Business
ISBG Announces Repurchase of $50k in Outstanding Debt with Cash Derived from Profitable Q1
ISBG Announces Repurchase of $50k in Outstanding Debt with Cash Derived from Profitable Q1.
About this update from Blockquarry Corp.
[{"type":"text","content":"\nLAS VEGAS, NV, May 30, 2018 (GLOBE NEWSWIRE) -- International Spirits and Beverage Group Inc. (OTCPK:ISBG) (“ISBG” or the “Company”), a Nevada Corporation, is proud to announce that, with the conclusion of the Company’s profitable quarter ended March 31, 2018, ISBG has deployed a portion of those profits to repurchase and retire $50k of outstanding Company debt.\n “As we build accelerating momentum on the bottom line, we will continue to use excess free cash from operations to aggressively firm up our balance sheet and send an unwavering message to the marketplace about the positive trajectory and strength of our share structure going forward,” stated ISBG President and Chairman, Alonzo Pierce.  The move follows a reduction in convertible debt and a balance sheet positive refinancing already conducted by the Company over recent months. This latest reduction to total outstanding liabilities will be reflected in the Company’s next financial report filing. Management feels the Company has earned the opportunity to be proactive with its balance sheet as a consequence of its recent successes, including the completion of its audit and application to uplist to the OTCQB Venture Exchange, the execution of a profitable Q1 in the books to start the year, an acceleration in financial performance following the acquisition and integration of RWB Vodka, and the recent expansion of the Company’s sales footprint into the Chinese market for its Besado brand.  Mr. Pierce continued, “This move signals to our shareholders and to the market that we understand our responsibility as an organization and as a steward of invested capital. That message has a huge implied payoff for everyone involved because it demonstrates that we have enough organic momentum at this point to determine our own destiny, which is key right now because we have some very big things on tap.” About ISBG: ISBG is a Nevada-based alcoholic beverage company specializing in the development, marketing and global sales of innovative wine and spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands and establishing these brands as viable and profitable. ISBG intends to build its own brands while seeking out individual acquisition candidates to continu...