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LOS ANGELES, Nov. 14, 2019 (GLOBE NEWSWIRE) -- The Tinley Beverage Company Inc. is pleased to announce that NBA All-Star and early stage Vitaminwater® investor Baron Davis has joined Tinley’s Advisory Board.
In this role, Baron will lend expertise by advising on marketing and promotion, co-packing and co-branding opportunities, and product development strategies.
“I’m excited to have the opportunity to join the Tinley team. Tinley has a great opportunity to introduce new products and categories, bring forth innovative collaborations, and entrench themselves as a pioneer in this quickly evolving space. The opportunities to create celebrity and other consumer-branded products on the Tinley platform are endless with Tinley perfectly positioned as a co-packing leader moving forward,” says Baron.
Baron Davis is a two-time NBA All-Star and record-holder. Over a thirteen-year career, he played for the Charlotte Hornets, the Golden State Warriors, the Los Angeles Clippers, the Cleveland Cavaliers, and the New York Knicks. Now, an entrepreneur, investor, and businessman, Baron is also the founder of several companies under his Baron Davis Enterprises (BDE) banner, including: Business Inside the Game (BIG) and Sports Lifestyle in Culture (SLIC), his media platform and content studio.
As Baron’s participation increases in parallel with the industry’s maturation, the expectation is that Tinley will plug into Baron’s portfolio, studio and network to spur exponential growth, with the initial collaboration coming via SLIC, with whom Tinley is developing its first podcast idea, “So Faded,” an edgy, celebrity driven mix of fun, culture, and comedy in which Tinley products will feature prominently.
Contemporaneous with this appointment, Tinley will today be closing a non-brokered private placement (“Offering”) raising gross proceeds of $500,000 from the issue and sale of 1,250,000 units (the “Units”). Each Unit is being 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 $0.60 for a period of 36 months following the closing. The Common Shares, Warrants and Warrant Shares are subject to a statutory hold period of four months and a day from the date of closing. In connection with the Offering, Tinley is paying to Echelon Wealth Partners Inc. a commission of 7% of the gross proceeds raised in the Offering and a number of broker unit options equal to 7% of the number of Units sold in the Offering (“Broker Unit Options”). Each Broker Unit Option entitles Echelon 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 and Warrant Shares are subject to a statutory hold period of four months and a day from the date of closing.
About The Tinley Beverage Company
The Tinley Beverage Company (Santa Monica, California) created the Beckett’s™ Tonics and Beckett’s™ ’27 line of liquor-inspired, terpene-infused, non-alcoholic beverages. It has also created cannabis-infused versions of these products under the Tinley™ Tonics and Tinley™ ’27 brands. The Tinley™ branded cannabis-infused beverages are available in licensed dispensaries and delivery services throughout California; the Beckett’s™-branded non-THC versions will be available in mainstream food, beverage and specialty retailers, as well as on premises locations, throughout California and elsewhere in the USA. The Company has also built a 20,000 square foot cannabis beverage manufacturing, co-packing and distribution facility in Long Beach, California.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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. 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. 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. All figures CAD unless otherwise indicated.
For further information on The Tinley Beverage Company, please contact:
The Tinley Beverage Company Inc.
3435 Ocean Park Blvd. #107
Santa Monica, CA 90405