 Billion Shares (4,386,000,000). This
strategic decision, enacted by the New Management Team, underscores
the company's commitment to aligning its capital structure with
current and anticipated business objectives.
This prudent
financial restructuring not only strengthens Kona Gold's financial
position but also enhances shareholder confidence in the company's
fiscal responsibility and strategic direction.
With a solid
foundation established in 2023 and promising developments underway
in 2024, Kona Gold Beverages, Inc. remains dedicated to driving
shareholder value through innovation, strategic partnerships, and
sustainable growth initiatives.
About Kona Gold
Beverage, Inc.
Kona Gold
Beverage, Inc., operates as a holding company in the beverage
industry. Through its subsidiaries, Kona Gold LLC and Covert LLC,
it offers a diverse range of
healthy energy
drinks and products. Kona Gold's premium line of
energy drinks
caters to health-conscious consumers, alongside its innovative
HighDrate D9 Drinks. Covert LLC specializes in high-quality
products, including Delta-8, THCa, THC-P, and Kratom. Headquartered
in Melbourne, Florida, Kona Gold Beverage, Inc. is actively engaged
in expanding its market presence through strategic
acquisitions.
Investor
Relations Contact:
Phone:
844-714-2224
Email: investorrelations@konagoldbeverage.com
For more
information regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com/
Safe Harbor
Statement:
The information
posted in this release may contain forward-looking statements
within the meaning of
the Private
Securities Litigation Reform Act of
1995. You can
identify these statements by use of
the words "may,"
"will," "should," "plans," "expects," "anticipates," "continue,"
"estimate," "project," "intend," and similar expressions. The
Company may also make written or
oral
forward-looking statements in its filings with the U.S. Securities
and Exchange Commission, in press releases and other written
materials, and in oral statements made by its officers,
directors or
employees to
third parties. There can be no assurance that such statements will
prove to be accurate. The Company cautions that these
forward-looking statements are further qualified by other factors
including, but not limited to, those set forth in the Company's
Annual Reports on
Form 10-K and its
other filings with the Securities and Exchange Commission.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected or
anticipated.
These risks and uncertainties include, but are not limited to,
general economic and business conditions, effects
of
continued
geopolitical unrest and regional conflicts, competition, changes in
technology and methods of
marketing, delays
in completing various engineering and manufacturing programs,
changes in customer order patterns, changes in product mix,
continued success in technological advances and delivering
technological innovations, shortages in components, production
delays due to performance quality issues with outsourced
components, and various other factors beyond the Company's control.
The Company does not undertake any obligation to update
publicly or
to revise any
statements in this release, whether as a result of
new information,
future events, or
otherwise.