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| Press Release | View all Collaterals of Drinks Americas Holdings, Ltd. |
| Title: | Drinks Americas Reduces Short Term Liabilities By $1 Million |
| Release Text: | |
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Sets Warrant Exchange To Profitability And 250% Premium To Trading Price Wilton, CT -- November 3, 2009 / ( http://www.myprgenie.com ) -- Drinks Americas Holdings, Ltd. (OTC BB:DKAM - News), a leading owner, developer and marketer of premium beverages associated with renowned icons, including Kid Rock, Donald Trump, Dr. Dre, & Willie Nelson, announced that it has reduced its debt in the aggregate amount of $1,002,450. The Company reached agreements with the CEO and members of its Board of Directors to satisfy obligations owed to them for a portion of an outstanding loan by issuing to them 1,763,607 shares of our common stock and warrants to acquire 9,838,793 shares of our common stock. Under this arrangement, the valuation of the common stock and the exercise price of the warrants will be $.15 per share. This agreement reduces the companies debt by 15%. The conversion price is a 250 percent premium to the current market price of Drinks Americas shares. Fifty percent of the warrants can be exercised at anytime during the ten year term and the other 50 percent will only be exercisable at such time as the Company has achieved positive EBITDA for two successive quarters. If this profitably standard is not realized by management during the term of the warrants, 50 percent of the warrants will be forfeited. J. Patrick Kenny, CEO Drinks Americas, stated, "In addition to strengthening the balance sheet of the Company, we are converting these obligations at a 250% premium to the trading price today and staking half or the warrants on our profitability in the future. We appreciate the confidence of our board. Our intention is that our willingness to convert these obligations at this premium, further contingent on profitability, sends a strong signal to our shareholders. Our credit facility is back in place supporting production and shipping of goods. We will continue to take steps like this to move the company to a stronger financial position." To see press release go to http://myprgenie.com/2886 Contact: Charles Davidson, cdavidson@drinksamericas.com, 203-762-7000 Contact: Dan Schustack, dschustack@ceocast.com, 212-732-4300 |
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| Status: | Published |
| Release Date: | Nov 03, 2009 |
| Logo: | DRINKS LOGO LONG.jpg |
| Category: | Beer, Wine & Spirits |
| Web Link(s): | www.drinksamericas.c |
| Word Count: | 345 |
| Tags: | Trump, Kid, Willie, Nelson, Rheingold, Damiana, BADASS, rock, vodka, bourbon, beer |
| Ticker Symbol: | DKAM(This press release is about public company) |
| About Drinks Americas Holdings, Ltd. | |
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Drinks Americas develops, owns, markets, and nationally distributes alcoholic and non-alcoholic premium beverages associated with renowned icon celebrities. Drinks Americas' portfolio of premium alcoholic beverages includes Kid Rock’s American BADASS Beer, Trump Super Premium Vodka and Willie Nelson's Old Whiskey River Bourbon. The company also has a partnership with Universal Music’s Interscope, Geffen, A&M Records to jointly develop and launch beverage products. Other products owned and distributed by Drinks Americas include award-winning Damiana Liqueur, Olifant Vodka, Aguila Tequila from Mexico, and Rheingold Beer. For further information, please visit our website at www.drinksamericas.com . Drinks Americas was founded in 2004 by J. Patrick Kenny, a leading expert in beverage sales and marketing. Mr. Kenny developed his industry expertise in a variety of management positions at the world's leading beverage companies, including Joseph E. Seagram and Sons and The Coca-Cola Company. He has also acted as advisor to several Fortune 500 beverage marketing companies, and has participated in several beverage industry transactions. |
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| Website: | www.drinksamericas.com |
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