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LOS ANGELES and TORONTO, April 01, 2021 (GLOBE NEWSWIRE) — The Tinley Beverage Company Inc. (CSE:TNY, OTC:TNYBF) (“Tinley’s” or “Company”) is pleased to announce that its product distribution continues to grow, notably through expanded retail store listings in Alberta, requests for cannabis products by Canadian provincial buyers and onboarding with a distributor in Todd Chrisley’s home market of Tennessee. The Company also is pleased to announce the closing of a private placement and several other corporate updates.
Store Listings in Canada and California
The Company’s local agents report that Beckett’s non-alcoholic spirits and ready to drink cocktails have obtained listings or commitments at nearly 30 retailers throughout Alberta, including certain stores from the Co-Op Liquor, Sobeys Liquor Alcanna chains, the latter of which is the largest liquor retailer in the province. Several accounts have placed re-orders, in certain cases just one week after the initial listings. The Company has also received a commitment for listing at a premium Toronto grocery chain, representing the Company’s first foray to the Ontario market.
The Company has also received requests from buyers in two provinces for the cannabis-infused Canadian versions of its Tinley’s ’27TM multi-serve products. These products are being produced by Peak Processing Solutions, and the Company will provide updates as manufacturing progresses.
The Company’s Tinley’sTM Tonics and Tinley’s ’27TM cannabis-infused products continue to expand listings throughout California in dispensaries and licensed home delivery services. Notably, the full Tinley’sTM line up has been selected to be the inaugural beverage feature at the influential “High Times” flagship dispensary in Oakland, California.
Tennessee Distributor On Tap
The Company has completed onboarding and is in negotiations to conclude an agreement with one of Tennessee’s most prominent wine and spirit distributors to carry the Company’s Beckett’sTM Tonics and Beckett’s ’27TM products in the state. Nashville, Tennessee is the home market for the Company’s key influencer, Todd Chrisley and family. Todd Chrisley is NBCU’s USA Networks top-rated reality television star, and Todd is working with the Company to conduct local marketing activations and personal appearances in stores and restaurants, as well as online activations and inclusion in the television shows’ content to promote the products locally and nationally. The Company is also focusing on distribution in Texas, which includes additional high-index markets for Todd Chrisley’s audience, and it is responding to requests from additional US regional distributors.
The Company has completed a private placement led by an inbound lead order. The non-brokered private placement (the “Offering”) raised gross proceeds of $850,000 from the issue and sale of an aggregate of 2,125,000 units (“Units”). Each Unit was purchased for $0.40 and is comprised of one common share of Tinley (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share (“Warrant Share”) at a price of $0.50 for a period of 36 months following the date of issuance. In connection with the Offering, Tinley has paid to finders a cash finders fee of $58,892.80 and issued 147,232 broker units (“Broker Unit Options”) to such finders. Each Broker Unit Option entitles the holder to acquire one Unit (a “Broker Unit”) at an exercise price of $0.40 for a period of 36 months following the closing of the Offering, with each Broker Unit comprised of one Common Share and one Warrant. The Common Shares, Warrants, Broker Units and Warrant Shares are subject to a statutory hold period of four months and a day from the date of issuance.
Additional Seven Third Party SKU’s to be Manufactured at Long Beach
The Company is pleased to announce its first reorder for co-packing services, which it expects to complete within the next week. The Company also has production runs for an additional seven SKU’s planned for third-party clients. The Company’s canning line commissioning remains on schedule, which will further enable additional clients, in addition to those already in the Company’s sales pipeline.
“All three legs of our business – cannabis co-packing, Beckett’s non-alcoholic spirits and the Tinley’s-branded infused versions – have now experienced reorders in the current fiscal quarter, including for the products currently available in Canada,” said Ted Zittell, director of the Company. “The Company thanks its long-term shareholders for their steadfast support as we transitioned into a fully operational state for all three business lines, as well as our launch in Canada, this quarter.”
About The Tinley Beverage Company and Beckett’s Tonics
The Tinley Beverage Company (OTC:TNYBF, CSE:TNY) manufactures the Becketts Classics™ and Beckett’s 27™ line of non-alcoholic, terpene-infused spirits and cocktails. Beckett’s products are available in mainstream food, beverage and specialty retailers, as well as online across the United States. Tinley also offers cannabis-infused versions of these products in licensed dispensaries throughout California. Expansion to Canada is underway for both product lines. Tinley’s facility in Long Beach, California contains the state’s most versatile and technologically-advanced cannabis-licensed beverage manufacturing facility. Please visit www.drinktinley.com and www.drinktinley.com for recipes, product information and home delivery options.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. These statements relate to future events or future performance. The use of any of the words “could,” “intend,” “expect,” “believe,” “will,” “projected,” “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Please refer to the Company’s SEDAR filings for further details concerning the risks associated with the Company’s business. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, could have significant economic and geopolitical impacts that may adversely affect the Company’s business, financial condition and/or results of operations. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Products, formulations and timelines outlined herein are subject to change at any time.
For further information on The Tinley Beverage Company and Beckett’s Tonics, please contact:
The Tinley Beverage Company
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com and www.drinkbecketts.com