Tinley's Provides Corporate Updates; Announces Cost Cutting Initiatives, Board & Management Changes
Tinley's Provides Corporate Updates; Announces Cost Cutting Initiatives, Board & Management Changes
Toronto, Ontario and Los Angeles, California--(Newsfile Corp. - March 21, 2023) - The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) ("Tinley's" or the "Company") provides update on the status of the previously announced decommissioning of its Long Beach manufacturing facility and relocation of its bottling and related assets to the new Blaze Life Holdings, LLC ("BLH") 45,000 square foot cannabis manufacturing and distribution facility located in Canoga Park, California, and on related measures being immediately implemented to facilitate the relocation including, but not limited to, substantive cost cutting initiatives and changes to the board and management teams.
安大略省多倫多和加利福尼亞州洛杉磯--(Newsfile Corp.-2023年3月21日)-Tinley Beverage Company Inc.(CSE:Tny)(場外交易市場代碼:TNYBF)(以下簡稱Tinley‘s或“公司”)提供了先前宣佈的長灘製造設施退役以及將其裝瓶和相關資產遷至位於加利福尼亞州卡諾加公園的新Blaze Life Holdings,LLC(“BLH”)45000平方米英尺大麻製造和分銷設施的最新情況,以及立即實施的促進搬遷的相關措施的最新情況,包括但不限於,實質性的成本削減舉措以及董事會和管理團隊的變動。
Corporate Updates
企業動態
Relocation to Canoga Park Facility and Long Beach Production Schedule
搬遷至卡諾加公園設施和長灘生產計劃
Tinley's confirms that it will decommission its Long Beach bottling assets before the end of the second quarter of this year, and currently expects installation and commissioning of bottling lines at strategic partner BLH's Canoga Park facility to take place at the beginning of the third quarter of this year. To help client brands ensure sufficient inventory for testing and release of products to distribution through the transition, the Company is collaborating with Long Beach contract manufacturing clients to complete service requests by the end of the week of March 20, 2023 to confirm added production dates prior to the decommissioning of the Long Beach facility. A detailed press release outlining the Company's strategy and movement to the Canoga Park facility, including anticipated overhead savings of the Company, was issued on January 23, 2023.
Tinley‘s確認將在今年第二季度結束前退役其長灘裝瓶資產,目前預計戰略合作夥伴BLH的Canoga Park工廠的裝瓶生產線將於今年第三季度初安裝和投產。為了幫助客戶品牌確保在過渡期間有足夠的庫存用於測試和發佈產品以供分銷,該公司正在與長灘合同製造客戶合作,在2023年3月20日當周結束前完成服務請求,以確認在長灘工廠退役之前增加的生產日期。2023年1月23日發佈了一份詳細的新聞稿,概述了公司的戰略和向Canoga Park設施的移動,包括公司預期的管理費用節省。
Recent Long Beach Production
最近的長灘製作
Working through the end of 2022 and into January 2023 with co-pack client Green Monké, the Company successfully completed production of newly formulated infused iced tea and lemonade varieties developed by Green Monké under contract for the well-known "Cookies" brand.
從2022年底到2023年1月,公司與聯合包裝客戶綠猴́合作,成功地完成了由綠猴́根據知名“曲奇”品牌的合同開發的新配方加溫冰茶和檸檬水品種的生產。
Production in Long Beach includes both repeat and new client SKU's as well as inventory-building orders from high-volume recurring clients booked across the Company's three manufacturing lines. The Company has also recently run Tinley's own brand batches, as well as the first of several production runs scheduled in Q2 2023 for our strategic partner BLH's Illa-Canna LLC's new infused drinks. Additionally, certain established and innovating brands, introduced to the Company by BLH, have booked production for their products this quarter in Long Beach on an interim basis prior to the planned move to the Canoga Park facility.
