(MENAFN- EIN Presswire)
Kona Gold Beverage, Inc. (OTCPK:KGKG)
MELBOURNE, FL, UNITED STATES, November 15, 2024 /EINPresswire / -- Kona
gold Beverages, Inc. (OTCPK: KGKG) is pleased to provide
shareholders with an update on its ongoing strategic initiatives announced in August, including the anticipated reverse merger with a multi-million-dollar company along with a corporate name and ticker symbol change. While the process has experienced delays due to necessary regulatory reviews, Kona Gold Beverages and its
legal team remain in regular, positive communication with the
financial Industry Regulatory Authority (FINRA), working diligently to complete the essential name and symbol changes. This step, once finalized, will pave the way for executing a merger agreement with the new company.
The company remains confident in the strategic advantages of this upcoming merger, which is anticipated to introduce significant assets and revenue, enhancing value for Kona Gold's shareholders. The target company boasts multiple product lines and established partnerships with major retailers known both nationally and internationally, promising substantial opportunities for growth and expansion.
Recent Financial Highlights
Kona Gold Beverages continues to experience strong financial performance. For Q3 of 2024, the company reported approximately $1,237,000 in revenue from its wholly owned subsidiary, Covert LLC, generating an estimated gross profit of $547,000 and a net profit of $223,000. Year-to-date revenue for the first three quarters of 2024 totals approximately $3,850,000, with a gross profit of $1,653,000 and a net profit of $495,000.
The company appreciates the patience and support of its shareholders as it navigates this transformative period and remains committed to transparent communication. Kona Gold Beverages looks forward to sharing further developments as they unfold.
For more information regarding Kona Gold Beverage, please visit:
About Kona Gold Beverage, Inc.
Kona Gold Beverage, Inc. is a holding company that oversees a portfolio of innovative brands. Through its subsidiary, Covert LLC, the company offers an array of premium consumer packaged goods (CPG) products. With a strong presence in both beverage and consumer packaged goods (CPG) sectors, Covert distributes its products through a wide network of retailers, ranging from chain retail locations to boutique specialty shops in multiple states. Headquartered in Melbourne, Florida, Kona Gold Beverage, Inc. continues to pursue strategic acquisitions to further broaden its market presence.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Annual Reports on Form 10-K and its other filings with the Securities and Exchange Commission. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.
Investor Relations
Kona Gold Beverage, Inc.
+1 844-714-2224
email us here
Visit us on social media:
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN15112024003118003196ID1108890575
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.