Stephanie Kilkenny Joins Eastside Distilling's Board of Directors

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[{"type":"text","content":"PORTLAND, Ore., Oct. 30, 2019 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) today announced the appointment of Stephanie Kilkenny to the Company's board of directors, effective October 24, 2019.\nMrs. Kilkenny was the former managing director of Azuñia Tequila and principal owner of TQLA, LLC, the majority owner of Azuñia's parent company, Intersect Beverage, which was acquired by Eastside Distilling on September 12, 2019. While managing director of Azuñia Tequila, she oversaw rebranding projects as well as day to day operations.\nThe acquisition brought to Eastside over 2,600 on-premise points of distribution, a direct sales team, and a product line well positioned in the rapidly growing above premium and luxury tequila categories. Azuñia Tequila offers four premium tequila products, including a Blanco Organic Tequila, a Reposado Organic Tequila, an Añejo Tequila, and a two-year aged, private reserve añejo, Azuñia Black Tequila. The Azuñia Tequila brand provides Eastside Distilling with a second national anchor brand, along with Eastside's Redneck Riviera Whiskey portfolio. \nPrimarily sold into on-premise locations throughout the western and southeastern United States, Azuñia reported trailing twelve-month sales of $3.5 million (through June 2019), an increase of 37% compared to the same year ago period, on approximately 13,000 cases sold. The above premium and luxury tequila categories are some of the fastest growing subsets at greater than 10% annually (based on Nielsen case data) with approximately $550 million in U.S. sales on 2.4 million cases sold.\nThe acquisition of Azuñia from Intersect Beverages was structured as an all-stock transaction, subject to compliance with applicable Nasdaq requirements. Pursuant to the Asset Purchase Agreement, Mrs. Kilkenny, and her husband Pat Kilkenny are deferring the receipt of their consideration until the spring of 2021, and a portion of their consideration will be determined based upon the stock price at such time. Additionally, Mrs. Kilkenny participated in a private placement in September 2019. \nPaul Shoen, Chairman of Eastside Distilling, commented, \"I am pleased to have Stephanie join the Eastside board of directors. Stephanie's experience and success in building Azuñia Tequila into a rapidly growing brand will benefit Eastside and its shareholders. Additionally, he...

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