長灘的生產既包括重複的和新的客戶SKU,也包括來自公司三條生產線上預訂的大量經常性客戶的庫存建立訂單。該公司最近還運營了Tinley自己的品牌批次,以及計劃於2023年第二季度為我們的戰略合作夥伴BLH的Illa-Canna LLC的新灌裝飲料進行的幾次生產中的第一次。此外,由BLH介紹給公司的某些老牌和創新品牌在計劃遷往卡諾加公園設施之前,已臨時在長灘為其產品預訂了本季度的生產。
Beckett's USA - Reorder in Progress
貝克特的美國-正在重新訂購
Following receipt of new purchase orders from Total Wine & More to replenish inventory, production of Beckett's Tonics RTD and Beckett's '27 multi-serve spirits and liqueur is now underway at the Company's chosen contract manufacturers. Delivery to Total Wine & More is expected at or around the end of the current quarter.
在收到Total Wine&More的新訂單以補充庫存後,該公司選定的合同製造商目前正在生產Beckett的補品RTD和Beckett的27種多用途烈性酒和利口酒。Total Wine&More預計將在本季度末左右交付。
Substantive Cost Cutting Initiatives
實質性的成本削減舉措
To ensure a successful transition from Long Beach to Canoga Park, and to ensure that adequate financial resources are available to the Company in a market where access to capital is severely limited, Tinley's has immediately implemented substantive cost cutting measures to aggressively preserve capital and accelerate expense reduction. These steps recognize recent challenges in capital markets, growing costs in the California cannabis sector and the need for superior manufacturing and distribution scale, benefits of which are expected to materialize following the move.
為了確保從長灘向卡諾加公園的成功過渡,並確保公司在一個資金來源嚴重受限的市場上有足夠的財務資源,廷利立即實施了實質性的成本削減措施,以積極保存資本並加快費用削減。這些措施認識到資本市場最近面臨的挑戰、加州大麻部門不斷增長的成本以及對更高的製造和分銷規模的需求,預計在採取行動後,這些規模的好處將成為現實。
Canadian Business - Pause on Expansion
加拿大商業--暫停擴張
In Canada, market complexities including high entry costs and ongoing challenges to profitability based on market structure continue to present challenges. As a Canadian company with a wide base of Canadian retail shareholders, Tinley's board and management acknowledge the natural interest in participating profitably in Canadian markets. We also recognize our need to prioritize our responsibility to the Company to manage cash flow and profitably, and will propose to invest overhead dollars saved as a result of the move, and revenues from Tinley's California and Beckett's USA, into initiatives with higher probability potential of return. Based on a current analysis of reintroduction of reformulated infused products to the Ontario Cannabis Store and the complexities of relaunching Beckett's into Canada at this time, to reflect the need to preserve capital and reduce expenses to focus future investment on high return initiatives, the Company has decided to pause its plan to re-enter Canada indefinitely.
在加拿大,市場複雜性,包括高昂的進入成本和基於市場結構對盈利能力的持續挑戰,繼續構成挑戰。作為一家擁有廣泛加拿大零售股東基礎的加拿大公司,廷利的董事會和管理層承認,以盈利的方式參與加拿大市場是一種自然的利益。我們還認識到我們需要優先考慮我們對公司管理現金流和盈利的責任,並將建議將因搬遷而節省的管理費用以及廷利的加利福尼亞州和貝克特的美國的收入投資於具有更高回報潛力的計劃。根據目前對安大略省大麻商店重新推出重新配方的注入產品的分析,以及此時將Beckett‘s重新推出加拿大的複雜性,以反映保存資本和減少費用的需要,以將未來的投資集中在高回報計劃上,該公司決定無限期地暫停其重新進入加拿大的計劃。
Staff and Management Changes
員工和管理層的變動
In addition to reducing staff at the Long Beach facility in anticipation of the move to BLH's Canoga Park facility, the Company also regrets to announce that effective immediately, Rick Gillis has agreed to step down from his role as President, Tinley's Brands USA, a decision primarily driven in support of the Company's initiatives for preserving capital and cost cutting, and his concurrent appointment to the Company's advisory board. "We thank Mr. Gillis for his contributions as a Tinley officer to date," said Ted Zittell, Tinley's director and CEO. "We welcome Rick's ongoing commitment to support the Company and our Tinley's and Beckett's brands in his new role on the Company's Advisory Board," he added. In order to contribute to the preservation of cash, the Company's CEO, CFO and certain remaining employees and consultants have temporarily agreed to defer their respective salaries for a limited period of time.
