MONTREAL, June 10, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) ("Prime" or the "Company") announces that its bottling subsidiary, formerly known as Triani Canada Inc. ("Triani"), has been placed into receivership and has ceased operations. Triani's receivership was ordered on June 10, 2025, by the Superior Court, District of Montreal, at the request of Triani's principal creditors pursuant to Section 243 of the Bankruptcy and Insolvency Act (Canada), as disclosed in the Company's press release dated April 7, 2025.
The Company wishes to clarify that the parent company, Prime Drink Group Corp., and all of its other subsidiaries are not subject to this receivership. Ownership of the freshwater rights is segregated from Triani, and operations are continuing.
Consistent with its objective of resuming growth of its business and brands, Prime is currently evaluating several options, including its intention to submit an offer to the principal creditors to acquire certain strategic assets of Triani. In addition, the Company is considering other avenues of recourse with respect to Triani and the various stakeholders.
"The receivership of Triani a few months after its acquisition puts us in a challenging situation but our resolve and vision remain unwavering. It is our intention to fight to recover what is owed to Prime and to continue developing our valuable strategic water and beverage assets. We are fortunate to have an experienced team in innovation, brand strategy and marketing that will be able to leverage Prime's assets for the benefit of our shareholders and come out stronger," said Olivier Primeau, VP Marketing, Strategic Vision and Acquisitions at Prime.
The Company reaffirms its commitment to the responsible development of its water resources in Québec. Discussions with government authorities are progressing well.
Prime also wishes to announce the appointment of Jean Gosselin as Chief Financial Officer of the Company. Jean has over 40 years of experience in finance and operations and previously served as Vice President of Finance and Corporate Secretary of Prime.
About Prime Drink Group
Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors.
For further information, please contact:
Jean Gosselin, CFO
Phone: (514) 394-7717
Email: info@prime-group.ca
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, statements relating to the receivership and the Company's intentions with respect to recovering Triani from receivership.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, market conditions, availability of financing to the Company on acceptable terms, general economic factors, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
