GRASS VALLEY, CA, Aug. 15, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Today BrewBilt Manufacturing Inc. (the "Company") (OTCPINK: BBRW) announces that the Q-2 financial reports for the quarter ending June 30th, 2023 show positive growth in sales and debt reduction.
Jef Lewis, Chairman & CEO, stated, "Brewbilt is strong and resilient. Although we have over $1M in orders under production and future orders totaling approximately $1.8M, the brewery industry, in general, is waiting for interest rates to drop. We have decreased our need for investment funding in the 3rd quarter, and we are focused on eliminating all of the convertible notes on our balance sheet by 12/31/2023."
Mr. Lewis further stated, "Our second quarter ending June 30, 2023 demonstrates our challenges and achievements. Although the rise of craft breweries globally has significantly increased demand for specialized brewing equipment suited to smaller-scale operations and unique recipes; our ongoing developments in brewing technology have led to more efficient and precise equipment including automation and digital controls that have become important aspects of modern brewery equipment. This is expensive and increases the cost onto our customer. Stringent quality and safety regulations impact the design and manufacturing of brewery equipment to ensure compliance and product quality. Brewbilt manufactures a high quality brew system in the craft industry today. We stand behind our customers and support all of their needs. Despite the Covid and recent economic impacts, we continue to grow and be recognized in our industry. We have confidence that our current challenges in our industry will be overcome and our future for our shareholders will be better."
The Company's revenues were approximately $354K for the three months ended June 30, 2023 as compared to $25K for the three months ended June 30, 2022; an increase of 14X. The company reduced convertible notes from $968K for the period ending March 31, 2023 to $825K for this period ending June 30, 2023; a reduction of $143K. Total liabilities were reduced from $2.06M for the period ending June 30, 2022 to $1.6M for this period ending June 30, 2023. The liabilities were decreased from $1.8M last quarter ending March 31, 2023 to $1.6M for this quarter ending June 30, 2023.
ABOUT BREWBILT MANUFACTURING INC.:
BrewBilt Manufacturing designs and manufactures custom brewing and fermentation equipment for craft brewers and microbreweries.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company's ability to effectively execute its business plans; unforeseen construction delays; the Company's need for additional capital; changes in general economic and financial market conditions; changes in the competitive environment; litigation; losses, customer bankruptcy, claims and assessments; and regulatory or legislative requirements affecting the Company's business. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so.
Contact:
Jef Lewis, Chairman and CEO
BrewBilt Manufacturing Inc. - BBRW
(530) 802-5023
Info@BrewBilt.com
Source: BrewBilt Manufacturing Inc.