除了由於預計搬到BLH的Canoga Park工廠而裁減長灘工廠的員工外,公司還遺憾地宣佈,裡克·吉利斯已同意辭去廷利美國品牌經理總裁的職務,這一決定主要是為了支持公司保留資本和削減成本的舉措,並同時任命他為公司顧問委員會成員。廷利董事首席執行官兼首席執行官泰德·齊特爾說:“我們感謝吉利斯先生作為廷利汽車公司高管迄今所做出的貢獻。他補充說:“我們歡迎裡克繼續致力於支持公司以及我們的Tinley‘s和Beckett品牌擔任公司顧問委員會的新職務。”為了幫助保存現金,公司首席執行官、首席財務官以及某些剩餘的員工和顧問已暫時同意將他們各自的工資推遲一段有限的時間。
Advance from BLH
來自BLH的進展
On or about March 16, 2023, the Company received an advance of $200,000 from the remaining funds available to the Company under the BLH lending facility, with the final $300,000 from BLH currently expected to be expended by the Company during the move to BLH's Canoga Park facility. The $200,000 will be applied by the Company for general corporate purposes to provide the Company, together with the Company's ordinary course collection of client receivables, with sufficient capital to undertake its ordinary course operations until the Company is able to move to BLH's Canoga Park facility and realize on anticipated synergies of that move.
於2023年3月16日左右,本公司從BLH貸款機制下可供本公司使用的剩餘資金中預付了200,000美元,而BLH的最後300,000美元目前預計將由本公司在搬遷至BLH的Canoga Park設施期間支出。這200,000美元將由本公司用於一般企業用途,為本公司連同本公司的普通課程客戶應收賬款提供足夠的資本,以進行其普通課程業務,直至本公司能夠遷往BLH的Canoga Park設施,並實現預期的協同效應。
Board Changes
董事會變動
The Company regrets to announce that effective immediately, Kirsten Chapman has resigned from the Company's Board of Directors for personal reasons and to pursue other commitments. We thank Kirsten for her service and wish her continued success in the future.
公司遺憾地宣佈,柯爾斯滕·查普曼已因個人原因辭去公司董事會職務,並尋求其他承諾,立即生效。我們感謝柯爾斯滕的服務,並祝願她在未來繼續取得成功。
About The Tinley's Beverage Company and Beckett's Tonics
關於廷利的飲料公司和貝克特的滋補品
The Tinley's Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) develops and has licensed the production through its Long Beach, CA state-licensed manufacturing facility of terpene and cannabis-infused non-alcoholic Tinley's '27 and Tinley's Tonics products which are distributed 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 Classics 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, as well as online, in the United States as well as having appeared in select grocery and specialty stores in Canada. The Long Beach Facility contains versatile and technologically advanced cannabis-licensed beverage bottling equipment, and provides manufacturing and first-mile distribution services under one roof for third-party brands in addition to the Company-owned brands. Please visit , and Twitter and Instagram (@drinktinleys and @drinkbecketts) for recipes, product information and home delivery options.
