Kona Gold Solutions, Inc. Cancels Preferred Shares and Lowers Number of Authorized Shares
April 18 2019 - 9:00AM
InvestorsHub NewsWire
Kona Gold Solutions, Inc. Cancels Preferred Shares
and Lowers Number of Authorized
Shares
The Company has record quarter with Q1 revenue
upwards of $260,000
Melbourne, FL -- April 18, 2019 --
InvestorsHub NewsWire -- Kona Gold Solutions, Inc. (OTC
Pink: KGKG), a hemp and CBD lifestyle brand focused on product
development in the functional beverage sector, is pleased to
announce that the Company has
accepted the retirement of 650,000 shares of Preferred Series B
stock. Robert Clark, who was the sole owner of Preferred
Series B stock, received per his employment agreement, has agreed
to retire his shares at no expense to the Company. The
Company also has announced it will be amending the Articles of
Incorporation to lower the authorized shares from 1,000,000,000 to
900,000,000 and to cancel Preferred Series B shares
designation.
“The Company has experienced
exponential growth over the last six to eight months, and with the
great position the Company currently is in, we felt it was
imperative to tighten up our share structure, which should add
shareholder value and confidence,” stated Robert Clark, CEO of Kona
Gold Solutions, Inc. “With no outstanding Preferred B shares
remaining, the Company will be amending our Articles of
Incorporation to remove that preferred designation. We will
also be reducing the Authorized Shares by one hundred million
shares to nine hundred million.”
Mentioned
in the Company’s previous press release, the Company has seen
substantial growth over the last 6 months with its current product
offering and had a record first quarter, posting revenues over
$260,000, which it will be releasing in its quarterly disclosure
later this month. With repeat orders from some of the
Company’s larger accounts, such as Huck’s and Kentucky Eagle, new
orders from the majority of the Company’s other distribution
partners, the launch of new flavors, and the release of Kona Gold’s
all new Storm CBD High Alkaline Water, the Company has forecasted
revenues of $400,000 for the second quarter of 2019. These
projections make the Company profitable in the second quarter of
2019.
For more information regarding Kona
Gold Solutions, please visit:
http://www.konagoldhemp.com
https://www.facebook.com/konagoldhemp
https://twitter.com/konagoldhemp
https://www.instagram.com/konagoldhemp/
For more information regarding
HighDrate, please visit:
http://www.highdrateme.com
https://www.facebook.com/HighDrateMe/
https://twitter.com/highdrateme
https://www.instagram.com/highdrateme/
Kona Gold Solutions,
Inc.:
Kona Gold Solutions, Inc., a Delaware
Corporation, has created wholly owned subsidiaries, Kona Gold LLC,
HighDrate, LLC, and Gold Leaf Distribution, LLC. Kona Gold,
LLC has developed a premium Hemp Infused Energy Drink line; please
visit the Company’s website at www.konagoldhemp.com. HighDrate, LLC has developed
the beverage industry’s first CBD Energy Water, available in 4
delicious flavors; please visit the Company’s website
at www.highdrateme.com. Gold Leaf Distribution, LLC was created to
fill the Company’s distribution needs in markets it wants to
quickly enter. The Companies are located on the east coast of
Florida in Melbourne.
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. 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.
Investor Relations
Contact:
investorrelations@konagoldhemp.com
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