Tinley's Appoints Theodore Zittell as CEO, Names Richard Gillis as President Tinley's Brands USA, and Grants Stock Options
Toronto, Ontario and Los Angeles, California--(Newsfile Corp. - September 16, 2022) - The Tinley Beverage Company Inc. (CSE: TNY) (OTCQX: TNYBF) ("Tinley's" or "the Company") is pleased to announce, effective as of September 15, 2022, the Company appointed Theodore Zittell as Chief Executive Officer and Richard Gillis as President, Tinley's Brands USA. Mr. Gillis's primary focus will be to drive the reintroduction of the full Tinley's brand infused line-up and pursue Tinley's brand growth in California, and address expansion to other US states as opportunities arise. Mr. Gillis will also drive expanded sales and distribution of the relaunched Beckett's Tonics® and Beckett's 27® products initially rolling out to Total Wine & More retail locations across 27 US states. These appointments coincide with the dissolution of the Office of the CEO, which was comprised of members Theodore Zittell, Richard Gillis, and Douglas Fulton.
Tinley's also announces the grant of stock options to purchase up to 6,050,000 common shares in the capital of the Company to certain officers, directors, employees and consultants of the Company in accordance with the terms of the Company's stock option plan. The stock options will be exercisable at a price of $0.10 per common share and for a period of five years from the date of issuance.
"I am encouraged by our progress in California over the past few months since the announcement of the strategic investment by Blaze Life Holdings ("BLH")," said Ted Zittell, CEO. "Our collaboration with BLH has enabled us to enhance capabilities at the Company's Long Beach facility, and to realize improved productivity and throughput. In addition, the Company has begun to benefit from cost savings through ongoing resource and systems alignment." He added, "our Tinley's management team has delivered key wins over the past few months, notably the relaunch of the full line up of Tinley's branded products in California now underway. The successful reformulation of Beckett's and the planned Q4 2022 launch of seven Beckett's SKU's across more than 200 Total Wine & More locations in the USA is a significant achievement, and we are happy to recognize the team's efforts through the grant of stock options."
About The Tinley Beverage Company and Beckett's Tonics
The Tinley Beverage Company Inc. (CSE: TNY) (OTCQX: TNYBF) develops and licenses to its wholly owned subsidiary, Lakewood Libations Inc., production at its Long Beach, CA state-licensed manufacturing facility of its terpene and cannabis-infused non-alcoholic Tinley's™ '27 and Tinley's™ Tonics products, intended for distribution to licensed dispensaries and home delivery channels in California. Expansion of these products, adapted for manufacturing and sale in Canada, is currently underway. The Beckett's Tonics® and Beckett's '27® lines of non-alcoholic, terpene-infused non-cannabis versions of these formulations are available in select mainstream food, beverage, and specialty retailers in the United States as well as in select grocery and specialty stores in Canada. Tinley's facility in Long Beach California contains versatile and technologically advanced cannabis-licensed beverage bottling equipment and provides licensed manufacturing and first-mile licensed distribution services under one roof for third-party brands in addition to the Company-owned infused brands. Please visit www.drinktinley.com, and www.drinkbecketts.com Twitter and Instagram (@drinktinleys and @drinkbecketts) for recipes, product information and home delivery options as available.
This news release contains forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expansion to additional jurisdictions, , and phrases containing words such as "ongoing", "estimates", "expects", or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions "will", "may", "could", or "should" occur or be achieved, or comparable terminology referring to future events or results. 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, any delays related to the expansion plans discussed herein, 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. 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, please contact:
The Tinley Beverage Company Inc.
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
(OTCQX: TNYBF) (CSE: TNY)
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