Tinley‘s Beverage Company Inc.(CSE:Tny)(OTCQB:TNYBF)通過其加州長灘州許可製造廠開發並授權生產注入了萜類和大麻的Tinley’27和Tinley‘s滋補產品,這些產品分銷給加利福尼亞州獲得許可的藥房和送貨上門的渠道。這些產品的擴展目前正在進行中,適合在加拿大製造和銷售。Beckett‘s Classics和Beckett’s‘27系列的非酒精、萜類注入非大麻版本的這些配方在美國的部分主流食品、飲料和專業零售商以及在線商店以及加拿大的部分雜貨店和專賣店都有售。長灘工廠擁有多功能和技術先進的大麻授權飲料灌裝設備,除了公司擁有的品牌外,還為第三方品牌提供製造和第一英里分銷服務。有關食譜、產品資訊和送貨上門的選擇,請訪問、Twitter和Instagram(@drinktinleys和@drinkbecketts)。
Forward-Looking Statements
前瞻性陳述
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 and intentions, statements regarding the Company's expectations with respect to its future business and operations, the timing of the completion of the transfer of the Company's operations from the Long Beach facility to the BLH facility, management's expectations regarding growth and phrases containing words such as "ongoing", "estimates", "expects", "anticipates", 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, the timing of BLH's receipt of certain licences necessary to operate at the Canoga Park facility, the timing of the Canoga Park facility becoming fully operational, potential delays or unanticipated problems related to the relocation of Tinley's bottling assets to the Canoga Park facility, risks associated with Tinley's existing bottling customers continuing production at the Canoga Park facility and Tinley's existing can customers agreeing to move their production to the Canoga Park facility, Tinley's being sufficiently capitalized to meet its financial obligations related to the move to Canoga Park and otherwise continue to operate its business in the ordinary course, potential delays in obtaining, or failures to obtain, necessary governmental approvals required to operate the Canoga Park facility, 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 input costs, the ability to resume expansion to the Canadian market at a later date and the ability to collect receivables. 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.
本新聞稿包含適用於加拿大證券法的前瞻性陳述和資訊(統稱為“前瞻性陳述”)。前瞻性陳述是指不是歷史事實的陳述和資訊,包括財務預測和估計,有關計劃、目標、目的和意圖的陳述,有關公司對未來業務和運營的期望的陳述,公司運營從長灘設施轉移到BLH設施的完成時間的陳述,管理層對增長的預期,以及包含“持續”、“估計”、“預期”、“預期”或其負面或任何其他變化的表述,或涉及未來事件或結果的可比術語,或事件或條件“將”,“可能”、“可能”或“應該”發生或實現,或類似的術語,指未來的事件或結果。可能導致實際結果與任何前瞻性陳述大不相同的因素包括,但不限於,BLH獲得在Canoga Park設施運營所需的某些許可證的時間,Canoga Park設施全面運營的時間,與Tinley的瓶裝資產遷移到Canoga Park設施有關的潛在延遲或意想不到的問題,與Tinley現有的裝瓶客戶繼續在Canoga Park設施生產相關的風險,以及Tinley現有的罐裝客戶同意將生產轉移到Canoga Park設施,Tinley的資本充足,足以履行與搬遷到Canoga Park和以其他方式繼續正常運營其業務相關的財務義務,在獲得或無法獲得運營Canoga Park設施所需的必要政府批准方面的潛在延誤,政治風險,與未來所需融資的可用性和成本相關的不確定性,股票市場的變化,通貨膨脹,匯率變化,投入成本的波動,稍後恢復向加拿大市場擴張的能力和收回應收賬款的能力。前瞻性陳述會受到重大風險和不確定性以及其他因素的影響,這些因素可能導致實際結果與預期結果大相徑庭。讀者不應過分依賴前瞻性陳述。這些前瞻性陳述是自本新聞稿發佈之日起作出的,公司不承擔任何責任對其進行更新或修改,以反映法律規定以外的新事件或新情況。此處列出的產品、配方和時間表隨時可能發生變化。
For further information, please contact:
The Tinley Beverage Company Inc.
Teddy Zittell
(310) 507-9146
relations@drinktinley.com CSE:TNY; OTC:TNYBF
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
如需更多資訊,請聯繫:
廷利飲料公司。
泰迪·齊特爾
(310)507-9146
郵箱:Relationship@drinktinley.comCSE:TNY;OTC:TNYBF
推特:@drinktinleys和@drinkbecketts
Instagram:@drinktinleys和@drinkbecketts
To view the source version of this press release, please visit
要查看本新聞稿的源版本,請訪問