HOUSTON, Feb. 3 /PRNewswire-FirstCall/ -- Innovative Beverage Group Holdings, Inc. (Pink Sheets: IBGH) announced today that it has completed a full audit for the years 2007 and 2008. This audit met the Public Company Accounting Oversight Board (PCAOB) and the General Accepted Accounting Principles (GAAP) standards. The Company has now met the first set of requirements to be a fully reporting company. The PCAOB audit of the financial statements for 2009 and the annual financial reports should be completed by March 15th.
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IBGH anticipates filing a Form 10 with the Securities and Exchange Commission, which we believe will provide further transparency to investors. This process will be a strong, logical step in the growth of the company and the brand drank(TM), the company's main proprietary beverage.
"Having been featured in scores of magazines and newspapers as well as on the Tonight Show with Conan O'Brien, Weekend Today and Good Morning America, drank(TM) popularity continues to grow, but most vital to IBGH's growth, is how the company now reaches consumers through a network comprised of Class 'A' and Class 'B' Distributors," stated Peter Bianchi, IBGH's Chief Executive Officer. "Some of the company's prestigious distributors include: Pepsi NY, Classic City Beverage (GA), and Canada Dry Bottling Company of Lansing (MI) as well as many other well-respected distributors nationwide. Many of these distributors have contracts with reputable beverage companies like Pepsi®, Snapple®, Miller Coors® and Anheuser Busch®. It is alongside these well known brands that drank(TM) is marketed and distributed regionally throughout the country."
IBGH offers a variety of products, but drank(TM) is its most popular proprietary beverage. In a market flooded with energy drinks, shots, and supplements, drank(TM) offers itself to consumers as the original Extreme Relaxation(TM) beverage. drank's(TM) formula contains all natural melatonin, rose-hips, and valerian root; this proprietary blend is what has been proven to relax consumers. While IBGH's slogan may be "slow your roll"(TM) the progression of the company, its ever-growing distribution area, and potential to become a fully reporting company proves that IBGH intends to do anything but slow down in 2010.
About Innovative Beverage Group Holdings, Inc.
Innovative Beverage Group Holdings, Inc. is a Nevada-based corporation headquartered in Houston, Texas that engages in the distribution and wholesale of products in the New Age beverage category. The company launched its first proprietary product drank(TM) in the latter part of 2007. Dubbed the world's first Extreme Relaxation(TM) beverage, drank(TM) was created to induce a natural calming and soothing effect when consumed. drank(TM) is a lightly carbonated grape flavored beverage formulated with natural calming agents including melatonin, rose hips, and valerian root. drank(TM) is sold in prominent purple, signature 16 ounce cans bearing the slogan "slow your roll(TM)" and is available in convenience and grocery outlets in a growing number of regions throughout the United States. IBGH began operations as a distributor for well known national brands of beverage products including Jolt, Rock Star, Crystal Geyser, Sweet Leaf Tea, Arizona Ice Tea, and Volvic Water. Although the company continues to distribute many of these well known brands in the greater Houston area, the expansion of its proprietary product division has become foremost in their business model. Recent corporate strategies have been focused on the marketing and distribution of drank(TM) to accommodate the growing demand for the product. IBGH is also currently working to add additional proprietary products to its line that will complement drank(TM) and provide consumers with an array of new and unique concepts in the New Age beverage category.
All company and/or product names are trademarks and/or registered trademarks of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Innovative Beverage Group Holdings, Inc., (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking" statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief, or current expectations, estimates, or projections of the Company, its directors, or its officers about the Company and the industry in which it operates and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the Company's strategies regarding growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
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Innovative Beverage Group Holdings, Inc.
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